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Generative AI, when used correctly, can be a great tool that aids innovation. In the wrong hands, however, it can be incredibly harmful, especially with the emergence of deepfakes. Seventy per cent believe these fakes using generative AI will have a big impact on their organisations. AI: friend or foe?
Sumsub, a global verification provider, is addressing the sharp increase in fraud networks in the Asia-Pacific (APAC) region with its enhanced Fraud Prevention Solution. The incidence of network fraud in APAC is notably higher than in other regions, with Asia reporting an average of 2.6%
Developing countries in the Asia-Pacific (APAC) region are embracing generative artificial intelligence (gen AI) at a faster pace than their advanced counterparts, driven by young employees and students, a new survey by Deloitte found. The rise of gen AI Businesses in APAC are actively experimenting and deploying gen AI.
Tackling such sophisticated identity fraud will be a priority across APAC in 2024. APAC nations face unique fraud challenges In the Jumio report, a concerning picture emerges for the Asia-Pacific (APAC) region, where significant challenges related to fraud and identity issues are on the rise.
Sumsub reports significant increases in fraud, particularly in deepfakes, across the Philippines, Indonesia, and Malaysia. Sumsub established its first APAC headquarters in Singapore in July 2023. With rising fraud and the growing accessibility of AI tools, the demand for our verification and compliance solutions has never been higher.
There has been much progress, evolving from the usage of mere passwords and usernames to more sophisticated security markers like biometrics and those that use AI technology. Battling the growing threat of deepfakes with digital identity But really, how important is digital identity to a flourishing digital banking ecosystem?
AU10TIX, a company specialising in identity verification and management, also reveals significant vulnerabilities in the Asia-Pacific (APAC) region, where financial-related identity fraud has been escalating. Bots and deepfakes The rise of bots using deepfake technology to create convincing fake profiles poses an additional challenge.
“Many financial organisations are already adopting biometric and liveness detection technologies to strengthen their fraud prevention systems,” said Frederic Ho, Vice President of APAC at Jumio. Losses exceeded S$13 million (US$9.59
2 Unmasking Fintech’s Hidden Enemy: AI vs. Digital Fraud Pavel Goldman-Kalaydin, Head of Artificial Intelligence and Machine Learning at regtech firm Sumsub, will delve into the increasing threat of digital fraud in the fintech space. 3 Programmable Money: Advancing Financial Inclusion or Creating Walled Gardens, Powered by J.P.
2 Unmasking Fintech’s Hidden Enemy: AI vs. Digital Fraud Pavel Goldman-Kalaydin, Head of Artificial Intelligence and Machine Learning at regtech firm Sumsub, will delve into the increasing threat of digital fraud in the fintech space. 3 Programmable Money: Advancing Financial Inclusion or Creating Walled Gardens, Powered by J.P.
Fighting deepfakes and fraudulent identities – Jumio’s holistic approach to building identity trust” with “Jumio Delivers Adaptive Verification as AI Fraud Projected to Hit US$40 Billion. Hong Kong police recently arrested 27 individuals linked to a deepfake scam that swindled victims out of $46 million.
Building on the technological strides and increased adoption seen in 2024, the fintech trends in Asia-Pacific (APAC) signal significant growth for the regions financial sector in 2025. AI adoption will grow, especially in major markets like India and China, although the fragmented regulatory landscape will remain a key hurdle.
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