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Sumsub, a global verification provider, is addressing the sharp increase in fraud networks in the Asia-Pacific (APAC) region with its enhanced FraudPrevention Solution. This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks.
These partnerships aim to enhance fraudprevention efforts and strengthen the business environment in the region. 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.
Battling the growing threat of deepfakes with digital identity But really, how important is digital identity to a flourishing digital banking ecosystem?
Strengthening Defences: Banks’ Strategies to Combat Scams and Fraud To combat this growing threat, banks in ASEAN are implementing a range of measures to strengthen their defences against scams and fraud. Malicious actors can now create highly convincing videos, images, or audio recordings with these tools.
Identity fraud across the Asia Pacific region (APAC) continues to rise, driven by increasingly sophisticated fraud tactics and the more widespread use of Fraud-as-a-Service (FaaS), according to the latest report from full-cycle verification platform, Sumsub.
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.
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