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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 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%
In the wrong hands, however, it can be incredibly harmful, especially with the emergence of deepfakes. A new survey from iProov , the biometric solutions provider, has revealed the attitudes on the threat of generative AI and deepfakes across the UK, US, Brazil, Australia, New Zealand and Singapore. AI: friend or foe?
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, a global verification provider, has announced strategic partnerships with several resellers in Southeast Asia including Nexus Technologies in the Philippines, PT Secure Pasifik Teknologi in Indonesia, and Spectrum Edge in 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?
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.
Sumsub , a global full-cycle verification platform, has officially become a member of the Singapore FinTech Association (SFA). “Joining the Singapore FinTech Association marks an exciting milestone for us,” said Penny Chai, VP of business development APAC at Sumsub.
. “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. The benefits of digital identity verification extend beyond just enhanced security.
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.
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. Finally, competition will increase in APACs banking landscape, with new digital players gaining ground.
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