SINGAPORE: Singapore registered the highest year-on-year rise in identity fraud among countries in the Asia-Pacific region in 2024, according to a study.
The number of such cases surged by 207 per cent from 2023, according to verification and monitoring platform Sumsub’s latest Identity Fraud Report released on Tuesday (Nov 19).
This was significantly higher than a 121 per cent increase across the whole region.
Thailand and Indonesia followed closely behind with increases of 206 per cent and 201 per cent respectively.
Among the top five identity fraud types globally are the use of fake documents such as fake IDs and passports; “chargebacks” where customers dispute legitimate transactions to obtain refunds; fraud networks where organised groups use multiple accounts for criminal activities; account takeovers; and deepfakes.
The report was based on data from over 3 million fraud attempts across various industries, said Sumsub.
It also conducted a survey in August this year of over 200 fraud and risk professionals; more than 1,000 end-users in sectors like banking, cryptocurrency, payments and e-commerce; and consumers from 18 countries.
GLOBAL RISE IN DEEPFAKES
Sumsub’s report found a four-fold increase in the number of deepfakes globally, accounting for seven per cent of all fraud attempts.
Deepfakes refer to manipulated images, videos or voices used to impersonate individuals.
In Asia-Pacific, Singapore came in joint second with Cambodia for an increase in deepfake attacks, with a rise of 240 per cent.
South Korea experienced the highest increase at 735 per cent.
Concerns about deepfakes are high in the region, with 85 per cent of respondents expressing fear about their future impact on elections, the report found.
In Singapore, the next general election must be held by November next year.
