Singapore sees biggest rise in identity fraud in Asia-Pacific, driven by deep rise in fakes

SINGAPORE: Singapore has seen the biggest year-on-year increase in identity fraud countries in the Asia-Pacific region in 2024, according to a study.

The number of such cases increased by 207% compared to 2023, according to the latest identity fraud report by the verification and monitoring platform Sumsub, released on Tuesday (November 19).

This was significantly higher than a 121 percent increase across the region.

Thailand and Indonesia followed closely behind with increases of 206% and 201% respectively.

Among the top five types of identity fraud globally are the use of false documents such as fake IDs and passports; “chargebacks” where customers dispute legitimate transactions to obtain refunds; fraud networks where organized groups use multiple accounts for criminal activities; account withdrawals; and deepfakes.

The report was based on data from more than 3 million fraud attempts across various industries, Sumsub said.

It also conducted a survey in August this year of over 200 fraud and risk professionals; over 1,000 end users from sectors such as banking, cryptocurrency, payments and e-commerce; and consumers from 18 countries.

GLOBAL RISE OF DEEPFAKES

The Sumsub report found a fourfold increase in the number of deepfakes globally, accounting for seven percent of all fraud attempts.

Deepfakes refer to manipulated images, videos or voices used to impersonate people.

In Asia-Pacific, Singapore tied for second place with Cambodia for an increase in deepfake attacks, with a 240% increase.

South Korea saw the biggest increase at 735%.

Concerns about deepfakes are high in the region, with 85 percent 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.