In terms of fintech, there has been a notable rise in fraud cases across Asia-Pacific (APAC) regions, marking a 116% increase over the same period. As both sectors continue their growth trajectories—fintech is projected to reach USD 1150 billion by 2032, and digital health is expected to reach USD 488.50 billion—an increased risk of fraud looms large.
The Fraud Challenge in APAC
Fraudsters are adopting more sophisticated tactics, including the use of generative AI, synthetic identity documents, deepfakes, and AI-driven methods. Deepfake fraud, for instance, has seen a staggering increase of 1,500% in Singapore from 2024 to 2025, while Hong Kong witnessed a surge of 1,900%.
Synthetic identity documents, which combine real data such as valid ID numbers with fabricated details, pose a significant threat. These AI-generated documents can be used during Know Your Customer (KYC) checks to impersonate legitimate users, thereby gaining access to financial services or sensitive health records. This not only jeopardizes service providers but also exposes end customers to risks.
On a broader scale, synthetic identity document fraud cases have increased by 195% globally, with APAC witnessing an even more significant rise of 233%. The report highlights that several markets in the region saw substantial increases:
- Philippines: 291% increase
- Hong Kong: 209% increase
- Singapore: 184% increase
- Australia: 117% increase
Sumsub advises businesses in the APAC region to implement multi-layered, adaptive defenses and move beyond outdated strategies. The company is dedicated to supporting enterprises by anticipating new attack vectors and providing tailored, full-cycle verification solutions.
