Fraud in Asia Pacific’s fintech and healthtech industries has risen sharply over the previous yr, in line with new information from international verification supplier Sumsub.
The report highlights that fintech recorded a 116 % year-on-year improve in fraud circumstances throughout the first quarter of 2025, whereas healthtech noticed an excellent steeper rise of 723 %—the best throughout industries within the area.
Sumsub attributes the rising risk to the widespread use of AI-driven instruments, together with deepfakes and artificial id paperwork, that are getting used to bypass digital verification processes.
Deepfake-related fraud has expanded past impersonation and election interference to incorporate AI-generated job scams.
Singapore recorded a 1500 % surge in deepfake fraud circumstances from 2024, whereas Hong Kong noticed an excellent greater improve of 1900 %.
The research additionally highlights a big rise in artificial id doc fraud, which elevated by 233 % throughout APAC, outpacing the worldwide rise of 195 %.
These paperwork usually mix actual information, reminiscent of a sound ID quantity, with fictitious data to create fully new personas.
This methodology is especially regarding in sectors like fintech and healthtech, the place digital onboarding and distant verification are generally used.
International locations with the best year-on-year will increase in artificial id doc fraud embody the Philippines at 291 %, Hong Kong at 209 %, Thailand at 188 %, Singapore at 184 %, and Australia at 117 %.
As APAC’s fintech and healthtech sectors proceed to develop—with fintech projected to succeed in US$1.15 trillion by 2032 and digital well being practically US$488.5 billion by 2033—Sumsub warns that fraud dangers are prone to scale alongside trade development.
The most recent findings construct on Sumsub’s 2024 Id Fraud Report, which highlighted comparable traits in rising fraud throughout APAC’s digital ecosystem.
“The surges in AI-powered fraud, together with deepfakes and artificial id paperwork, is exposing crucial flaws in conventional verification methods. To guard themselves, companies should transfer past outdated approaches and undertake multi-layered, adaptive defenses.
At Sumsub, our focus is on serving to companies keep one step forward of fraudsters by anticipating new assault vectors and delivering smarter, extra resilient full-cycle verification answer.”
stated Penny Chai, Vice President, APAC, Sumsub.
To deal with the rising threats, Sumsub will host its first What The Fraud Summit in Singapore from 19 to twenty November 2025.
The occasion goals to convey collectively trade stakeholders, regulators, and fraud consultants to share insights and focus on methods to fight fraud.
Featured picture: Edited by Fintech Information Singapore, primarily based on picture by ilygraphic through Freepik
