The recently released report from Sumsub highlights a startling increase in fraudulent activity within the Asia-Pacific region, with a 121% rise in verified identity fraud attacks.
Singapore experienced a staggering 207% increase in identity fraud attacks, while Thailand and Indonesia also saw significant rises of 206% and 201% respectively.
Fake document scams are the predominant form of identity fraud in the APAC region, comprising 50% of all attacks, demonstrating the evolving tactics used by fraudsters.
Regions experiencing financial instability are particularly vulnerable to fraud, as economic pressures can drive individuals to seek alternative, often illicit, means of income.
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