Countries in the Asia Pacific region are in different stages of economic development and businesses are struggling to implement an effective fraud prevention approach that can address multiple regional challenges under fragmented market conditions across the region. Payment fraud is seen as a huge opportunity for cybercriminals in APAC, as alternative payment methods continue their popularity in the region.
Payment transactions increased by 32% YOY, while the attack rate increased at 50% YOY. The proliferation of new payment methods, such as digital wallets, QR code payments, peer-to-peer transfers and to a lesser extent, Buy Now Pay Later, require a more holistic approach that looks beyond basic device intelligence, but also combines digital intelligence, behavioral analysis and adaptive authentication.
APAC has a relatively unique ecosystem for ecommerce driven by super-apps, ecommerce led ecosystems which are inherently tied into other financial services via one interface. This gives the consumer the ability to use multiple monetary services via a “one stop shop”. The consumer ease comes at a price, as fraudsters are increasing attacking the ecommerce industry in APAC with automated bot attacks (a 158% YOY increase), in an attempt to gain access to these apps through the take over of existing user accounts.
Recent regulations enforcing the use of strong customer authentication as well as emerging regulations around scam liabilities continue to drive the focus on digital fraud prevention.
Download our APAC Cybercrime landscape ebook to dive into:
- APAC Transaction and Attack Patterns and how it compares with the global figures
- The rise of scams and mule networks in APAC
- Country spotlight for Australia, Singapore, Hong Kong and Japan
- Consolidated approach to preventing scams