Top fraud types in APAC: 3rd Party Fraud, Identity Theft and Scams
Trust and Collaboration as Foundations to Fight Fraud – APAC Spotlight
Scams are central in everyone’s mind in Asia Pacific at the end of 2022 as countries historically less targeted by fraud have been confronted with unprecedented levels of attack.
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 Position Against Global Figures
APAC mobile app attack rate is half of the global average
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