Based on millions of users from 28 industries globally, and 2,000,000+ fraud attempts studied, the report revealed that deepfake incidents increased to 10 times globally across all industries differences. APAC logged a 1530% increase, just coming 2nd to North America at 1740%.
The top 5 identity fraud types in 2023 are AI-powered fraud, money-muling networks, fake IDs, account takeovers, and forced verification.
Additionally, online media logged the highest identity fraud increase (274%) between 2021 and 2023.
In the APAC region, Vietnam and Japan rank the highest for the prevalence of deepfake fraud. Japan is known for its widespread use in the entertainment industry. Vietnam has become a target for fraudsters due to its growing economy.
A growing threat
Penny Chai, vice president of Business Development at Sumsub said, “The rise of AI presents a paradox. While it can be wielded for malicious purposes, it also stands as an ally for anti-fraud solution providers. The key to ensuring that AI contributes positively to society lies in the establishment of robust regulations and policy guidelines. These measures are crucial for creating an environment conducive to responsible technology use.
Chai adds that Sumsub advocates for close collaboration between businesses and regulators, to foster a future of innovation that aligns with compliance standards.