Many will agree that the economics of fraud have changed dramatically, making it more affordable than ever for fraudsters to run large businesses with minimal investment.
Today, anyone, regardless of their technical expertise, has access to the resources they need to launch fraudulent schemes.
sumsubthe global full-cycle verification platform fills this trend as “democratization of fraud” in the 2024 APAC ID fraud report.
This shift is driven primarily by fraud as a service (FAAS) technology platforms and widely available fraud tools. It offers a variety of services to promote cybercrime, including identity theft, account acquisitions, and financial fraud.
Within APAC Identity Scream Trends: From Tutorials to Industrialized Screams
For example, many beginner scammers turn to dark web forums, the con artist community, or private chat to learn the basics of hacking, phishing, or financial scams.
Tutorials and guides are often sold or shared for free on these platforms.
On average, depending on the depth of the information, obtaining basic knowledge through a dark web course or fraud manual costs between USD 50 and USD 300.
The scalability provided by the FAAS model further amplifies the problem, allowing fraudsters to launch more attacks, making it even more difficult for businesses to effectively detect, prevent and mitigate fraud.
In addition to the rise in massive fraud, there was also a noticeable increase in more sophisticated and organized fraud schemes.
According to APAC ID fraud trends 2024 reportin 2024, about one in every 100 online platform users was involved in the fraud network.
These operations, which often involve coordinated fraud networks and money mutilation, target multiple platforms and industries, are more difficult to detect and disrupt, leading to significant economic losses for businesses.
Other interesting facts in the report revealed:
• Increases in identity fraud at 121% year-on-year across the region, with significant surges recorded in Singapore (207%), Indonesia (205%) and Thailand (201%).
• Deepfake scams have a 194% year-over-year spike in APAC, up four times worldwide, accounting for 7% of all fraud attempts between 2023 and 2024.
• Seven of the top 10 commanders of such fraud networks are concentrated in APAC regions, including Thailand, China, Bangladesh, Vietnam, Cambodia, Hong Kong and Singapore.
As the economy across APAC continues to become digital, the threat of identity fraud will only escalate.
The shift to the digital-first economy provides great opportunities for fraudsters, making it even more important for businesses and governments to take proactive measures.
Without a robust framework for identity verification and fraud prevention, an increase in cybercrime would undermine the growth of the digital economy and undermine consumer trust.
For more information, download the full SumSub 2024 APAC ID fraud report here. 
Featured Image Credits: Edit Freepik
