Digital fraud attacks are not only on the rise but are also more sophisticated in Asia Pacific, said LexisNexis Risk Solutions recently when releasing its latest findings of scams.
According to the firm, the findings leverage the data from the LexisNexis Digital Identity Network, which processed 6.5 billion transactions from July 2021 to June 2022 in Asia Pacific.
While scam centres in Cambodia are an emerging source of a significant number of cyberattacks targeting Hong Kong and Singapore, cyberattacks in other countries in Asia Pacific, such as Japan and Australia, show more of an international distribution, the firm observed.
Digital fraud attacks continue to increase globally, especially on mobile channels, the firm pointed out.
Volume of digital fraud attacks on mobile surged 94% year-on-year worldwide, from 260 million to 505 million, compared to the same period last year, the firm said.
In addition, traditional third-party fraud is most commonly found in many parts of Asia and has slowly evolved into impersonation scams with third-party account access, the firm pointed out.
This type of more sophisticated scam is harder to detect and more prevalent in Hong Kong and Singapore, the firm said.
Australia, the UK and the US are showing a newer trend of impersonation scams related to authorised push payment fraud, the firm added.
“We can see a consistent growth in our data in Asia Pacific over the past year, which highlighted how third-party fraud has evolved to be more sophisticated than ever,” said Stephen Topliss, vice president, fraud and identity, LexisNexis Risk Solutions.
Organisations that rely on conventional methods to detect scams will find it challenging to keep up with the complex and fluid global landscape, warned Thanh Tai Vo, director of fraud and identity, LexisNexis Risk Solutions.
“Transitioning from physical identity to digital identity requires a multi-layered defence, with digital intelligence and behavioural analysis as key elements, which has become the trend to make smart, informed decisions for fraud prevention,” he advised.
Adaptive authentication will also be vital in helping businesses to thrive and stay competitive with lower friction and higher security in today’s mobile age, he added.
