The fraud attack rate in Asia-Pacific grew significantly by 37% through 2024, now standing at 1.5% of all transactions in the region, according to LexisNexis Risk Solutions' annual Cybercrime Report.
The Calm Before the Storm? study, which reflects an analysis of over 104 billion global transactions in the LexisNexis Digital Identity Network platform during 2024, reveals a significant swing in the composition of global fraud attacks.
First-party fraud, which includes misrepresenting or giving false personal or account information for financial gain, has now become the leading type globally, representing 36% of all reported fraud in 2024, up from 15% the year before.
According to LexisNexis, Buy Now, Pay Later (BNPL) providers and financial institutions are among the organisations reporting an uplift in first-party fraud, which is known to be exacerbated by periods of inflation and the rising cost of living.
The report says account takeover (ATO) fraud, which is fueled by phishing and smishing activity, represents a further 27% of global reported fraud, while scams, including authorised push payment (APP) fraud, represent 11% of cases.
Moreover, the study finds that 11% of password reset attempts in 2024 was a fraud attack, rising to 27% reset attempts initiated on a desktop computer.
