Fraud is a global threat: LexisNexis® Risk Solutions
LexisNexis® Risk Solutions has shared the latest findings of scams in an increasingly borderless digital landscape in Asia Pacific, including the trends and types of fraud in the region and the outlook for 2023.
The findings leverage the data from the LexisNexis® Digital Identity Network®, which processed 6.5 billion transactions from July 2021 to June 2022 in the Asia Pacific region. It recorded 3.3 billion bot attacks and fraud attacks during this period globally.
Stephen Topliss, vice president, fraud and identity, LexisNexis Risk Solutions shared his insights on the rise of frauds faced by Asia Pacific organizations and how the digital shift is fuelling the fraud surge. Topliss said, “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.”
Data from LexisNexis Risk Solutions shows the percentage of attacks per day across the entire Digital Identity Network® platform, which tracks and provides an indication of how attack patterns have changed over time.
Key Findings and Highlights:
- Fraud is a Global Threat: LexisNexis Digital Identity Network shows that scam centers 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.
- Scammers Targeting Mobile Channels: Digital fraud attacks continue to rise globally, especially on mobile channels. Attack volumes on mobile surged 94% year-on-year worldwide, from 260 million to 505 million, compared to the same period last year.
- Evolution of Scams Across Borders: 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. This type of more sophisticated scam is harder to detect and more prevalent in Hong Kong and Singapore. Australia, the U.K. and the U.S. are showing a newer trend of impersonation scams related to authorized push payment fraud.
“Organisations that rely on conventional methods to detect scams will find it challenging to keep up with the complex and fluid global landscape,” said Thanh Tai Vo, director of fraud and identity, LexisNexis Risk Solutions. “Transitioning from physical identity to digital identity requires a multi-layered defense, with digital intelligence and behavioral analysis as key elements, has become the trend to make smart, informed decisions for fraud prevention. 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.”
Download a copy of the True Cost of Fraud Study – APAC Edition or the LexisNexis Risk Solutions Global State of Fraud and Identity Report to explore more research and insights from industry experts on recent fraud and scam-related statistics and trends.