SINGAPORE, November 9, 2023 – Ahead of the much-anticipated Singapore Fintech Festival, which takes place from November 15–17, fintech companies in Singapore and the Asia-Pacific region are making a beeline to the event. This yearly event provides a dynamic forum for fintech startups, established financial institutions, and technology enthusiasts to come together and explore the newest trends, cutting-edge technologies, and game-changing ideas in the finance and technology industries. It is renowned for providing beneficial networking opportunities and encouraging creative collaborations.
The event offers Sumsub, an identity verification company, a chance to network with key industry leaders and potential clients, including chief technology officers (CTOs), chief product officers (CPOs), compliance and anti-fraud specialists, and more.
An alarming 70% of fraud activity happens after the initial Know Your Customer (KYC) onboarding process, according to Sumsub’s internal statistics. Taking a closer look at Singapore, the fintech sector saw a 33% increase in digital fraud between Q1 and Q2 of 2023. During the same time frame, the rate of passport fraud more than doubled to 3.5%, while the rate of ID card fraud surged 1.5 times.
The complexity of fraud detection has increased due to recent advances in deepfake technology and artificial intelligence (AI). Deepfakes, which are artificial images of people that have been digitally altered to look like someone else, are becoming a constant menace. Based on internal statistics, Singapore had the highest percentage of deepfake fraud (5.1%) among all SEA countries in Q3 2023. In all of APAC, Singapore had the second-highest percentage (6%), behind Australia. In the crypto space alone, more than 70% of organizations report that fraudsters are exploiting deepfake fraud more frequently. This information comes from Sumsub’s most recent “State of Verification in Crypto Report.”
An alarming 70% of fraud activity happens after the initial Know Your Customer (KYC) onboarding process, according to Sumsub’s internal statistics. Taking a closer look at Singapore, the fintech sector saw a 33% increase in digital fraud between Q1 and Q2 of 2023. During the same time frame, the rate of passport fraud more than doubled to 3.5%, while the rate of ID card fraud surged 1.5 times.
For fintech companies, the financial losses resulting from fines, penalties, and business disruptions can be enormous, accounting for 80% of their primary expenses. For this reason, it’s essential for organizations to collaborate with a full-cycle verification and fraud expert like Sumsub in order to enable them to confidently map out their growth paths.
“Once we confirmed that fraud activity penetrates deep throughout the user journey, we pivoted the business immediately to support industry demands and stay at the forefront of combating fraud effectively,” stated Penny Chai, Vice President of Business Development, APAC at Sumsub. Our experts have built every phase of Sumsub’s AI-powered anti-fraud technology internally. We are sure that our unwavering efforts to remain ahead of the most advanced fraud strategies will enable our clients to prosper in a setting that is changing quickly.
This is a chance for industry leaders in attendance to see directly how Sumsub’s solutions are influencing compliance and verification in the future for the development of digital finance. Visit exhibit 3J31 on the third floor of the Singapore Fintech Festival to meet the team.