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- Fraudsters increasingly weaponize AI-powered deepfakes and synthetic identity documents to exploit the expanding digital ecosystems in APAC
- Deepfake scams remain a persistent threat, Singapore sees a 1,500% surge; Hong Kong SAR jumps 1,900%
- Synthetic identity document fraud grows 233% in APAC, outpacing the global increase of 195%
SINGAPORE, June 12, 2025 /PRNewswire/ -- As Asia Pacific's (APAC) digital ecosystems continue to undergo explosive growth, some of the fastest-growing sectors are becoming prime targets for increasingly sophisticated fraud. New data released by global verification provider Sumsub, reveals that healthtech and fintech sectors are the most exposed to this new wave of AI-powered fraud, with healthtech recording the sharpest year-on-year spike across industries in the region—an alarming 723% compared to Q1 2024.
In fintech, fraud remains persistent with the second highest year-on-year rise in fraud in APAC, with 116% increase over the same period. This surge in fraud comes as both sectors experience rapid growth. Fintech in APAC is set to grow from USD 450 billion in 2024, to USD 1150 billion by 2032, while digital health is expected to expand eightfold by 2033, reaching nearly USD 488.50 billion.
But as these industries scale, so does the sophistication of the fraud they face. Fueled by generative AI, synthetic identity documents, deepfakes, and AI-driven tactics are evolving rapidly—exploiting gaps in security and compliance to trick systems and commit fraud. The use of deepfakes is particularly concerning, extending beyond election interference and business impersonation to AI-generated job scams. Singapore recorded a staggering 1,500% surge in deepfake fraud cases from 2024 while Hong Kong SAR saw an even more dramatic 1,900% jump.
As AI becomes more accessible, fraudsters are using AI-powered tools to construct synthetic identity documents, combining real data like a valid ID number with fictitious details to create a completely new, non-existent persona. In sectors like fintech and healthtech, where digital onboarding and remote verification are common, these AI-generated documents are often used to impersonate legitimate users during Know Your Customer (KYC) checks. This allows bad actors to fraudulently access financial services or sensitive health records, posing serious risks to both service providers and end users.
Globally, synthetic identity document fraud cases have surged by 195%, with APAC seeing an even sharper rise of 233%, underscoring the scale and sophistication of the threat. Several APAC markets have recorded a sharp year-on-year rise in synthetic identity document fraud (Q1 2024 to Q1 2025), with particularly steep increases in:
- Philippines: 291% increase
- Hong Kong SAR: 209% increase
- Thailand: 188% increase
- Singapore: 184% increase
- Australia: 117% increase
"While fintech fraud is a familiar battleground, given the sector's long standing exposure to financial crime and its evolution alongside crypto, the scale of fraud in healthtech signals a worrying new frontier. As more healthcare services go digital, the sector's vulnerabilities are being exploited at pace, putting trust in the digital health system at serious risk. The surges in AI-powered fraud, including deepfakes and synthetic identity documents, is exposing critical flaws in traditional verification systems," said Penny Chai, Vice President, APAC, Sumsub. "To protect themselves, businesses must move beyond outdated approaches and adopt multi-layered, adaptive defenses. At Sumsub, our focus is on helping businesses stay one step ahead of fraudsters by anticipating new attack vectors and delivering smarter, more resilient full-cycle verification solution."
In response to the rapidly growing fraud risks in the region and across the globe, Sumsub will host its inaugural What The Fraud Summit to serve as a dedicated platform for industry leaders, regulators and fraud experts to have bold conversations and exchange actionable insights to beat the global fraudemic. The Summit will be held in Singapore from November 19 to 20, 2025.
Learn more about the WTF Summit and ticket details: https://sumsub.com/wtf-summit/
About Sumsub
Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub's customizable KYC, KYB, Transaction Monitoring, and Fraud Prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.
Sumsub has over 4,000 clients across the fintech, crypto, transportation, trading, e-commerce, education, and gaming industries, including Bitpanda, Wirex, Avis, Bybit, Vodafone, Duolingo, Kaizen Gaming, and TransferGo.
Sumsub has citations in research published by global institutions such as the United Nations and Statista, as well as ongoing consultancy and engagements with INTERPOL.
- Fraudsters increasingly weaponize AI-powered deepfakes and synthetic identity documents to exploit the expanding digital ecosystems in APAC
- Deepfake scams remain a persistent threat, Singapore sees a 1,500% surge; Hong Kong SAR jumps 1,900%
- Synthetic identity document fraud grows 233% in APAC, outpacing the global increase of 195%
SINGAPORE, June 12, 2025 /PRNewswire/ -- As Asia Pacific's (APAC) digital ecosystems continue to undergo explosive growth, some of the fastest-growing sectors are becoming prime targets for increasingly sophisticated fraud. New data released by global verification provider Sumsub, reveals that healthtech and fintech sectors are the most exposed to this new wave of AI-powered fraud, with healthtech recording the sharpest year-on-year spike across industries in the region—an alarming 723% compared to Q1 2024.
In fintech, fraud remains persistent with the second highest year-on-year rise in fraud in APAC, with 116% increase over the same period. This surge in fraud comes as both sectors experience rapid growth. Fintech in APAC is set to grow from USD 450 billion in 2024, to USD 1150 billion by 2032, while digital health is expected to expand eightfold by 2033, reaching nearly USD 488.50 billion.
But as these industries scale, so does the sophistication of the fraud they face. Fueled by generative AI, synthetic identity documents, deepfakes, and AI-driven tactics are evolving rapidly—exploiting gaps in security and compliance to trick systems and commit fraud. The use of deepfakes is particularly concerning, extending beyond election interference and business impersonation to AI-generated job scams. Singapore recorded a staggering 1,500% surge in deepfake fraud cases from 2024 while Hong Kong SAR saw an even more dramatic 1,900% jump.
As AI becomes more accessible, fraudsters are using AI-powered tools to construct synthetic identity documents, combining real data like a valid ID number with fictitious details to create a completely new, non-existent persona. In sectors like fintech and healthtech, where digital onboarding and remote verification are common, these AI-generated documents are often used to impersonate legitimate users during Know Your Customer (KYC) checks. This allows bad actors to fraudulently access financial services or sensitive health records, posing serious risks to both service providers and end users.
Globally, synthetic identity document fraud cases have surged by 195%, with APAC seeing an even sharper rise of 233%, underscoring the scale and sophistication of the threat. Several APAC markets have recorded a sharp year-on-year rise in synthetic identity document fraud (Q1 2024 to Q1 2025), with particularly steep increases in:
- Philippines: 291% increase
- Hong Kong SAR: 209% increase
- Thailand: 188% increase
- Singapore: 184% increase
- Australia: 117% increase
"While fintech fraud is a familiar battleground, given the sector's long standing exposure to financial crime and its evolution alongside crypto, the scale of fraud in healthtech signals a worrying new frontier. As more healthcare services go digital, the sector's vulnerabilities are being exploited at pace, putting trust in the digital health system at serious risk. The surges in AI-powered fraud, including deepfakes and synthetic identity documents, is exposing critical flaws in traditional verification systems," said Penny Chai, Vice President, APAC, Sumsub. "To protect themselves, businesses must move beyond outdated approaches and adopt multi-layered, adaptive defenses. At Sumsub, our focus is on helping businesses stay one step ahead of fraudsters by anticipating new attack vectors and delivering smarter, more resilient full-cycle verification solution."
In response to the rapidly growing fraud risks in the region and across the globe, Sumsub will host its inaugural What The Fraud Summit to serve as a dedicated platform for industry leaders, regulators and fraud experts to have bold conversations and exchange actionable insights to beat the global fraudemic. The Summit will be held in Singapore from November 19 to 20, 2025.
Learn more about the WTF Summit and ticket details: https://sumsub.com/wtf-summit/
About Sumsub
Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub's customizable KYC, KYB, Transaction Monitoring, and Fraud Prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.
Sumsub has over 4,000 clients across the fintech, crypto, transportation, trading, e-commerce, education, and gaming industries, including Bitpanda, Wirex, Avis, Bybit, Vodafone, Duolingo, Kaizen Gaming, and TransferGo.
Sumsub has citations in research published by global institutions such as the United Nations and Statista, as well as ongoing consultancy and engagements with INTERPOL.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Fraud Surges in APAC's Fastest-Growing Industries--Sumsub Report Highlights a 723% Spike in Healthtech, 116% in Fintech
SHANGHAI, April 4, 2026 /PRNewswire/ -- From April 2 to 31, the Assembly Character Toys brand Blokees made its debut at the 2026 Thailand Toy Expo. Blokees unveiled its two major categories — Blokees Model Kits and Blokees Wheels, highlighting a diverse product matrix of more than 300 products across 17 globally recognized IPs, including Ultraman, Transformers, DC, Evangelion, Naruto, Minions, Jurassic World, Hatsune Miku, and Hero Infinity. Four new model kits also made their global debut, emerging as key highlights of the event.
Mario Maurer attended the opening ceremony of Blokees Thailand Toy Expo as a special guest and engaged in interactive exchanges with consumers.
In the Blokees Model Kits category, Blokees exhibited its Champion, Legend, and Fantastic Series, featuring popular IPs such as Transformers, DC, Mega Man, Saint Seiya, Evangelion, and Naruto. More than 50 products were presented to consumers. Among them, four newly launched items—including Blokees Saint Seiya-Champion Class-12-Phoenix Ikki, Blokees Saint Seiya-Champion Class-14-Andromeda Shun, Blokees DC-Champion Class 05-Batman (HUSH), and Blokees DC-Champion Class 06-Catwoman (Hush)—drew strong interest from fans.
Blokees also highlighted its HERO5 and HERO10 series, featuring well-known IPs including Transformers, Saint Seiya, and Naruto, catering to consumers of hero-themed collectible models.
The DaaLaMode series introduced a range of products inspired by popular IPs such as Hatsune Miku, appealing to female consumers. Meanwhile, the TERRAVENTURE series presented nature and creature-themed model kits based on Jurassic World, further expanding Blokees' offerings across different consumer segments.
In the Blokees Wheels category, which integrates construction, play, and customization, products are organized into the C, E, and S series. The lineup includes IP-based offerings from Transformers, Ultraman, and Batman, with upcoming collaborations featuring Fast & Furious and Ford.
In addition, Blokees highlighted its global consumer ecosystem, BFC (Blokees Family Creator). Selected works from 2025 The 3rd BFC Creation Contest Stellar Season were exhibited in Thailand for the first time, reflecting strong user creativity and engagement. 2026 The 4th BFC Creation Contest Season of Awakening has officially launched, further encouraging global participation.
Under its "Universally appealing, Stepwise pricing, Globally promoting" strategy, Blokees continues to expand across Southeast Asia, Europe, North America, and Latin America. Thailand is rapidly becoming a strategic hub in its regional expansion, as the company strengthens both product innovation and community-driven growth worldwide.
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Blokees made its debut at 2026 Thailand Toy Expo, exhibiting multiple products
