Fraud in Asia Pacific’s fintech and healthtech industries has risen sharply over the past year, according to new data from global verification provider Sumsub.
The report highlights that fintech recorded a 116 percent year-on-year increase in fraud cases during the first quarter of 2025, while healthtech saw an even steeper rise of 723 percent—the highest across industries in the region.
Sumsub attributes the growing threat to the widespread use of AI-driven tools, including deepfakes and synthetic identity documents, which are being used to bypass digital verification processes.
Deepfake-related fraud has expanded beyond impersonation and election interference to include AI-generated job scams.
Singapore recorded a 1500 percent surge in deepfake fraud cases from 2024, while Hong Kong saw an even higher increase of 1900 percent.
The study also highlights a significant rise in synthetic identity document fraud, which increased by 233 percent across APAC, outpacing the global rise of 195 percent.
These documents often combine real data, such as a valid ID number, with fictitious information to create entirely new personas.
This method is particularly concerning in sectors like fintech and healthtech, where digital onboarding and remote verification are commonly used.
Countries with the highest year-on-year increases in synthetic identity document fraud include the Philippines at 291 percent, Hong Kong at 209 percent, Thailand at 188 percent, Singapore at 184 percent, and Australia at 117 percent.
As APAC’s fintech and healthtech sectors continue to expand—with fintech projected to reach US$1.15 trillion by 2032 and digital health nearly US$488.5 billion by 2033—Sumsub warns that fraud risks are likely to scale alongside industry growth.
The latest findings build on Sumsub’s 2024 Identity Fraud Report, which highlighted similar trends in rising fraud across APAC’s digital ecosystem.
“The surges in AI-powered fraud, including deepfakes and synthetic identity documents, is exposing critical flaws in traditional verification systems. To protect themselves, businesses must move beyond outdated approaches and adopt multi-layered, adaptive defenses.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.”
said Penny Chai, Vice President, APAC, Sumsub.
To address the rising threats, Sumsub will host its first What The Fraud Summit in Singapore from 19 to 20 November 2025.
The event aims to bring together industry stakeholders, regulators, and fraud experts to share insights and discuss strategies to combat fraud.
Featured image: Edited by Fintech News Singapore, based on image by ilygraphic via Freepik
