Technology

Sumsub: APAC Sees 121% Increase in Identity Fraud, with Deepfakes Becoming a Growing Threat

Published

2 months ago

November 21, 2024

SINGAPORE, Nov. 21, 2024 /PRNewswire/ — Sumsub, a full-cycle verification platform, released its fourth annual Identity Fraud Report today, highlighting a continued rise in identity fraud across the Asia Pacific region (APAC), driven by increasingly sophisticated fraud tactics and the widespread use of Fraud-as-a-Service (FaaS). According to internal verification data, there was a 121% Year-on-Year (YoY) increase in identity fraud in 2024 across the region, with significant surges recorded in Singapore (207%), Indonesia (205%), and Thailand (201%). Notably, deepfake fraud saw a 194% YoY spike in APAC and increased 4x globally, now making up 7% of all fraud attempts in 2024, from 2023.

“As the digital economy in APAC continues to grow, the evolving nature of fraud presents new challenges that businesses cannot afford to ignore. With tactics becoming more sophisticated and fraud becoming more accessible, the need for enhanced verification measures is more urgent than ever. Robust identity protection is not just a preventive measure but a fundamental part of securing the future of digital businesses and protecting consumers in an increasingly complex landscape,” said Penny Chai, Vice President of Business Development, APAC at Sumsub.

Other key findings from the report include:

The top 5 identity fraud types in 2024: Fake documents (50%), chargebacks (15%), account takeovers (12%), deepfakes (7%), and fraud networks (4%).The top 5 industries with the highest fraud growth rate in 2024 are dating (265%), online media (180%), banking & insurance (162%), fintech (156%) and edtech (144%).South Korea experienced the highest increase in deepfake attacks at 735%, followed by Cambodia and Singapore, both at 240%.85% of respondents of Sumsub’s Fraud Exposure Survey 2024 in APAC are concerned about deepfakes, expressing fear about their future impact on elections.

How Fraud-as-a-Service is Enabling Widespread Cybercrime
The economics of fraud have shifted dramatically, making it more affordable than ever for fraudsters to execute large-scale operations with minimal investment. Today, anyone can access the resources needed to launch fraudulent schemes, regardless of their technical expertise. This shift is largely driven by FaaS platforms and widely available fraud tools, which provide a range of services to facilitate cybercrime, including identity theft, account takeovers, and financial fraud. The scalability offered by FaaS models further amplifies the issue, enabling fraudsters to launch a higher volume of attacks and making it even more difficult for businesses to detect, prevent, and mitigate fraud effectively.

The Growing Complexity of Fraud in the Digital Age
Alongside the rise in mass fraud, there has been a notable increase in more sophisticated, organised fraud schemes. These operations, often involving coordinated fraud networks and money muling, target multiple platforms and industries, and are more difficult to detect and disrupt, leading to significant financial losses for businesses. In Q1 2024, approximately one in every 100 online platform users was associated with a fraud network. In fact, seven of the top-10 jurisdictions for such fraud networks are concentrated in the APAC region, including Thailand, China, Bangladesh, Vietnam, Cambodia, Hong Kong, and Singapore.

Safeguarding the Future of APAC’s Digital Economy
As economies across APAC continue to digitalise, the threat of identity fraud will only escalate. The shift towards a digital-first economy presents greater opportunities for fraudsters, making it even more critical for businesses and governments to take proactive measures. Without a robust framework for identity verification and fraud prevention, the rise in cybercrime will continue to undermine the growth of the digital economy and erode consumer trust.

To learn more and download the full Sumsub 2024 Identity Fraud Report, please go to https://sumsub.com/fraud-report-2024/

* Note on Sumsub’s research methodology

This study compares identity verification and user activity data from 2023 and 2024, with 2021 and 2022 data also referenced for trend analysis. It is based on aggregated and anonymised statistics from over 3,000,000 fraud attempts across various industries. The research also incorporates insights from a survey of 200+ fraud and risk professionals and 1,000+ end-users. Conducted in August 2024, the survey gathered feedback from companies in sectors like banking, crypto, payments, and e-commerce, along with consumers from 18 countries, to provide a comprehensive view of identity fraud dynamics worldwide.

About Sumsub

Sumsub is a full-cycle verification and ongoing monitoring platform that secures the whole user journey. With Sumsub’s customizable KYC, KYB, Transaction Monitoring, Fraud Prevention and Travel Rule solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.

Sumsub has over 2,500 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and TransferGo.

View original content:https://www.prnewswire.com/apac/news-releases/sumsub-apac-sees-121-increase-in-identity-fraud-with-deepfakes-becoming-a-growing-threat-302312092.html

SOURCE Sumsub

Technology

Docking Drawer to Revolutionize Appliance Garage Safety at KBIS 2025

Published

18 minutes ago

January 11, 2025

Docking Drawer, the leader in in-drawer outlet solutions, is set to showcase its newly configured Safety Interlock Outlets for appliance garages at the Kitchen & Bath Industry Show (KBIS) in Las Vegas this February 2025.

SAN RAMON, Calif., Jan. 11, 2025 /PRNewswire-PRWeb/ — Docking Drawer’s Unwavering Dedication to Safety

“At Docking Drawer, we’re not just creating products; we’re setting new standards for safety and functionality.”

When it comes to safety, no one in the industry matches the focus and innovation of Docking Drawer. Their Safety Interlock Outlets for appliance garages bring a unique, forward-thinking solution to an often-overlooked area in kitchen design. These safety outlets automatically de-energize an appliance garage power source when the cabinet door is closed, ensuring that appliances are safely powered off when contained inside the cabinet.

Docking Drawer is also the only company dedicated to creating in-cabinet electrical solutions that meet the strict code requirements of the Canadian marketplace. Their Safety Interlock Outlets are designed to make in-cabinet electricity compliant in Canada while offering consumers in all regions an additional layer of safety for in-cabinet power.

Advanced Limit Switch Technology

Docking Drawer’s Safety Interlock Outlets for appliance garages utilize an advanced Limit Switch system, designed to work seamlessly with power outlets concealed by a cabinet door. This intuitive feature detects when the cabinet door is closed, instantly cutting power to the connected outlet and all powered appliances.

Now Compatible with Any Appliance Garage Door

An updated Limit Switch feature now offers different switch options to accommodate all appliance garage door types, including traditional cabinet doors, pocket door setups, and more. The newly designed Limit Switch now offers two functions to choose from:

Power Off When Limit Switch is Depressed: This state is ideal for traditional cabinet doors, where closing the door depresses the switch to cut power safely.Power On When Limit Switch is Depressed: This state is perfect for pocket doors, where the door being pushed back upon opening activates the switch, turning the power on.

Customizable Connectivity

The flexibility of Docking Drawer’s solutions also allows for connecting multiple limit switches to a single safety outlet or vice versa, offering customization options to adapt to the unique demands of any project.

“At Docking Drawer, we’re not just creating products; we’re setting new standards for safety and functionality,” states Scott Dickey, founder of Docking Drawer. “Our Safety Interlock Outlets represent the culmination of our dedication to innovation and empowering homeowners and professionals with safer, more organized spaces—even beyond the kitchen and bathroom.”

Join Us at KBIS 2025

Don’t miss the opportunity to experience the future of kitchen safety. Visit Docking Drawer at KBIS 2025 in Las Vegas this February to see firsthand how their Safety Interlock Outlets are revolutionizing appliance garage safety.

About Docking Drawer:

Founded in 2014, Docking Drawer offers a full array of ETL Listed electrical solutions. From our core in-drawer outlets developed specifically for use inside the drawer to our family of safety interlock outlets which add peace of mind to in-cabinet electrical setups, our products are designed to create more organized, functional and safer spaces.

Media Contact

Paul Hostelley, Docking Drawer, 1 530-362-5055, paul@dockingdrawer.com, dockingdrawer.com

View original content:https://www.prweb.com/releases/docking-drawer-to-revolutionize-appliance-garage-safety-at-kbis-2025-302347293.html

SOURCE Docking Drawer

Technology

More than 85 Governments to Gather in Riyadh to Lead Global Action on Minerals at Fourth Future Minerals Forum

Published

1 hour ago

January 11, 2025

RIYADH, Saudi Arabia, Jan. 11, 2025 /PRNewswire/ — Over 85 governments from key mineral-producing and consumer nations, including 16 countries from the leading G20 economies, and 50 ministers and 13 vice ministers – have confirmed they will join the 2025 FMF Ministerial Roundtable on January 14, 2025.

The Ministerial Roundtable, a multi-stakeholder, government-led initiative, is the traditional opener of FMF, spurring international action to increase investment in mineral supply and build capacity in the Super Region of Africa, Western and Central Asia, and other supply regions. It is set to be the largest and most senior gathering of mineral resources officials in the world

Discussion will cover progress made over the past year on the three Ministerial Roundtable initiatives:

Development of an International Critical Minerals FrameworkEstablishment of Centers of Excellence to build capacity in sustainability (Morocco), talent development (South Africa), and technology innovation (Saudi Arabia).Advancements in Certification Systems to ensure responsible mineral sourcing.

His Excellency Khalid Al-Mudaifer, the Vice-Minister for Mining Affairs of Saudi Arabia’s Ministry of Industry and Mineral Resources, emphasizes that, “The meeting is an important step towards achieving sustainable development in the minerals sector globally. It is an ideal platform for delivering solutions, developing legislation on best practices in the field of sustainable mining, and exploring ways to invest in mining projects to achieve economic and social development in producing countries.”

Joining him are high-profile leaders, including ministers from supplier and financing like Brazil, South Africa, DRC, India, Egypt, Italy, Nigeria, Qatar, Pakistan, Kazakhstan, Uzbekistan, Malaysia, Thailand, Morocco, Indonesia, France, USA and the United Kingdom, discussing opportunities for global cooperation.

“This year, discussions will seek to enhance collaboration between governments, industry, and communities to drive more investment in minerals, and development through value addition in supplier countries. We want to support the pressing need for sustainable mining practices, resilient supply chains, and value-driven partnerships in the minerals industry.”

Importantly, the outcomes of the Ministerial Roundtable are not confined to the event itself but form an ongoing, year-round program. Regional Coordination Groups will continue to drive the implementation of key initiatives.

“FMF is emerging as the largest global hub for minerals collaboration and action – no other platform brings together government ministers and senior industry leaders at this scale.” Al-Mudaifer concluded.

SOURCE Future Minerals Forum

Technology

LANDI Global Unveils Flagship Cx20: Elevating business efficiency and customer experience with a next-generation Windows-powered terminal

Published

2 hours ago

January 11, 2025

SINGAPORE, Jan. 11, 2025 /PRNewswire/ — LANDI Global proudly announces the launch of the Cx20 terminal, our flagship next-generation smart Windows Desktop POS.

Engineered for businesses that seek advanced technology and refined design, the Cx20 delivers top-tier performance with seamless compatibility. This powerful Desktop POS empowers users to handle even the most challenging tasks with confidence, making it ideal for demanding environments.

Innovation driven by market needs

The Cx20 is designed to meet the growing global demand for Windows-based Desktop POS.

With a large Windows-installed base still in use and the end of support for Windows 10, many businesses are seeking an easy migration path to Windows 11-compatible POS solutions. The Cx20 integrates seamlessly with existing Windows-based applications and back-end systems, ensuring minimal disruption and maximum compatibility.

Build for Business Demand

The Cx20 is built to meet the demands of businesses with its powerful performance, robust connectivity, and user-friendly design.

Equipped with advanced industrial control chips, running on Windows 11 IoT LTSC, the Cx20 benefits from Microsoft’s long-term support of up to 10 years+, delivering consistent performance for high-demand workloads and efficient multitasking.

Connectivity is seamless, with Wi-Fi 6e and 1000M Ethernet support, ensuring constant, reliable connectivity essential for uninterrupted business operations.

Its 15.6″ IPS with 1920×1080 resolution, multi-touch display ensures crystal-clear visuals and an intuitive user experience.

Outstanding performance and customer benefit

The Cx20 is powered by a Hexa-core Intel® i3-1215U processor, reaching speeds up to 4.4GHz. With compatibility for Windows 11 IoT, it excels at handling high-demand workloads and multitasking, making it the ideal POS solution for businesses.

Memory options range from 8GB + 256GB as a base, ensuring versatility to meet various operational needs while maintaining a seamless experience for complex tasks. The Cx20 is equipped with an integrated 80mm thermal printer featuring auto-cutter technology, ensuring efficient printing, and LANDI’s patented auto-recovery technology automatically resolves paper jams for uninterrupted service.

Distinct competitive advantages

The Cx20 stands out with its perfect blend of cutting-edge design and high-performance functionality.

Equipped with the latest Intel® processors and generous memory options, it delivers smooth operation and efficient multitasking, making it ideal for demanding retail and hospitality environments.

Cx20 features an ultra-slim triangular base for added stability and a sleek profile. With a body thickness of 4mm and a screen thickness of 8mm, it combines state-of-the-art technology.

Visit LANDI Global for more information!

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SOURCE LANDI Global