Digital fraud attacks are still on the rise, especially on mobile channels. According to data from the LexisNexis Digital Identity Network, attack volumes on mobile surged 94% year-on-year worldwide, from 260 million to 505 million.
The LexisNexis Digital Identity Network also reveals that 3.3 billion bot attacks million fraud attacks took place in Asia Pacific between July 2021 to June 2022.
Traditional third-party fraud is most common 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 authorised 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,” says Thanh Tai Vo, director of fraud and identity at LexisNexis Risk Solutions.
He continues: “Transitioning from physical identity to digital identity requires a multi-layered defense, with digital intelligence and behavioural 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.”