The Asia Pacific (APAC) region has experienced a substantial increase in deepfake and synthetic identity document fraud within the fintech sector, according to new data from Sumsub, a leading identity verification provider. The company’s latest report indicates a 116 percent year-on-year increase in fintech fraud from Q1 2024 to Q1 2025.
The healthcare technology sector has recorded an even more dramatic surge, with fraud incidents rising by 723 percent during the same period. Despite these challenges, the APAC fintech market is projected to grow from USD 450 billion in 2024 to USD 1150 billion by 2032, while digital health is expected to reach USD 488.50 billion by 2033, representing an eightfold expansion.
The rise in fraud activities has been marked by increasingly sophisticated methods, particularly the use of AI-powered deepfakes and synthetic identity documents. Singapore has documented a 1,500 percent increase in deepfake fraud cases since 2024, while Hong Kong SAR has reported an even higher surge of 1,900 percent. These findings come as Hong Kong recently launched privacy-focused digital identity verification trials for cross-border financial services.
The fraud trends emerge alongside significant technological advancement in the region’s healthcare sector. Philips, which has been expanding its healthcare technology solutions in the APAC region, is at the forefront of this transformation. “The need for AI has never been greater. Our survey shows that patients are anxiously waiting more than a month for specialist care, while some healthcare professionals are losing about four working weeks of clinical time a year due to incomplete patient data,” said Jasper Westerink, Senior Vice President and Representative Director of Philips Japan and Acting Managing Director of Philips APAC. “There is a clear role for AI to help clinicians act faster, make better decisions, and anticipate patient needs earlier as we strive to deliver better care for more people.”
The surge in fraud has prompted increased adoption of advanced authentication measures across the region. Healthcare institutions are increasingly implementing biometric verification systems, while financial institutions are strengthening their digital identity verification protocols to combat the rising threat of synthetic identity fraud.
Sources: Bastille Post, ET Net, Sina Hong Kong
