Data from the findings showed that fraud attempts have increased, with 70% of the respondents noting a rise compared to last year. The surge is further driven by the gen AI emerging as a major fraud threat, with 35% believing it will be used to create more realistic synthetic identities.

The said concern was reportedly caused by various reasons, which revealed that 27% perceived GenAI as a tool to create more convincing synthetic identities, and about 26% believed that GenAI would increase the accuracy of fake ID documents and possess a strong influence on phishing and smishing.

Moreover, a lack of collaboration among businesses to combat fraud was highlighted. In particular, the report showed that while most respondents acknowledge the importance of information sharing, less than half of them are actively participating in initiatives like industry forums and data exchange solutions.

Approximately 83% of respondents also think that organisations are too worried about maintaining a competitive advantage to participate in collaboration to combat fraud. Another 79% further believe global governments are not doing enough to support cross-sector collaboration.

In addition, various fraud types have also surged across the surveyed industries, with a significant rise in digital presence impersonation at 41%, account takeovers at 40%, bonus or promotion abuse at 39%, and money-laundering and money mules at 39%.

Carol Chris, general manager for APAC at GBG, shared, “Our latest research paints a concerning picture of the fraud landscape in APAC. Businesses are not only facing a surge in fraud attempts, but these attacks are becoming more organised and complex due to technologies like generative AI.”

“It is imperative that collaboration across industries come to the fore to combat fraud, but we must first address the existing pain points. We urge businesses to move past competition and work together to outmanoeuvre fraudsters. This will not only protect organisations but also offer critical support to the fraud prevention professionals on the frontline,” Chris further explained.

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In the research, about 80% of the respondents were involved in an identity intelligence consortium, which facilitates the sharing of transaction data and international consumer intelligence among businesses across various sectors and national borders. On the other hand, 91% of those who have not joined the consortia believe they should join.

Interestingly, approximately 83% noted that the drive to maintain a competitive advantage prevents organisations from participating in collaborative efforts to combat fraud. Another 79% also think that global governments are not doing enough to support cross-sector collaboration. This sentiment is reflected in the difficulty faced by 76% of APAC businesses in identifying fraudsters during the onboarding process.

In Australia, for instance, the report revealed that a significant 69% acknowledged experiencing known or suspected fraud in the past year, and 71% of them reported an increase in fraud attempts as compared to the previous year.

Additionally, around 78% noted a significant rise in the sophistication of such fraud attempts. A significant 69%, on the other hand, believe that opportunistic and convenient fraud presents a greater threat to their businesses than sophisticated fraud, which concerns 31%.

Carol Chris, general manager for APAC at GBG, said, “Sharing consumer intelligence to combat fraud does not mean a business will lose its competitive advantage. This is a myth that needs to be busted fast. Businesses do not share raw data within consortia but anonymised patterns and insights on confirmed or suspicious fraud. This has a huge benefit for all businesses, regardless of sector. After all, criminals don’t limit fraud attacks to one business, industry or stop at national boundaries either.”

Carol further continued, “Shared consumer intelligence is a powerful trust-building tool that creates a safer environment and online experiences for both businesses and consumers. It is heartening to see businesses are embracing this as it keeps them and their users protected from fraud and financial loss.”

“It would also help the high numbers of industry professionals reporting burnout as a result of high levels of fraud. Those businesses who are not collaborating now should do so swiftly or risk losing out,” she concluded.

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