Awareness of AI-Enabled Fraud in Healthcare and FinTech Sectors
According to Sumsub, a global verification platform, the healthcare sector has seen an extraordinary increase in fraud across industries, with a year-on-year spike of 723% compared to the first quarter of 2024. In the fintech industry, the growth in fraud cases is particularly significant in APAC, where there was a 116% rise over the same period. This surge in fraudulent activities can be attributed to both sectors’ rapid growth. Fintech is projected to reach USD 1150 billion by 2032, while digital health is anticipated to reach USD 488.50 billion.
Fraud Trends in APAC
The report highlights that fraudsters are employing increasingly sophisticated tactics such as generative AI, synthetic identity documents, deepfakes, and AI-driven strategies. Deepfake fraud cases in Singapore, for instance, have surged by 1,500% from 2024, while Hong Kong saw a staggering increase of 1,900%.
AI-powered tools are used to create synthetic identity documents, combining real data with fabricated information to form complete fictional personas. In the context of fintech and healthtech, these AI-generated identities are utilized during Know Your Customer (KYC) processes to impersonate legitimate users. This practice exposes both service providers and customers to significant risks.
Global Synthetic Identity Document Fraud
On a global scale, synthetic identity document fraud cases have increased by 195%. The APAC region has experienced an even more pronounced growth of 233%, underscoring the complexity and sophistication of these threats. Sumsub notes that multiple markets in the region saw a notable rise in synthetic identity document fraud from the first quarter of 2024 to the first quarter of 2025, including:
- Philippines: 291% increase
- Hong Kong: 209% increase
- Thailand: 188% increase
- Singapore: 184% increase
- Australia: 117% increase
Sumsub representatives have emphasized the need for businesses in APAC to adopt multi-layered, adaptive security measures and move away from outdated methods. The company plans to support organizations by anticipating emerging attack vectors and offering optimized, end-to-end verification solutions.