Democratization of Identity Fraud

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FINCIRCLE

Edgar Angeles

88 episodes

3 days ago

This podcast discuss relevant and diverse topics on Digital Economy that covers Financial Technology, Cybersecurity, Cryptocurrencies, Blockchain, Artificial Intelligence and any other Digital Footprint under the sun. The program host and producer (Edgar Angeles) is a former banker and a seasoned FinTech professional with more than 20 years of extensive experience on digital transformation in different international corporations across various industries. He is also a notable resource speaker and thought leader on digital fraud awareness as part of his personal advocacy.

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All content for FINCIRCLE is the property of Edgar Angeles and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

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Democratization of Identity Fraud

FINCIRCLE

24 minutes 36 seconds

11 months ago

Democratization of Identity Fraud

In 2025, the battle against fraud continues to grow more complex and intense, driven by technological advancements and increasingly sophisticated tactics from cybercriminal's. Identity fraud cases more than doubled from 2021 to 2024, according to Sumsub’s (Sum and Substance Ltd.) most recent Identity Fraud Report. A striking 67% of companies reported an increase in fraud during this period. The report also highlights a global shift towards more complex and hybrid fraud schemes. AI has become a pervasive tool, with deepfakes now representing 7% of global fraudulent activity. Moreover, AI is widely used in fake document production—the fraud type now accounting for a striking 50%, of all fraud categories, according to the Report. As a result, companies, users, and regulators face mounting pressure to adapt their defenses in real-time.

In view of these, we've invited Penny Chai, Vice President for Business Development in Asia Pacific at SumSub as she walks us through the 2024 Identity Fraud Report and its significant relevance to our digital economy.

Corporate Website: https://www.sumsub.com

LinkedIn: Penny Chai