Some 200 respondents from large Australia/Singapore firms indicated a gap between their concerns and the countermeasures they were implementing urgently
In a February/March 2024 survey of 700 IT decision-makers* on identity fraud prevention in the AI era, some trends were observed in respondents from Australia and Singapore, which were deemed as representative of the larger businesses in the Asia Pacific region (APAC).
First, 99% of the 200 respondents from the selected parts of APAC indicated experiencing challenges with identity verification, with 49% indicating they were facing challenges with balancing security needs against the need to make sure that they were not creating friction for users.
Second, APAC respondents indicated the following means to protect employees and customers against fraud: one-time passcode authentication (53%); and digital credential issuance and verification (48%) Third, APAC respondents were concerned with protecting against the following threats: Phishing (98%); credential compromise (95%); session hijacking (95%); social engineering (94%) and account takeover (94%).
Other findings
Some 86% of Asia Pacific respondents indicated expecting the adoption of AI by cybercriminals to increase the number of identity-based threats in the next 12 months, with 55% “highly concerned” that AI technology will increase identity fraud, and 56% “very confident” in their ability to detect a deepfake of their CEO. Also:
- 99% of respondents indicated that adopting decentralized identity (DCI)was valuable for their customers
- 37% indicated having implemented a strategy to use DCI as a protection against fraud
- 42% of APAC respondents indicated that reducing financial and reputation loss due to fraud and breaches was among their top priorities
- 42% of APAC respondents indicated that ensuring regulatory compliance was one of their top priorities for their customers (35% for employees)
According to Jasie Fon, Regional Vice President (Asia), Ping Identity, which commissioned the survey: “As cyberattackers are increasingly using sophisticated AI methods to conduct fraudulent activities, business leaders in APAC need to recognize the urgency of enhancing their security measures to reduce financial and reputational loss.”
*across the US, the UK, France, Germany, Australia, and Singapore from organizations with at least 500 employees and US$100m in global revenue.
