Singapore has been named the most fraud-resistant country in the Asia Pacific (APAC) region, securing the top spot in Sumsub’s newly released Global Fraud Index with a score of 1.09. The Index, a pioneering study covering 103 countries, reveals that APAC ranks as the third most protected region globally, underlining significant regional advancements in digital security.
The report ranks New Zealand, Japan, Australia, and Malaysia alongside Singapore as the top APAC nations in terms of digital fraud resilience. Sumsub’s Global Fraud Index breaks down digital security into four key areas: Fraud Rate, Resource Accessibility, Government Intervention, and Economic Health, providing a thorough assessment of each country’s defenses against fraud.
The Global Fraud Index is the first of its kind, setting a benchmark for evaluating fraud prevention efforts across countries in the Americas, EMEA (Europe, Middle East, and Africa), and APAC regions. With an emphasis on identifying and addressing the factors that contribute to digital fraud, the Index also seeks to increase public understanding of these underlying causes.
While APAC has seen considerable progress, the Index identifies Sri Lanka, Indonesia, India, Bangladesh, and Pakistan as the least protected APAC countries against digital fraud. Countries with lower GDP per capita, specifically below $25,000, tend to have higher rates of fraud, highlighting an economic dimension in fraud vulnerability.
Global Trends in Fraud Protection
Among other regions, EMEA demonstrated the fastest access to Know Your Customer (KYC) and Anti-Money Laundering (AML) services. Additionally, the U.S. led globally in government AI readiness, and Nordic countries topped the charts in e-government services availability.
Sumsub’s CEO and co-founder Andrew Sever emphasized the company’s dedication to fostering a secure digital landscape. “At Sumsub, we are committed to shaping a people-friendly digital future by raising awareness of fraud and its root causes and by providing advanced solutions to fight digital exclusion,” Sever said. He added that the Global Fraud Index highlights the necessity of stronger collaboration across businesses, governments, and regulators to combat fraud without fostering unnecessary digital exclusion.
Sumsub’s insights aim to bolster global fraud prevention efforts, offering advanced solutions like Non-Doc verification to create a fairer and more inclusive financial ecosystem.
