- Asia Pacific Fraud Insights Report 2017 has revealed 48 per cent of consumers have experienced retail fraud
- One of the biggest frauds in the financial sector is falsification of identity with many cases of duplicate income tax PAN cards
The Asia Pacific Fraud Insights Report 2017 by credit information company Experian has analysed fraud trends across 10 countries in Asia Pacific. In India, there is a prevalence of identity theft and other fraud in relation to sectors such as financial services (including insurance), retail and telecommunications. One of the biggest frauds in the financial sector is falsification of identity with many cases of duplicate income tax PAN cards. Incorrect employment information and false income documents are two of the most frequent frauds committed in India (40 per cent combined).
The report has looked at how various governments are looking at tackling fraud through a centralised national ID. According to Experian, a national ID is a double-edged sword because, if breached, it can result in increased fraud cases. “As such, it is important to understand how national IDs can be enhanced to counter fraud based on the state of usage and accountability for each country,” the report said.
In the Philippines, the government hopes to introduce a biometric-enabled national ID within two years of approval. In Singapore, the government is conducting trials of a digital ID where it will include APIs for businesses to interface with. In Australia, there are renewed discussions of a national ID due to threat of terrorism. “India’s Aadhaar is the most assertive government initiative in this space in Asia. However, it has faced a number of challenges including a court battle around privacy regulation,” the report said.