Have you ever watched the chilling cult classic “Invasion of the Body Snatchers”? The 1950s alien takeover movie is best remembered for evoking paranoia about the faceless evil lurking within society. Now, 70 years later, this invasion may be more real than reel. People who are not who they claim to be are silently and insidiously stealing identities — all to perpetrate fraud. And they are seemingly unstoppable. As the movie’s protagonist hauntingly warns, “They’re here already. You’re next!” Not If, But When Identity theft statistics reveal that the chances of falling prey to digital fraud are much higher than…

In recent years, we have witnessed accelerated growth in Asia’s digital banking sector. More fintechs and newly licensed virtual banks are coming to market to address the unbanked segment, while traditional banks are transforming to manage costs and achieve operational efficiency in this increasingly competitive landscape. However, digitization has also exposed businesses to new risks, such as online identity fraud, account takeovers and data breaches. These are especially pertinent threats to all digital businesses and consumers. For instance, leaked personal information such as consumer account details, ID document numbers and passwords can now be easily accessed via the dark web,…