Singapore, 2 May 2024 — Ping Identity, a leading provider of seamless and secure digital experiences, released the findings of its new survey, shedding light on the state of identity fraud prevention in today’s AI-driven digital world. The survey found that most respondents in Asia Pacific surveyed (99%), are struggling with identity verification as 86% of organisations in Asia Pacific expect the adoption of AI by cybercriminals to increase the number of identity-based threats in the next 12 months.
The global report, based on responses from 700 IT decision-makers across the U.S., U.K., France, Germany, Australia, and Singapore, reveals a pressing need for organisations to enhance their identity protection strategies.
“99% of organisations in Asia Pacific admit that they face challenges with identity verification with close to half (49%) facing challenges with balancing security needs with the need to make sure that they are not creating friction for users. As cyber attackers are increasingly using sophisticated AI methods to conduct fraudulent activities, business leaders in Asia Pacific need to recognise the urgency of enhancing their security measures to reduce financial and reputational loss. Organisations that implement identity management solutions such as decentralised identity solutions are poised to protect themselves against the rise of cyber threats.” says Jasie Fon, regional vice president of Asia at Ping Identity.
According to Ping Identity’s survey, Asia Pacific organisations admit they are not using proper protections against identity fraud.
- 99% have challenges with identity verification, with close to half (49%) facing challenges with balancing security needs with the need to make sure that they are not creating friction for users.
- The top ways that APAC organisations have in place to protect employees and customers against fraud is one-time passcode authentication (53%) to protect against fraud, followed by digital credential issuance and verification (48%.)
- APAC respondents are concerned with protecting against the following threats:
- Phishing (98%)
- Credential compromise (95%)
- Session Hijacking (95%)
- Social engineering (94%)
- Account Takeover (94%)
Asia Pacific organisations are concerned about their ability to defend against AI threats.
- 86% of organisations in Asia Pacific expect the adoption of AI by cybercriminals to increase the number of identity-based threats in the next 12 months.
- 55% are highly concerned that AI technology will increase identity fraud.
- Only 56% are very confident in their ability to detect a deepfake of their CEO.
Decentralised Identity (DCI), which refers to an approach to identity management that gives users control of their personal information, is an untapped opportunity for identity protection.
- APAC organisations consider the top benefits of decentralised identification for identity management as allowing them to integrate more applications and relying parties.
- 99% of organisations indicated that adopting DCI is valuable for their customers.
- Only 37% have implemented a strategy to use DCI as a protection against fraud, but more are beginning to offer DCI.
Top priorities for identity access management for Asia Pacific organisations in the next 12 months.
- 42% indicated that reducing financial and reputation loss due to fraud and breaches was among their top priorities.
- 42% indicated that ensuring regulatory compliance is one of their top priorities for their customers and 35% for employees.
Methodology
Ping Identity and Vanson Bourne surveyed 700 IT decision-makers between February and March 2024 from the U.S., U.K., France, Germany, Australia, and Singapore. There are 200 respondents from Asia Pacific. These respondents came from organisations with at least 500 employees and U.S. $100 million in global revenue, and represented a range of sectors.
About Ping Identity
Ping delivers unforgettable user experiences and uncompromising security. We make crafting digital experiences simple for any type of user—partners, customers, employees, and beyond. We are anti-lock-in. That means integration with existing ecosystems, clouds, and on-prem technologies is simple. Out-of-the-box templates let businesses leverage our identity expertise to give their users frictionless experiences. Whether they’re building a foundation of modern digital identity, or out-innovating their competitors with cutting-edge services like digital credentials, AI-driven fraud prevention and governance, Ping is the one-stop shop for game-changing digital identity.
