How to safeguard your business as online fraud is on an alarming rise?

Green Packet Admin

The global pandemic has accelerated many digital trends, but there has also been an alarming increase in fraud and identity theft as digital commerce and payments usage rise. Scammers are best known to exploit the situation by taking advantage of desperate people in dire situations.

During the movement control order (MCO) period that began in March 2020, the Selangor Covid-19 Special Force reported an increase in e-commerce scams which resulted in losses totaling RM17 million over a period of 5 months. Since 2017, Malaysians have suffered losses of up to RM2.23 billion from cyber-crime frauds such as illegal loans and investment scams.

E-commerce fraud makes up the majority of fraud complaints, and it’s no surprise to see why more consumers are staying at home, which means more e-commerce and digital banking transactions will take place. Syndicates send messages of unclaimed packages or prizes to entice victims into paying exorbitant handling fees. Similarly, some scammers may also pretend to be a figure of authority or bank loan officer to trick victims into divulging their personal details.


If victims can be compelled to hand over their money to complete strangers, what more people they might know? This is a concern that many security experts have following the development of ‘deepfakes’, i.e. videos, images or audio recordings manipulated by AI technology to appear as someone familiar. Recent innovations in AI have reduced the time and data required to create realistic deepfakes. This has resulted in at least 2 real-life scenarios where audio deepfakes were deployed, one of which was successful enough to scam US$243,000 from a company.

Everyday consumers aren’t always the only victims. A common type of deepfake scam utilised against businesses are synthetic IDs, where syndicates scrape together bits of real info and stolen credit card details to create a fake profile of a person who doesn’t exist in real life. This profile or synthetic ID is then used for certain payment services such as Buy Now Pay Later (BNPL), which may utilise less stringent forms of identity verification to emphasise speedy transactions. When the fraud is discovered, the BNPL company have to pay chargeback penalties, damaging its overall finances.

Thus, it is now more important than ever before to protect your company and customers from fraud. But what steps can you take to mitigate the problem?


At the heart of many scams and frauds is a failure to verify one’s identity. Is the person on the other end – be it online, on the phone, or in person – really who they say they are? That is why over the past decades, financial services developed KYC or Know Your Customer/Client guidelines, which would minimise the risks of fraud.

Thanks to the advancement of authentication technologies such as biometric facial identification, e-KYC (electronic Know Your Customer) is even better at verifying one’s identity. Kiple e-KYC solution introduces AI technology and machine learning to KYC applicants, allowing for speedy and accurate document verification, 3D facial analysis, and real-time identity authentication, along with tamper-proof digital signatures. This creates exceptional remote user onboarding experiences that are more efficient at reducing costs by up to 30% - all the while addressing customer pain points of manual onboarding processes.

Kiple e-KYC solution is automated and customizable to match the desired user journey and experience, making it ideal for financial institutions, telcos, and insurance providers that require seamless 24/7 onboarding of customers and high levels of safety and reliability. Kiple e-KYC solution is a Bank Negara e-KYC Policy compliance tool and its Digital Signature solution is compliant with the Malaysian Digital Signature Act 1997 - two key regulatory frameworks that ensure safe and secure customer onboarding to the highest degree of assurance.  

Cyberattacks are becoming more sophisticated and targeted as more people and businesses are digitally onboarded. Financial companies and institutions that heavily rely on customer trust know that once they lose it, it’s incredibly difficult to get it back. As the world grows increasingly digital, e-KYC has become a necessary tool to not only prevent fraud but also protect customers’ and clients’ identities.

Take the lead in customer authentication today with Kiple e-KYC. Visit to learn more about keeping your business and customer safe from fraud.

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