HiTRUST Spotlights Digital Identity at PRIMA Gathering 2024

Indonesia

At the PRIMA Executive Gathering 2024, held at The Meru, Sanur, Bali, HiTRUST CEO Roger Kuo attended as a keynote speaker and panelist. The Event, hosted by Rintis Sejahtera, was set to explore the theme “Leveraging Collaboration for Optimal Performance and Cyber Resilience,” gathering stakeholders across Indonesia's payment ecosystem to discuss advancements and challenges in digital payment.

Addressing Evolving Threats in Digital Identity

Roger opened his session by sharing insights about a popular Chinese movie telling stories behind online scamming operations and its victims. Through his commentary on the movie, Roger highlighted the growing sophistication and severity of modern fraud tactics involving victims of all backgrounds in different ways. He shed light on how scammers leverage instant communication tools, such as text messages, calls, and social media, to deceive victims under time pressure and move stolen funds swiftly using online banking and mobile wallets to multiple accounts for withdrawal.

Roger also shared the latest information about fraudulent activities in Taiwan. Over 40,000 fraud cases within the island were reported to the authorities in 2023, with financial losses exceeding USD 2.5 million. What went against common beliefs was that 62% of victims were under 40 - a tech-savvy demographic. The problem, Roger explained, is further amplified by the rise of generative AI, which has made phishing attacks far more convincing; the statistics included:

• Phishing emails have increased 12-fold since Q4 2022.

• Credential phishing has risen 9 times during the same period.

• 54% of consumersreport that phishing messages are becoming more sophisticated, improving every 60 days.

“These numbers show how scammers are evolving rapidly, making traditional authentication methods like passwords inadequate,” Roger remarked.

The Role of Technology in Fraud Prevention

Fraudsters are advancing their tactics, and combating them requires a shift from manual processes to proactive, technology-driven solutions. Roger shared Taiwan's fraud fighting approach from three different perspectives: the authority, the solution provider, and the business.

A heartfelt thank you to FinTechSpace Taiwan and everyone who visited our booth. We genuinely appreciate your support and interest, and we look forward to seeing you again at the next event!

“Fraudsters target everyone, regardless of their wealth and background” - Roger noted.

Taiwan authority prioritizes safer connections between users, government services, and businesses by utilizing Mobile ID for secure communications via unique SMS short codes and collaborating with telecom providers for user verification using personal data. Moreover, technology solution providers are developing AI-powered tools for fraud detection, enabling early risk detection, flagging of suspicious accounts, and delaying high-risk transactions to ensure accurate and thorough verification. Coupled with AI developments is the dawn of a passwordless era through FIDO to eliminate vulnerabilities in online authentication and protect end-users from the risks of phishing and identity theft.

Panel: Discussing International Best Practices in Online Payments

Following his speech, Roger took part in a panel led by IT and Payment Technology expert David Woo - the IT Director of PT. Rintis Sejahtera, alongside esteemed panelists from IDEMIA and ConnectID to discuss global trends and best practices in online payments. Led by an experienced moderator, the panel explored new technologies from different perspectives and addressed the balance between security and operational efficiency as Indonesia moves towards its Blueprint SPI 2025-2030.

Roger's sharing included how FIDO passwordless authentication, over repeated logins, could help to enhance security while reducing workload for centralized national ID systems commonly adopted in Southeast Asia. Furthermore, he elaborated on FIDO's capability to act as a two-factor authenticator and its power in eliminating the transmission of shared secrets.

“From various studies that we have done together with Taiwanese banks, we find that OTP of any kind, and OOB (push-app) authentication still carry a lot of risk from account takeover, phishing, and man-in-the-middle attacks. FIDO is the solution to overcome these problems.

Roger elaborating on FIDO and how it helps prevent phishing, man-in-the-middle attacks

Looking into the Future

“By working together, we can create a secure ecosystem that supports innovation and user confidence. It is a joint effort where initiatives and encouragement from the government plays a huge role in raising awareness. From the enterprise side, financial institutions, banks, and digital platforms must take into account the growing threats and consider their technology investments to fight fraud and cybercrimes.” Roger shared HiTRUST's unwavering commitment in delivering excellence through tight-knit partnerships with companies around Southeast Asia for mutual development and advancement.

Roger received a cultural Token of Appreciation from David Woo - IT Director of Rintis Sejahtera

About PRIMA Executive Gathering 2024

The PRIMA Executive Gathering is an annual event organized by Rintis Sejahtera. It brings together financial institutions and payment service providers to strengthen Indonesia's payment systems. This year's theme underscores the need for collaboration in addressing emerging cyber threats while advancing digital transformation in payments.