Fraud in Asia Pacific (APAC) is evolving at breakneck speed. New payment methods are rapidly becoming new attack surfaces: Instant payment systems such as PayNow and UPI are now mainstream, stablecoins are gaining traction for cross-border transfers, and fraudsters are weaponizing AI-driven scams like deepfakes and social engineering. Financial institutions are under pressure to protect customers, comply with tightening regulations, and maintain trust — all while enabling frictionless digital experiences.

That’s why we’re excited to announce the publication of The Forrester Wave™: Enterprise Fraud Management Solutions In Asia Pacific, Q4 2025. In our 20-criterion evaluation of enterprise fraud management (EFM) solution providers in APAC, we identified the nine most significant ones — Ant Digital Technologies, Feedzai, FICO, LexisNexis Risk Solutions, Mastercard, NiCE Actimize, SAS, Tencent, and Visa — and researched, analyzed, and scored them on current offering, strategy, and market presence.

Fraud management is no longer about static rules or manual reviews — it’s about adaptive, AI-powered defense that can keep pace with emerging threats. Financial institutions are looking for vendors that provide:

  • Generative and agentic AI. Fraudsters are using AI to create synthetic identities and deepfake content, making detection harder than ever. Financial institutions are responding by deploying generative AI to automate complex investigations and agentic AI to orchestrate workflows across fraud operations. These technologies enable faster case resolution, reduce analyst fatigue, and generate synthetic data to enrich training samples and improve AI model performance.
  • Privacy-preserving collaboration. Data sharing between institutions is critical to fight fraud rings, but privacy regulations across APAC make this challenging. Federated learning allows banks to collaborate on model training without exposing sensitive data, and explainable AI ensures transparency for regulators and auditors. This combination helps institutions strengthen fraud defenses while staying compliant.
  • Coverage for emerging threats. Fraud is no longer limited to card transactions — crypto scams, authorized push payment fraud, and social engineering attacks are surging. Vendors must deliver out-of-the-box productized rules and models that cover these emerging patterns and evolve as quickly as fraudsters. Institutions can’t afford lengthy customization cycles — agility is key.
  • Real-time detection as the norm. Instant payment systems like PayNow and UPI leave no room for delays. Fraud decisions must happen in milliseconds, balancing accuracy with speed to prevent losses without disrupting the customer experience. Real-time detection is no longer a differentiator — it’s a baseline.
  • Integrated ecosystems. Fraud management is converging with adjacent risk domains. Identity verification, behavioral biometrics, and credit risk monitoring are becoming part of a single, integrated platform. This holistic approach enables institutions to detect anomalies across the entire customer journey from onboarding to transaction, reducing blind spots and improving risk coverage.

Fraud doesn’t wait. Neither should you. The cost of inaction is steep — not just in financial losses but in customer trust and regulatory compliance.

To see how the evaluated vendors stack up, Forrester clients can access the full report to see the detailed analysis and vendor scorecards — but keep in mind that the written report just scratches the surface of the full evaluation. Use the interactive scorecard tool on our website to customize the Forrester Wave model to your organization’s objectives.

If you’re interested in digging deeper into the findings of the evaluation, or want to discuss EFM in APAC more broadly, please schedule a guidance session or inquiry with me.