The growing prevalence of cyberthreats has made advanced security a top priority for businesses across Asia. As companies increasingly adopt multiple communication channels to enhance connectivity and efficiency, they could face increased risks from new forms of security threats. These threats can compromise sensitive information and disrupt operations, damaging reputation and leading to serious financial and regulatory implications for businesses.
LeapXpert, a provider of responsible business communication platforms, recently launched its Messaging Security Suite. It includes new Messaging Impersonation Detection capabilities that use artificial intelligence (AI) to identify and flag impersonation attempts over WhatsApp, WeChat, iMessage, SMS, and LINE in real-time.
Evolving Messaging Compliance in Asia
Dima Gutzeit, Founder & CEO of LeapXpert, shared his views on how the market for messaging compliance is evolving throughout Asia, especially in financial hubs like Hong Kong and Singapore, where the demand for digital communications governance is rapidly increasing.
"The market drivers for our new Messaging Impersonation Detection package and overall business communication platform in Singapore, Southeast Asia and across Asia are strongly influenced by regional communication practices and emerging cyberthreats," Gutzeit explained.
In many Asian countries, including Singapore, Malaysia and Indonesia, instant messaging platforms are integral to daily business operations. Employees and clients throughout the region often prefer messaging apps for their convenience and immediacy. Gutzeit added that "the prevalent use of messaging apps for business communication in Asia amplifies the urgency of securing these channels."
Employees in Asia often use a greater number of consumer messaging apps for work purposes. These platforms are sometimes region-specific and cater to local languages and cultural preferences. The variety and regional specificity of these apps add complexity to communication management and security.
"Platforms like WeChat in China, LINE in Japan and Thailand, KakaoTalk in South Korea, and WhatsApp across Southeast Asia are not just social tools, but essential for daily business operations," Gutzeit said adding that this cultural inclination means that the risks associated with unsecured messaging may be more acute in Asia than in other parts of the world.
In parallel, the rapid growth of Asia's financial sector, driven by large populations and rising economic activity, has significantly raised the need for secure and compliant communication platforms. As financial institutions handle more sensitive data, they face stringent demands to safeguard information in line with fast-evolving regulatory frameworks related to data protection, privacy, and financial transactions. With rising financial frauds, Gutzeit emphasized that it's essential for banks and financial institutions to advance the security of their digital transformation efforts.
LeapXpert recently collaborated with HSBC in Hong Kong for a pilot commissioned by the Hong Kong Financial Services and the Treasury Bureau (FSTB) and administered by Hong Kong Cyberport. HSBC and LeapXpert collaborated to tackle the rising cases of fraud, which saw a 42.6% increase in Hong Kong between 2022 and 2023, involving HK$9 billion. The investigation found that identity-based fraud is accelerating as cybercriminals harvest more stolen identity information from organizations and individuals.
The trial was conducted using the LeapXpert Messaging Impersonation Detection platform. According to Cyberport, the pilot was a success and "currently, there are ongoing considerations for further explorations of the solution and its usage, with the aim of benefiting a larger customer base and the banking industry."
Intelligent Messaging Impersonation Detection: A Step Forward
The LeapXpert Communications Platform centralizes an organization's messaging systems, providing a seamless and efficient communication experience across various channels. "By implementing our solution, our customers achieve compliance with regional regulations, as the platform is designed to meet the specific regulatory requirements prevalent in Asia,"Gutzeit said.
Gutzeit explained the modus operandi of the company's new Messaging Impersonation Detection package. "Messaging Impersonation Detection uses AI to analyze a wide range of linguistic and behavioural patterns, including tone, syntax, grammar, emoji usage and more. The system then builds a comprehensive profile of a client's typical messaging behavior. If a message deviates from this established profile, both the enterprise user and the security manager are alerted to the potential threat of impersonation or fraud."
Moreover, the platform's robust security features protect sensitive information from potential cyberthreats, which is especially crucial for industries handling confidential data. With LeapXpert performing in the background, organizations can focus on their core activities with the confidence that their communication channels are secure, compliant and efficiently managed, Gutzeit added.
LeapXpert has experienced significant traction for its solution in Southeast Asia, enabling some of the largest enterprises and financial institutions in Southeast Asia to streamline communication, while adhering to strict regulatory frameworks.
LeapXpert's Messaging Impersonation Detection package is offered as part of the Messaging Security Suite, which also includes Antivirus/Antimalware and Content Disarm and Reconstruction (CDR). Initially, the solution is offered as an optional add-on to customers who are already deploying the LeapXpert Communications Platform. This approach allows their existing clients to seamlessly enhance their security measures without disrupting their current operations, according to Gutzeit.
