Nigeria tops global fraud league table
The report places Nigeria at the top of the fraud league table, with significant increases in various fraud types, including identity theft, forced verification, and deep fakes. China, Indonesia, Turkey, and Brazil follow Nigeria in the top five.
Sumsub's analysis, based on client verification data from the first half of 2024 compared to the same period in 2023, awarded gold medals to countries with the highest growth rates in fraud across different categories. Nigeria received three gold medals for the highest growth rates in identity theft (748%), forced verification (1,091%), and crypto sector fraud (1,056%).
China and Indonesia also excelled, each earning three medals. China secured a gold medal in deep fake fraud (964%) and ranked higher than Indonesia due to its second-place finish in ID card fraud (367%) and an increase in crypto fraud (318%). Indonesia won gold in identity theft (748%) and second place in driving licence fraud (325%), with a third-place finish in crypto fraud growth (275%).
Turkey earned silver in forced verification (652%) and bronze in identity theft (390%) and driving licence fraud (315%). Brazil led in fintech industry fraud rises (918%), while Afghanistan saw the highest increase in passport fraud (522%).
Vitaly Gribanov, Brand & Creative Director at Sumsub, emphasized the report's aim to raise awareness about evolving fraud trends while maintaining a light-hearted approach. "Fraud techniques are becoming increasingly sophisticated. Our commitment is to highlight these concerns so businesses can adapt and mitigate risks," Gribanov stated.
The report highlights a significant trend in 2024: the rise of Al-powered fraud, particularly deep fakes. Sumsub's data showed a 245% year-over-year increase in global deep fake fraud cases. As AI technology advances, detecting such fraud becomes increasingly challenging.
Pavel Goldman-Kalaydin, Head of AI & ML at Sumsub, noted the growing sophistication of fraud types and stressed the need for AI-powered solutions to combat them. "The number and quality of sophisticated fraud types, such as deepfakes, are increasing daily. To address these challenges, businesses need a multi-layered anti-fraud approach with comprehensive checks throughout the customer lifecycle," Goldman-Kalaydin advised.
The report underscores the importance of evolving anti-fraud strategies to keep pace with increasingly sophisticated fraud tactics in the digital age.
Source: Classfmonline.com
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