New Sumsub data highlights rising global fraud
trends, awarding athletic 'medals' to countries with the highest
spikes in fraud across different types and sectors
LONDON, July 18,
2024 /PRNewswire/ -- Sumsub, a global full-cycle
verification platform, introduces the '2024 Fraudlympics,' ahead of
the upcoming competition in Paris
this summer. As part of an awareness campaign, Sumsub unveils new
internal data revealing that Nigeria is the country with the highest spike
in fraud rates, across a range of fraud categories and industries,
followed by China and Indonesia. With Turkey and Brazil also among the top five nations, fraud
risks continue to evolve globally.
Sumsub reveals which nations are
leading across:
- Fraud by type: identity theft, forced verification,
deepfakes
- Fraud by document: ID fraud - via proof of address, driving
licence, passport, ID card
- Fraud by industry: iGaming, crypto, and fintech
Based on client verification data, Sumsub
compared internal figures from H1 2024 with the same period in
2023. Countries that experienced the highest growth rates in each
were awarded a 'gold medal,' with trailing nations given 'silver'
and 'bronze.' Nigeria received the
highest number of medals across all categories and was declared the
'winner,' followed by China and
Indonesia in second and third
place, respectively.
Global total medals rankings:
|
Gold
|
Silver
|
Bronze
|
Total
|
Nigeria
|
🥇🥇🥇
|
🥈🥈
|
|
5
|
China
|
🥇
|
🥈🥈
|
|
3
|
Indonesia
|
🥇
|
🥈
|
🥉
|
3
|
Turkey
|
|
🥈
|
🥉🥉
|
3
|
Brazil
|
🥇
|
🥈
|
|
2
|
Afghanistan
|
🥇
|
|
🥉
|
2
|
Pakistan
|
|
|
🥉🥉
|
2
|
Ethiopia
|
🥇
|
|
|
1
|
Georgia
|
🥇
|
|
|
1
|
Portugal
|
🥇
|
|
|
1
|
Armenia
|
|
🥈
|
|
1
|
Bangladesh
|
|
🥈
|
|
1
|
India
|
|
🥈
|
|
1
|
Belarus
|
|
|
🥉
|
1
|
Mexico
|
|
|
🥉
|
1
|
South
Africa
|
|
|
🥉
|
1
|
Vietnam
|
|
|
🥉
|
1
|
*The medal count considers the total number of medals,
prioritising gold medals in case of a tie, followed by silver
medals.
According to Sumsub's leaderboard, Nigeria received three gold medals, with the
highest fraud growth rates for identity theft (748%) and forced
verification (1091%), as well as the highest growth rates in the
crypto sector (1056%). China and
Indonesia both received three
total medals, including one gold medal each in deepfake fraud
(964%) and identity theft (748%), respectively.
However, China
ranked 'higher' than Indonesia
after finishing second in ID card fraud (367%) combined with an
increase in fraud in crypto (318%). This compares to Indonesia's second place in driving licence
fraud (325%) and third place in crypto fraud growth (275%).
Turkey came second in forced
verification (652%) and third in both identity theft (390%) and
driving licence fraud (315%). Brazil led in fintech industry fraud rises
(918%), with Afghanistan leading
in passport fraud (522%).
"At Sumsub, we analyse new fraud data at
various points throughout the year, including our annual
Sumsub Identity Fraud Report towards the end of the
year. Ahead of the competition, we wanted to raise awareness about
fraud trends in a light-hearted way, while still highlighting the
serious concerns," said Vitaly
Gribanov, Brand & Creative Director at Sumsub.
"Fraud techniques are becoming increasingly sophisticated and
prevalent across different business sectors. As this continues, we
remain committed to raising awareness so firms can adapt and
mitigate risks."
Fraud tactics continue to evolve in 2024, with
one of the main trends being AI-powered, fabricated audio and video
content - 'deepfakes'. For example, recent internal data revealed a
245% YoY surge in global deepfake fraud cases. As AI technology
advances, deepfake-based fraud is expected to become more
widespread and harder to detect.
"The number and quality of sophisticated fraud
types, such as deepfakes, are increasing and evolving daily
worldwide. Even with the most advanced technology, it's becoming
much harder to distinguish between a deepfake and reality. The only
way forward is to combat AI-fraud with AI-powered solutions,"
said Pavel Goldman-Kalaydin, Head of AI & ML at
Sumsub. "In today's digital world, know-your-customer (KYC)
checks alone, during user onboarding, are not enough. The industry
requires a holistic approach to combat the rise of fraud across
every stage of the user journey. For businesses, the best
protection is a multi-layered anti-fraud solution with various
checks along the whole customer lifecycle."
For more information on the Sumsub Fraudlympics
2024, please visit, https://sumsub.com/fraudlympics
*The data is based on Sumsub's internal research,
comparing H1 2024 to H1 2023 worldwide. It shows fraud growth in
countries with an above-average number of cases. This includes
analysis of thousands of detected deepfake cases. All internal data
was aggregated and anonymised for the purpose of publishing these
findings.
About Sumsub
Sumsub is a full-cycle verification platform
that secures the whole user journey. With Sumsub's customizable
KYC, KYB, Transaction Monitoring and Fraud Prevention solutions,
you can orchestrate your verification process, welcome more
customers worldwide, meet compliance requirements, reduce costs,
and protect your business.
Sumsub has over 2,000 clients across the fintech,
crypto, transportation, trading, e-commerce and gaming industries
including Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and
TransferGo.
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SOURCE Sumsub