Sumsub's Fraudlympics 2024: Nigeria, China, and Indonesia Lead Global Fraud Rankings
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Sumsub Fraudlympics 2024: Nigeria, China and Indonesia Take Medals in Global Fraud Leaderboard
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, deepfakesFraud by document: ID fraud - via proof of address, driving licence, passport, ID cardFraud 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: *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. SOURCE Sumsub Market News and Data brought to you by Benzinga APIs
[2]
Sumsub Fraudlympics 2024: Nigeria, China and Indonesia Take Medals in Global Fraud Leaderboard
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, deepfakesFraud by document: ID fraud - via proof of address, driving licence, passport, ID cardFraud 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: *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. SOURCE Sumsub Market News and Data brought to you by Benzinga APIs
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Sumsub, a global verification platform, releases its Fraudlympics 2024 report, highlighting the countries with the highest rates of fraud attempts in digital verification. Nigeria, China, and Indonesia top the list, showcasing evolving trends in global online fraud.
Global Fraud Landscape Unveiled
In a startling revelation of the current state of global online fraud, Sumsub, a leading verification platform, has released its Fraudlympics 2024 report. The study sheds light on the countries with the highest rates of fraud attempts in digital verification processes, with Nigeria, China, and Indonesia emerging as the top contenders in this dubious competition
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.Nigeria Takes the Gold
Nigeria has claimed the top spot in the Fraudlympics, with a staggering 57% of all verification attempts from the country flagged as potentially fraudulent. This figure represents a significant increase from the previous year's 22%, indicating a rapid escalation in fraudulent activities originating from Nigeria
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.China and Indonesia: Silver and Bronze Medalists
Following closely behind Nigeria are China and Indonesia, securing the second and third positions respectively. China's fraud rate stands at an alarming 42%, while Indonesia registers a 30% fraud rate. These figures underscore the growing challenges faced by businesses and individuals in the digital realm when dealing with users from these countries
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.Global Implications and Trends
The Fraudlympics report highlights a concerning global trend, with the average fraud rate across all countries rising from 9% to 12% in 2023. This increase suggests a growing sophistication in fraudulent techniques and a greater need for robust verification systems worldwide
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.Types of Fraud and Emerging Patterns
Sumsub's analysis reveals various types of fraud attempts, including the use of fake documents, deepfakes, and synthetic identities. The report also notes a rise in fraud attempts during nighttime hours, particularly between 12 AM and 5 AM, indicating a strategic approach by fraudsters to exploit periods of reduced vigilance
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Industry-Specific Vulnerabilities
The Fraudlympics report also provides insights into fraud rates across different industries. Notably, the online gambling and gaming sector emerged as the most targeted, with a fraud rate of 29.5% in 2023. This was followed closely by the cryptocurrency industry at 28.5%, and the financial services sector at 18.5%
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.Sumsub's Role and Recommendations
As a global verification platform, Sumsub emphasizes the importance of implementing robust identity verification processes to combat these rising fraud trends. The company suggests that businesses should be particularly vigilant when dealing with users from high-risk countries and consider implementing additional security measures
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.Looking Ahead: The Future of Digital Fraud Prevention
The Fraudlympics 2024 report serves as a wake-up call for businesses operating in the digital space. As fraudsters continue to evolve their techniques, the need for advanced, AI-driven verification systems becomes increasingly crucial. Companies must stay ahead of these trends to protect their assets and maintain trust in the digital ecosystem
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