Sumsub is pleased to introduce 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.”
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.”
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 license 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%).”
Vitaly Gribanov, Brand & Creative Director at Sumsub, said:
“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. 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.”
Pavel Goldman-Kalaydin, Head of AI & ML at Sumsub, said:
“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. 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.”