Sumsub, a global full-cycle verification platform, has launched the ‘2024 Fraudlympics’; using new data to reveal which nations have experienced the biggest increases in: 

• 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.

Overall, Nigeria is the overall winner - with the highest spike in fraud rates across the full range of industries and fraud types, followed by China and Indonesia.

Based on client verification data, Sumsub compared internal figures from H1 2024 with the same period in 2023. The verification and anti-fraud solutions provider analysed fraud rates across a range of different fraud types and industries. Countries that experienced the highest growth rates in each were awarded a ‘gold medal,’ with trailing nations given ‘silver’ and ‘bronze.’ 

European champions:

• Portugal took the gold in document fraud via proof of address documents, at 512%

• Poland took fifth place in growth of deepfakes, at 172%, while Italy took seventh (98%), Spain ninth (53%), and Germany 10th (32%)

• Italy was fifth in growth of proof of address fraud, at 121%, and 10th in growth of driving license fraud, with an increase of 221%.

According to Sumsub’s leaderboard, Nigeria received three gold medals, with the highest fraud growth in rates for identity theft (748%) and forced verification (1091%), as well as highest growth rates in the crypto sector (1056%). China and Indonesia both received three medals in total, 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%) and increase in fraud in crypto (318%). This compares to Indonesia’s one second place in driving licence fraud (325%) and being third place in crypto fraud growth (275%). Turkey also 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, notably 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, 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.”