Global Fraud Trends Exposed by the 2024 Fraudlympics
Sumsub introduces the ‘2024 Fraudlympics,’ an awareness campaign displaying fraud data across a range of countries, industries, and categories. The data reveals which nations are leading in categories such as:
- Fraud by type (deep fakes, identity theft, etc.)
- Fraud by document (driving license, passport, etc.)
- Fraud by industry (crypto, iGaming, etc.)
In the awareness campaign, countries with the highest growth rates in these categories were noted with a gold medal. The data shows that Nigeria is marked with three gold medals, representing the highest growth rates for identity theft (748%), fraud in the crypto sector (1,056%), and forced verification (1,091%). Indonesia and China earned one gold medal each for identity theft (748%) and deepfake fraud (964%), respectively.
As fraud tactics continue to evolve, organizations are encouraged to remain aware of fraud trends. According to the ‘2024 Fraudlympics’ campaign, AI-powered fraud attacks are a predominant technique utilized by malicious actors, including deepfake fraud attempts. AI-driven fraud attempts are predicted to increase in the coming years.
