The report examines fraud across nations, industries, and digital platforms, presenting strategies for prevention in an evolving landscape. Sumsub officials emphasised the escalating sophistication of identity fraud. They noted that generative AI and accessible ‘Fraud-as-a-Service’ options have significantly reduced barriers for perpetrators, enabling extensive damage with minimal resources.
They also brought up that deepfake technology, once rare, is becoming a standard threat, rendering reliance on Know Your Customer (KYC) processes insufficient as the majority of fraud occurs after onboarding.
Consumer Insights:
Business Statistics for 2024:
Deepfakes represented 7% of identified fraud attempts globally, with incidents quadrupling between 2023 and 2024. The UK saw a 118% increase in reported cases. Public concern is also growing, as 81% of respondents fear deepfakes could impact elections, with 51% believing they already have.
In Europe, identity fraud surged by an average of 150% year-on-year, although the UK experienced an 8% decline. Latvia, Ukraine, and Estonia reported the highest levels of fraud activity, while Montenegro, Ireland, and Portugal saw the fastest growth rates.
The report also identified four key themes shaping the fraud landscape:
The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.
Current themes
No part of this site can be reproduced without explicit permission of The Paypers (v2.7).
Privacy Policy / Cookie Statement
Copyright