- Nigeria has the highest average fraud rate in 2024 at 5.91%, doubling from the previous year, according to a report by Sumsub.
- The report highlights the growing threat of identity fraud in Africa, with the continent seeing an average Year-on-Year identity fraud growth of 167%.
- Deepfake fraud across Africa surged by 393% YoY, while the most common forms of identity fraud globally were forged documents, chargebacks, and account takeovers.
- The report emphasizes the need for robust fraud detection systems, particularly in Africa, where countries like Nigeria, Kenya, and Uganda are most affected.
The Sumsub 2024 Identity Fraud Report provides insights into the growing threat of identity fraud in Africa and globally. The report analyzed millions of verification checks and over three million fraud attempts between 2023 and 2024.
The report’s key findings highlight the alarming growth of Fraud-as-a-Service (FaaS), which enables fraudsters to outsource critical operations to specialized providers. This has made identity fraud a pressing issue across the continent.
Experts emphasize the need for businesses to adopt advanced, multi-layered fraud detection solutions to stay ahead of fraudsters and mitigate the risks associated with identity fraud.
