Fintech PR
Democratization of Fraud Tech: $1,000 Can Cause $2.5M in Monthly Business Losses, Sumsub Report Reveals
Rise of Fraud-as-a-Service, deepfakes surging 4x and more 2024 digital fraud trends uncovered in 4th annual Identity Fraud Report by Sumsub
MIAMI, Nov. 19, 2024 /PRNewswire/ — Sumsub, a global full-cycle verification platform, today released its fourth annual Identity Fraud Report. The report provides a detailed analysis of identity fraud dynamics worldwide based on millions of verification checks and over 3,000,000 fraud attempts analyzed between 2023 and 2024*. The report also includes Sumsub’s Fraud Exposure Survey 2024, featuring responses from 200+ risk professionals and over 1,000 end users.
Identity Fraud Main Trends and Statistics for 2024
Key findings from Sumsub’s report include:
- The top-5 identity fraud types in 2024 are: forged documents (50% of all fraud attempts), chargebacks (15%), account takeovers (12%), deepfakes (7%) and fraudulent networks (4%).
- The report found a significant 4x increase in deepfakes detected worldwide from 2023 to 2024
- The top-5 sectors most affected by identity fraud in 2024 are dating (8.9% fraud rate), online media (7.7%), banking & insurance (2.7%), video gaming (2.3%), and crypto (2.2%).
- The top-5 industries with the highest identity fraud growth rates in 2023-2024 are dating (265%), online media (180%), banking & insurance (162%), fintech (156%) and edtech (144%).
- The analysis of an average fraudster economy demonstrates that, with as little as $1,000 at their disposal, a fraudster group can inflict losses of up to $2.5M a month.
- The global average identity fraud rate more than doubled over three years, growing from 1.1% of all verifications in 2021 to 2.6% in 2024.
- Three-quarters (76%) of fraud occurs during ongoing account use, highlighting the need for continuous checks apart from KYC.
- Account takeover (ATO) attacks have become one of the most damaging forms of fraud. ATO cases surged by 250% YoY, a staggering rise compared to a 155% increase in 2022-2023.
- The Sumsub Fraud Exposure Survey 2024 revealed that, on average, businesses lost approximately $300,000 per fraud event in 2024, and nearly half of companies (45%) and end users (44%) worldwide reported being victims of identity fraud at least once.
“In today’s digital world, identity fraud poses a serious threat to individuals and companies. In 2024, 67% of firms reported a fraud increase,” says Andrew Sever, co-founder and CEO of Sumsub. “The Sumsub Annual Identity Fraud Report has become a go-to resource for industry leaders, with previous editions cited by the UNODC, Statista, Microsoft, and major media outlets. This year, we’ve expanded our research with insights from end-users and risk professionals, providing a detailed look at current fraud dynamics, future predictions, and actionable tips for businesses. As a full-cycle verification platform, we’re committed to sharing these insights to help the community unite against fraud.”
Identity Fraud Landscape: Regional Insights
The report provides a closer look at identity fraud trends of 2024 to see regional differences and make comparisons between countries:
- In Europe, the majority of respondents (56%) reported having fallen victim to identity fraud.
- Africa reveals the highest identity fraud rate growth YoY (167%) among all regions.
- In the US & Canada, 67% of all respondents believe deepfakes have already or will impact the elections in the future.
- The country with the highest overall identity fraud rate in 2024 is Indonesia (6.02%).
- Argentina experienced the highest increase in identity fraud rate YoY of 509%.
- While seven APAC countries are among the top 10 jurisdictions with the highest rates of applicants involved in fraud networks, Oman is the overall global leader.
- South Korea experienced the largest growth in deepfake attacks YoY (735%).
AI and Deepfakes: from Commodity to Commonplace
In 2024, deepfakes—manipulated images, videos, or voices used to impersonate individuals—have become commonplace, with their share among all detected fraud reaching 7% in 2024. Alarmingly, AI and deepfakes are changing the misinformation landscape, with recent AI-generated images of Disney World underwater, or deepfakes of Donald Trump and Kamala Harris impacting electoral campaigns.
According to Sumsub’s Fraud Exposure Survey, 81% of all respondents expressed concerns surrounding the impact of deepfakes on election integrity. At the same time, global consumers reported the lowest level of trust in online media at 48 out of 100 points. Sumsub data indicates that in 2024, deepfakes continue to grow globally, showing higher growth rates in the developing markets: the Middle East (643%), Africa (393%), and LATAM & Caribbean (255%).
“In 2025, fraudsters will increasingly rely on AI not just for deepfakes–which are, basically, just a tip of the iceberg–but for a broader range of deceptive tools, such as AI-generated identity documents, real-life videos, synthetic voices, and AI-driven chatbots that impersonate real users. These innovations will make fraud harder to detect and more versatile,” explains Pavel Goldman-Kalaydin, Head of AI/ML at Sumsub. “To fight AI-powered fraud, businesses need to deploy advanced multi-layered solutions that can analyze and detect fraud across multiple vectors, ensuring that identity fraud is tackled not just at the visual or biometric level, but across all touchpoints.”
How Cheap It Is to Commit Fraud: the Economy of a Fraudster Disclosed
The economics of fraud have shifted dramatically, making it easier and cheaper to execute large-scale operations with minimal investment. The rise of “fraud as a service” (FaaS) models allows fraudsters to outsource key aspects of their operations to specialized providers.
On average, a single fraudster can commit around 100 fraudulent activities annually, as supported by industry reports like the Verizon Data Breach Investigations Report. The fraudster economics, explained in the report, highlights that an average potential annual income could be ~$29,988,000, or a potential ~$2.5M gain in one month – with as little as a $1,000 monthly investment.
To learn more and download the full Sumsub 2024 Identity Fraud Report, please go to https://sumsub.com/fraud-report-2024/
* Note on Sumsub’s research methodology
The Sumsub 2024 Identity Fraud Report compares data from 2023 and 2024. In certain cases, 2021-2022 data is also taken into account to observe trends. The report is based on aggregated and anonymized verification statistics on millions of users from 28 industries worldwide, with 3,000,000+ fraud attempts studied. All graphs and infographics are based on internal statistics compiled from the data of consenting customers.
To delve deeper into the state of identity fraud, Sumsub conducted a Fraud Exposure Survey in August 2024, gathering insights from both consumers and companies. The survey included 1,000+ end-users as well as 200+ fraud and risk professionals from companies of various sectors, including banking, crypto, payments, e-commerce, trading, and iGaming.
About Sumsub
Sumsub is a full-cycle verification and ongoing monitoring platform that secures the whole user journey. With Sumsub’s customizable KYC, KYB, Transaction Monitoring, Fraud Prevention and Travel Rule solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.
Photo – https://mma.prnewswire.com/media/2561033/Sumsub_Fraud_Report_US_UK_Infographic.jpg
Logo – https://mma.prnewswire.com/media/2099263/Sumsub_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/democratization-of-fraud-tech-1-000-can-cause-2-5m-in-monthly-business-losses-sumsub-report-reveals-302309434.html
HAMILTON, Bermuda, Dec. 19, 2024 /PRNewswire/ — FXGiants has recently launched a series of exciting bonuses. Participants on the FXGiants‘ online trading platform can now amplify their trading potential with a broad spectrum of bonuses that are tailored to fit different trading needs. These bonuses not only add extra value but also act as a safety net for traders to explore the financial markets without risking too much.
“Our goal with these deposit bonus options is to empower traders of all levels,” said Christopher Oates, the spokesperson for FXGiants. “Under this scheme, we have diverse categories, including Bonus Maximiser, Booster Bonus, and the Bonus Advantage. These bonuses are designed to provide flexibility to clients as they trade on the FXGiants online trading platform.”
Exploring the FXGiants Bonus Options
The bonus options at FXGiants come with versatile advantages. The Bonus Maximiser provides a full 100% boost on all deposits without limit, whereas the Booster Bonus offers a 40% bonus on all deposits up to $4,000 for traders who want to moderately enhance their capital. On the other hand, the Bonus Advantage provides a 60% bonus on deposits up to $5,000, giving traders a better handle on risk. These bonuses enhance the trading experience on the FXGiants online trading platform.
“At FXGiants, we are committed to a trading environment that meets the evolving needs of our clients,” Oates added. “Our online trading platform is a robust ecosystem designed to support traders with advanced execution, extensive market insights, and continuous improvements. As we move forward, we will keep expanding our offerings to ensure that traders have access to the best resources and support.”
About FXGiants
FXGiants stands out as an international broker providing access to over 300 financial instruments across 6 asset classes. Traders can operate through the popular MetaTrader 4 platform, and benefit from exceptional trading conditions such as competitive spreads, flexible leverage, and fast execution. With deposit boosters, partnership programs, an educational blog, and account types tailored to both novice and experienced traders, FXGiants remains dedicated to delivering a one-stop trading solution.
Terms & Conditions apply. Bonus cannot be withdrawn.
All trading involves risk. It is possible to lose all your capital.
FXGiants is a trade name of Notesco Int Limited; a company incorporated in Anguilla with registration number A000001800 and registered address The Valley, AI2640, Cosely Drive, 1338, AI.
Website: https://www.fxgiants.com/
View original content:https://www.prnewswire.co.uk/news-releases/fxgiants-online-trading-platform-launches-bonus-initiative-to-reward-traders-302338463.html
BEIJING, Dec. 23, 2024 /PRNewswire/ — Cheung Kong Graduate School of Business (CKGSB) successfully hosted the Western China MBA Professor Training Program in collaboration with the China National MBA Education Supervisory Committee and Shantou University School of Business on December 17 and 18, 2024. 58 professors from over 40 universities in China nationwide, mostly western China, attended this training.
Since 2007, CKGSB has been aspiring to address the pressing disparities in management education between eastern and western China with its MBA professor training program. As of 2024, the program has trained 372 professors from 155 universities across 22 provinces, 4 autonomous regions, 3 direct-administered municipality in China, indirectly impacting tens of thousands of MBA students.
This year, the training focused on social innovation and business for good, a topic many participating professors found lacking in their day-to-day teaching and research. Professor ZHU Rui (Juliet), CKGSB Professor of Marketing and Director of the ESG and Social Innovation Center, led the training. She introduced how CKGSB has been innovating with the integration of business for good in management education, and how our relevant practice-based course has already helped 2,800+ students integrate ESG into their businesses. Professor Zhu also hosted an interactive workshop with the training’s participants on how they may build this idea into their teaching.
Participants shared in their post-program survey that Professor Zhu’s teaching and her ESG Assessment map gave them a new perspective on how to balance profits and social responsibilities. Many also felt inspired on how to bridge the gap between research and practice.
Recognized in CKGSB’s 2022 and 2024 ESG and Social Innovation Reports and honored as a finalist for the 2021 China Social Impact Award by the United Nations and British Chamber of Commerce, this program exemplifies CKGSB’s impact in this critical area. Through partnerships with the government, NGOs, and business schools, this initiative has made significant progress in promoting quality education and reducing inequalities.
For more information on CKGSB’s ESG and social innovation efforts, visit our ESG and social innovation website.
About CKGSB
Established in Beijing in November 2002, CKGSB is China’s first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion (https://english.ckgsb.edu.cn).
View original content:https://www.prnewswire.co.uk/news-releases/ckgsb-successfully-hosts-2024-mba-professor-training-program-for-western-china-302338458.html
VADUZ, Liechtenstein, Dec. 23, 2024 /PRNewswire/ — Wirex, a global leader in bridging traditional and digital finance, has announced the addition of VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to its platform. With this integration, Wirex users can now spend VEUR and VCHF directly through their Wirex cards, streamlining everyday transactions and enhancing convenience.
Wirex cards allow users to use VEUR and VCHF in various ways. Whether users receive payments in VEUR and/or VCHF, use them for remittances (including cross-border transactions), or sell digital assets for stablecoins instead of fiat, Wirex provides the simplest solution for spending in real life. Users can instantly convert their stablecoins into fiat currency and send them directly to their bank accounts, catering to those who prefer traditional banking options.
Pavel Matveev, Co-founder of Wirex, said: “We’re excited to welcome VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to Wirex. This addition allows our users to effortlessly spend stablecoins in real life, whether for daily purchases, remittances, or managing their digital assets. At Wirex, our goal is to make digital currencies as convenient and versatile as traditional money, and VEUR and VCHF are another step toward achieving that vision.”
Future Features
Additional features will be rolled out later after the launch, complementing the immediate benefits of VEUR and VCHF. These include loans and high-yield X-Accounts, both of which are growing in popularity among Wirex users. Loans offer a smart and tax-efficient way to access liquidity without selling underlying digital assets. Users can leverage their BTC, ETH, SOL, and other digital assets, as collateral for loans in stablecoins, allowing them to benefit from potential appreciation while accessing funds without triggering taxable events.
X-Accounts provide an opportunity for users to earn industry-leading yields of up to 15% APY on their stablecoin balances, enhancing the overall value proposition of holding VEUR and VCHF within the Wirex ecosystem.
Upcoming Advanced Opportunities
VEUR and VCHF have the potential to become preferred options in Wirex’s advanced trading products, such as Wirex DUO and Wirex Multiply. Notably, Euro-backed stablecoins have already demonstrated significantly higher usage among Wirex users than larger USD alternatives, highlighting strong demand for Euro-denominated trading options.
As Wirex explores adding VEUR and VCHF to these products, it aims to further strengthen its position as a leader in digital finance by offering innovative solutions that bridge the gap between traditional finance and digital assets.
Disclaimer: The term “stablecoin” is used herein in relation to VEUR and VCHF for marketing purposes. The reader however shall understand that VEUR and VCHF are fiat-referenced tokens which are described in more detail in the VNX Gold based Fiat Referenced Tokens (FRT) Terms and Conditions which are available for review at www.vnx.li
About VEUR and VCHF
Both VEUR and VCHF are multichain tokens referencing the Euro and Swiss Franc, developed by VNX, generated by a licensed token generator under the Blockchain Act in Liechtenstein. VEUR and VCHF are supported by the reserves ensuring 1:1 parity and represent a reliable digital asset in the crypto world. These tokens combine the stability of fiat currencies with the convenience of crypto, enabling quick, low-cost, and 24/7 accessible cross-border payments while opening new opportunities in DeFi.
About Wirex
Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly. As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management. Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.
Photo: https://mma.prnewswire.com/media/2586836/Wirex_VEUR_VCHF.jpg
Logo: https://mma.prnewswire.com/media/2031625/5077408/Wirex_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/wirex-adds-veur-and-vchf-stablecoins-to-its-platform-for-seamless-spending-302338369.html
-
Fintech7 days agoFintech Pulse: Your Daily Industry Brief (Synapse, Shenzhen Institute, Visa, AutomatIQ, MeridianLink)
-
Fintech6 days agoFintech Pulse: Your Daily Industry Brief (Revolut, Bestow, Advyzon, Tyme Group, Nubank)
-
Fintech4 days agoFintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
-
Fintech6 days agoAsian Financial Forum returns as region’s first major international financial assembly in 2025
-
Fintech PR3 days agoAccording to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
-
Fintech PR3 days agoPresident Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
-
Fintech4 days agoAirtm Enhances Its Board of Directors with Two Strategic Appointments
-
Fintech4 days agoSPAYZ.io prepares for iFX EXPO Dubai 2025