\u00a0Rise of Fraud<\/span>-as-a-Service, deepfakes surging 4x and more 2024 digital fraud<\/span> trends uncovered in 4th annual Identity Fraud<\/span> Report by Sumsub<\/i><\/p>\n MIAMI<\/span><\/span>, Nov. 19, 2024<\/span><\/span> \/PRNewswire\/ — Sumsub, a global full-cycle verification platform, today released its fourth annual Identity Fraud<\/span> Report<\/a><\/u>. The report provides a detailed analysis of identity fraud<\/span> dynamics worldwide based on millions of verification checks and over 3,000,000 fraud<\/span> attempts analyzed between 2023 and 2024*. The report also includes Sumsub’s Fraud<\/span> Exposure Survey 2024, featuring responses from 200+ risk professionals and over 1,000 end users.<\/p>\n Identity Fraud<\/span> Main Trends and Statistics for 2024<\/b><\/p>\n
<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n Key findings<\/b>\u00a0from Sumsub’s report include:<\/p>\n “In today’s digital world, identity fraud<\/span> poses a serious threat to individuals and companies. In 2024, 67% of firms reported a fraud<\/span> increase,” <\/i>says Andrew Sever<\/span>, co-founder and CEO of Sumsub<\/b>. “The Sumsub Annual Identity Fraud<\/span> 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<\/span> 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<\/span>.”<\/i><\/p>\n Identity Fraud<\/span> Landscape: Regional Insights<\/b><\/p>\n The report provides a closer look at identity fraud<\/span> trends of 2024 to see regional differences and make comparisons between countries:<\/p>\n AI and Deepfakes: from Commodity to Commonplace<\/b><\/p>\n In 2024, deepfakes\u2014manipulated images, videos, or voices used to impersonate individuals\u2014have become commonplace, with their share among all detected fraud<\/span> reaching 7% in 2024. Alarmingly, AI and deepfakes are changing the misinformation landscape, with recent AI-generated images of Disney World underwater<\/a><\/u>, or deepfakes of Donald Trump<\/span><\/a><\/u> and Kamala Harris<\/span><\/a><\/u> impacting electoral campaigns.<\/p>\n According to Sumsub’s Fraud<\/span> 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:\u00a0 the Middle East<\/span> (643%), Africa<\/span> (393%), and LATAM & Caribbean<\/span> (255%).<\/p>\n “In 2025, fraudsters will increasingly rely on AI not just for deepfakes\u2013which are, basically, just a tip of the iceberg\u2013but 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<\/span> harder to detect and more versatile,”<\/i>\u00a0explains Pavel Goldman-Kalaydin, Head of AI\/ML at Sumsub<\/b>. “To fight AI-powered fraud<\/span>, businesses need to deploy advanced multi-layered solutions that can analyze and detect fraud<\/span> across multiple vectors, ensuring that identity fraud<\/span> is tackled not just at the visual or biometric level, but across all touchpoints.”<\/i><\/p>\n How Cheap It Is to Commit Fraud<\/span>: the Economy of a Fraudster Disclosed<\/b><\/p>\n The economics of fraud<\/span> have shifted dramatically, making it easier and cheaper to execute large-scale operations with minimal investment. The rise of “fraud<\/span> as a service” (FaaS) models allows fraudsters to outsource key aspects of their operations to specialized providers.<\/p>\n On average, a single fraudster can commit around 100 fraudulent activities annually, as supported by industry reports like the Verizon Data Breach Investigations Report<\/a><\/u>. The fraudster economics, explained in the report, highlights that an average potential annual income could be ~$29,988,000<\/span><\/b>, or a potential ~$2.5M<\/span> gain in one month<\/b> \u2013 with as little as a $1,000<\/span> <\/b>monthly\u00a0investment.<\/p>\n
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\n Sumsub report reveals that the democratization of fraud is the main trend in 2024.
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