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Democratization of Fraud Tech: $1,000 Can Cause $2.5M in Monthly Business Losses, Sumsub Report Reveals

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 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 2024The 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.

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Singapore’s Sodion Energy Secures MWh Supply of US Developed Advanced Sodium-Ion Batteries from UNIGRID

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January 12, 2025

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SINGAPORE, Jan. 13, 2025 /PRNewswire/ — Sodion Energy, a leading provider of sodium-ion batteries for e-mobility and integrated energy storage solutions in Southeast Asia, has secured a landmark agreement for an initial 10 MWh supply of advanced sodium-ion batteries developed by UNIGRID Inc., a California-based innovator in sodium-ion battery technology.

This collaboration strengthens Sodion Energy’s ability to address the region’s rising demand for affordable, eco-friendly, and high-performance battery solutions across mobility and energy storage sectors.

“Our collaboration with UNIGRID is a game-changer,” said Dr. CC Hang, Chairman of Sodion Energy. “These next-generation sodium-ion batteries will allow us to tackle key markets, starting with lead-acid battery replacements in e-mobility and extending into large-scale renewable energy projects and grid stabilization initiatives.”

Sodium-ion batteries offer distinct advantages, including cost-efficiency, enhanced safety, and the use of abundant raw materials, making them a sustainable choice for energy storage. With fast-charging capabilities and intrinsic non-flammability, they are exceptionally suited to Southeast Asia’s tropical climate and rapidly growing energy needs.

With a strategic focus on advanced battery technologies, Sodion Energy is poised to play a key role in driving Southeast Asia’s transition to cleaner, safer, and more sustainable energy solutions.

Website: https://sodione.com

Follow us on LinkedIn: Sodion Energy

About Sodion Energy

Headquartered in Singapore, Sodion Energy is an applications engineering leader driving the commercialization of Sodium-ion batteries across Southeast Asia. SE’s sodium-ion pack solutions are tailored to meet the diverse needs of industries such as mobility and energy storage, contributing to a more sustainable future.

View original content:https://www.prnewswire.com/apac/news-releases/singapores-sodion-energy-secures-mwh-supply-of-us-developed-advanced-sodium-ion-batteries-from-unigrid-302347661.html

SOURCE UNIGRID and Sodion Energy Pte. Ltd

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AirCheck Australia & New Zealand Renamed as RCS MEDIA MONITORS

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January 12, 2025

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SYDNEY, Jan. 13, 2025 /PRNewswire/ — AirCheck, a leading provider of broadcast monitoring services in Australia and New Zealand is pleased to announce its renaming as RCS MEDIA MONITORS, effective immediately.

AirCheck monitors songs and commercials providing almost real time reporting tools for radio and television broadcasters, music media, record companies, advertising agencies and industry analysts.

This change reflects the company’s growth, expanded service offerings, and a strengthened focus on providing comprehensive media intelligence.

The new name, RCS MEDIA MONITORS, builds on the expertise of its parent company, RCS, to offer enhanced monitoring solutions. By integrating RCS’s global technology and resources, the company will provide clients with a broader range of tools for tracking and analysing media campaigns across a variety of platforms and markets.

“We’re excited to take this step forward,” said Philippe Generali, President and CEO of RCS Global. “The rebranding to RCS MEDIA MONITORS allows us to expand our reach and improve our services, giving clients access to deeper insights and a wider array of media monitoring tools. With RCS’s support, we can offer more robust data and solutions that cover not just broadcast, but also digital and emerging media channels.”

The name change signals the company’s commitment to evolving with the changing media landscape. With RCS MEDIA MONITORS, clients can expect the same reliable monitoring services they’ve trusted for over 20 years in Australia and 15 years in NZ.

www.rcsmediamonitors.com.au

About RCS MEDIA MONITORS

RCS MEDIA MONITORS (formerly AirCheck) is a leading provider of broadcast monitoring and media intelligence solutions in Australia, New Zealand and India. The company helps clients across industries optimise media strategies, measure performance, and gain insights from a wide range of traditional and digital media. RCS MEDIA MONITORS is part of RCS, a global leader in broadcast automation and media technology.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/aircheck-australia–new-zealand-renamed-as-rcs-media-monitors-302347810.html

SOURCE RCS MEDIA MONITORS

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iM Global Partner mourns the passing of Philippe Uzan

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January 12, 2025

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PARIS, Jan. 13, 2025 /PRNewswire/ — It is with deep sadness that iM Global Partner (iMGP) announces the passing, one month ago, of our dear friend and colleague, Philippe Uzan.

 

 

Philippe’s exceptional career in asset management spanned more than 30 years and is marked by remarkable achievements in the organizations for which he worked and deep contributions to the industry as a whole. His passing is a tremendous loss to all who knew and worked with him.

Philippe joined iM Global Partner in February 2020 as Deputy CEO and CIO Global Asset Management, responsible for overseeing our financial strategies and products and designing value-added investment solutions for our clients across Europe and the United States.

His expertise spanned all asset classes, and he had a deep understanding of markets and their impact on investors and their investment needs. He was an eloquent man who contributed a number of papers and articles to the media, always with the intention of educating and making financial concepts more relatable. He has left an indelible mark on our organization and on the broader industry.

Prior to joining iM Global Partner, Philippe was latterly Chief Investment Officer at Edmond De Rothschild Asset Management, where he worked for 11 years and where he led the portfolio management teams, optimizing the synergies between analysis and portfolio management. He previously spent three years as Research and Global Asset Allocation Director, where he developed the portfolio management and research teams and modernized investment processes and the product range.

Philippe began his career as an Equity Derivatives Trader at Société Générale and held roles at AGF Asset Management (now part of Allianz Global Investors) and Natixis AM.

Throughout his career, Philippe’s outstanding intelligence, humility, and collaborative spirit earned him the respect and admiration of his peers.

Philippe Couvrecelle, Founder and CEO of iM Global Partner, expressed his heartfelt condolences: “It was with infinite sadness and pain that I learned of Philippe’s passing from a devastating illness. I had known Philippe closely for almost 20 years, as we worked together for Natixis, Edmond de Rothschild and iMGP. I pay immense tribute to his humanity, his sense of humor, his brilliant intelligence and his presence, which I will deeply miss. We had shared so much and still had so much to do together. In his memory, we will continue our path forward with strength, success and intensity, always preserving our values and our company culture to which he was so attached.

We will all miss Philippe enormously at iM Global Partner. He will be remembered not only for his professional achievements but also for his warmth, generosity, kindness and his unwavering dedication to his colleagues and community. Our thoughts are with his wife and three children, his family, friends and loved ones during this difficult time.”

CONTACT: media@imgp.com

 

 

SOURCE iM Global Partner

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