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Sumsub Reveals First Global Fraud Index Showcasing 103 Countries’ Susceptibility to Digital Fraud

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To assist regulatory bodies, governments and businesses in understanding and preventing digital fraud, Sumsub shares an interactive world map

MIAMI, Nov. 5, 2024 /PRNewswire/ — Today, Sumsub, a leading full-cycle verification platform, releases the Global Fraud Index, the first-ever in-depth study of 103 countries that offers a complete overview of the risk of digital fraud. The Index reveals the underlying factors that fuel fraud in various parts of the world, aiming to raise public awareness of the root causes rather than mere numbers.

Until now, no comprehensive global analysis of the fraud index existed despite digital fraud posing a substantial threat to the financial sector. According to a Juniper Research forecast, global losses from online payment fraud will exceed $362 billion between 2023 to 2028. The Global Fraud Index reveals the underlying factors driving worldwide fraud, and by diving deeper into the reasons and conditions behind online fraud, it aims to provide actionable insights, empowering governments and regulators to implement targeted measures that curb fraud, especially in regions facing elevated risks.

Key highlights of the Global Fraud Index study include:

The top 10 countries most protected against digital fraud are Singapore, Luxembourg, Switzerland, Norway, Denmark, the Netherlands, Finland, Sweden, Ireland and Lithuania.The top 10 countries least protected against digital fraud are Pakistan, Bangladesh, India, Indonesia, Ethiopia, Argentina, Ukraine, Brazil, Algeria and Sri Lanka.The U.S. has the highest government AI readiness index across the globe.Singapore takes the highest spot in the Global Fraud Index, holding top-5 positions in economic wealth, resource accessibility and government intervention.The Nordic countries show the highest e-government services availability.EMEA (Europe, Middle East and Africa region) has the fastest access to all the necessary KYC/AML services.Countries with a GDP per Capita of less than US $25,000 are showing higher rates of fraud activity on average when compared with countries with GDP exceeding US $25,000.

You can find data-driven insights, explore interactive maps and infographics as well as build country-specific comparisons here: https://sumsub.com/global-fraud-index/

Methodology of the research

The Global Fraud Index uses both internal and external data. Sumsub’s internal data is based on the volume of over 1 million checks conducted daily on the platform. Most data is from 2023-2024, with a few indicators relying on slightly older data. External sources include The World Bank, The Heritage Foundation, Oxford Insights, Transparency International, Numbeo and other databases.

The Index consists of 4 main pillars of analysis for each country. Those include not only the country’s fraud rate itself but also incorporate ‘The Fraud Triangle’ hypothesis. This widely-used model reflects how certain factors – namely, pressure, opportunity, and rationalization – contribute to higher fraud rates and corruption. In digital fraud, this triangle manifests through lower digital resource accessibility, less efficient government intervention, and higher economic instability scores.

“At Sumsub, we are committed to shaping a people-friendly digital future by raising awareness of fraud and its root causes and by providing advanced solutions to fight digital exclusion,” says Andrew Sever, CEO and co-founder of Sumsub. “Building on the recognition of our previous findings by experts at INTERPOL and UNODC, we are launching The Global Fraud Index to further advance the digital fraud awareness agenda. The Index highlights the need for stronger collaboration among businesses, governments, and regulators while addressing the challenge of unnecessary digital exclusion. By helping businesses avoid unintended exclusion through advanced solutions like Non-Doc verification, Sumsub fosters a fairer and more inclusive financial ecosystem.”

To inform the tech community and decision-makers about the acute trends in fraud across various sectors–fintech, crypto, iGaming, EdTech, dating, online media and more–Sumsub annually shares expertise and internal study results in a whitepaper. To get a free copy of Sumsub’s 2024 Identity Fraud Report, due to be released on November 19, please visit https://sumsub.com/guides-reports/.

Aiming to raise awareness of how unfair digital exclusion impacts the world economy, Sumsub recently launched a campaign featuring Greenflag, a digital nation of 627 million people excluded from online services. Check out the dedicated research results at https://greenflag.me/.

About Sumsub

Sumsub is a full-cycle verification 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.

Sumsub has over 2,500 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries, including Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and TransferGo.

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Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

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November 24, 2024

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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

 

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Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

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November 24, 2024

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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

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“India Global Forum’s mission more relevant than ever,” says Finance Minister Nirmala Sitharaman ahead of IGF Middle East and Africa 2024

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November 24, 2024

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India Global Forum’s flagship event in UAE kicks off in Dubai on 25 November with IGF ForumPolicymakers, politicians, business figures and celebrities from India, UAE, Africa to converge at inaugural session

DUBAI, UAE, Nov. 24, 2024 /PRNewswire/ — Ahead of India Global Forum’s (IGF) flagship Middle East & Africa 2024 (ME&A 2024) in Dubai on Monday, 25 November, Finance Minister Nirmala Sitharaman commended the role of the organisation in fostering global partnerships.

“Through their impactful and outcomes driven work, India Global Form has consistently provided a platform that fosters a better understanding of modern India and its vast opportunities for the global audience. It has also played an important role in building meaningful cross-border connections.

“India Global Forum’s mission to build corridors of technology, talent, investment and trust is more relevant than ever,” she said.

Under the theme of ‘Limitless Horizons’, IGF ME&A 2024 will foster new partnerships and collaborations between India, the Middle East, and Africa, unlocking opportunities in sectors such as technology, finance, sustainability and innovation.

The two-day event will begin with a special address by India’s Commerce Minister Piyush Goyal.

The inaugural session will also witness UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Omar al Olama, delve into the policies and reforms driving technological innovation in the UAE.

Looking forward to IGF ME&A, Indian Ambassador to the UAE, Sunjay Sudhir said: “The India-UAE relationship has entered an exciting new phase of exponential growth. We are at a moment in history where India-UAE relations are driving the synergy between our regions which has never been greater, and IGF serves as a beacon for harnessing this potential.”

Manoj Ladwa, Founder and Chairman, India Global Forum (IGF), said: “India’s External Affairs Minister, S. Jaishankar, aptly noted during his recent visit to Dubai that the India-UAE ties are in an era of new milestones. These ties are not just about trade figures or agreements – they represent a deeper alignment of values, aspirations, and shared visions for the future. IGF Middle East and Africa is an opportunity to channel this momentum into actionable outcomes that benefit not just our nations but the wider region.”

Featuring over 200 speakers and 1,000 participants across nine streams, IGF ME&A 2024 includes:

IGF Dialogues: An exclusive gathering of industry leaders and policymakers engaging in peer-to-peer roundtable discussions.IGF Forum: A Deep dive into how India, the Middle East, and Africa can embrace limitless horizons in a changing worldLeaders Dinner: An exclusive by-invite only dinner at the BAPS Hindu Mandir in Abu DhabiFounders and Funders Forum: Spotlighting the possibilities and pitfalls of the growing role of AI in India, the Middle East, and Africa.Climate and Business Forum (ClimB) – Exploring how businesses can achieve growth while prioritising sustainability and climate actionIGF Focus Forum – Discussions across diverse event streams, including leadership, entrepreneurship, healthcare, skilling and cultureDisruptors in the Desert – Demystifying emerging trends and technologies across key sectors poised to shape the next decade of the Global South. 

These engagements will tackle pressing global challenges, from climate change and energy transition to the future of AI and digital economies, bringing together a diverse lineup of global leaders, business pioneers, policymakers, and innovators.

Key Speakers across the event include:

H.E. Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work ApplicationsH.E. Sunjay Sudhir, Ambassador of India to UAEMahesh Bhupathi, Indian Tennis LegendYusuf Tambawala, Vice President of Growth & Business Support, DP WorldLeander Paes, Indian Tennis LegendAbhimanyu Munjal, Managing Director and CEO, Hero FincorpHarsh Jain, Co-Founder, Dream11Monish Shah, Founder and CEO, DreamSetGoSanjay Nayyar, Founder and Chairman, Sorin AdvisorsAmnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Africa, MastercardNeeraj Makin, Senior Executive Vice President, Group Head – Strategy, Analytics & Venture Capital, Emirates NBDSiddharth Shah, Co-founder, PharmeasyFaizal Kottikollon, Chairman, KEF HoldingsRola Abu Manneh, CEO Middle East, Standard CharteredSiddharth Balachandran, Executive Chairman & CEO, Buimerc CorporationKuppulakshmi Krishnamoorthy, Global Head, Zoho for StartupsMina Liccione, Comedian, Dubomedy

About India Global Forum
India Global Forum tells the story of contemporary India. The pace of change and growth India has set itself is an opportunity for the world. IGF is the gateway for businesses and nations to help seize that opportunity.  To know more, click here

Social Media Handles & Hashtag to Follow
Twitter: @IGFUpdates & @manojladwa
LinkedIn: India Global Forum
#IGFUAE

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