In a groundbreaking report by Smile ID, Africas leading identity verification service, a substantial surge in identity fraud across the continent has been unveiled
The 2024 Digital Identity Fraud in Africa report, based on anonymised data from over 100 million identity checks, shows a consistent rise in fraudulent attempts over the last four years.
The report points out that document and biometric fraud reached their highest levels in the last quarter of 2023, posing significant challenges to businesses and eroding user trust in digital services.
While increased connectivity has brought Africans closer than ever, it has simultaneously made more individuals and systems vulnerable to criminal exploitation. The report serves as a stark warning that, without decisive action, identity fraud may pose a serious risk to Africa's digital future and economy.
This first-of-its-kind report in Africa explores the methods used by fraudsters, their behaviors, and regional and industry trends. It aims to provide valuable insights for businesses to better combat fraud across the continent. The report marks a shift for Smile ID from its biannual State of KYC report, which has been published since 2022.
Mark Straub, CEO of Smile ID, emphasises the importance of preventing identity fraud in mitigating financial fraud affecting businesses."Our unique position in the African digital ecosystem allows us to offer insights into effective fraud prevention. Understanding the patterns and methodologies of fraudsters, as outlined in our report, can significantly enhance the implementation of robust fraud prevention measures during onboarding and high-value events," concluded Straub.
Accessthe fraud report here.