Online Identity Verification company Sumsub says that cases of identity fraud have multiplied 10-fold in the past year.
In its third- Identity Fraud Report released this week, the company says that the top five-types of identity fraud include Artificial Intelligence-powered fraud, money mulling networks, fake IDs, account takeovers and forced verifications.
Closer to home, the report revealed that there has been a surge in deepfake fraud cases in South Africa.
Jarryd Jensen is Business Development Manager for Africa at Sumsub.
“This year we uncovered quite a lot when it comes to all the different types of fraud attacks that are the most common, or popular around the globe. We uncovered that the growth of deepfakes being used to try gain access to financial systems and everything here in South Africa has grown by over 1 200% in the past year. It’s really shocking, and this report covers absolutely everything around the world. We cover Nigeria, Kenya, South Africa and a whole bunch of other countries in Africa as well and it’s not just here in Africa where it’s happening, it’s become a lot more common on a global scale.”
Source: SABC News