In a significant move to combat digital identity fraud in Africa, Smile ID, the continent’s leading identity verification provider, has released its comprehensive 2024 Digital Identity Fraud in Africa Report.
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The report, the first of its kind to focus specifically on fraud trends, tactics, and defences across Africa, is a crucial resource for businesses operating online on the continent.
Smile ID has established itself as a key player in the fight against identity fraud, conducting over 100 million identity verification checks in Africa. "This report represents our commitment to providing cutting-edge solutions against the ever-evolving threat of digital fraud," states Peace Itimi, Director of Marketing at Smile ID. "It underscores the importance of advanced identity verification technologies in safeguarding businesses and consumers alike."
Key findings of the report reveal alarming trends in digital fraud, including a 1% increase in absolute fraud rates across Africa in 2023. The report highlights that businesses relying solely on textual verification are four times more susceptible to breaches than those using biometric authentication. The increased sophistication of fraudsters has seen a notable rise in document and biometric fraud, with 80% of attacks targeting national ID cards.
The analysis extends to various industries, showing significant variances in fraud rates throughout 2023. The crypto industry experienced the most fluctuation, while the payments industry witnessed fraud levels as high as 42% in February 2023. The report underscores the necessity for businesses to stay proactive and informed about evolving fraud tactics.
The 2024 Digital Identity Fraud in Africa Report also provides a comprehensive guide on setting up an anti-fraud system, emphasising the importance of leveraging multifactor authentication across the customer journey and especially during high risks events. . Smile ID advocates for a layered approach to security, combining document verification, biometric checks, deduplication, and AML checks to mitigate risks effectively.
"As digital transactions continue to grow in Africa, the need for robust identity verification mechanisms becomes increasingly critical," Itimi adds. "Our report is a must-read for anyone doing business online in Africa, offering the insights and solutions needed to tackle digital identity fraud effectively."
For more information and to access the full report, visit Smile ID's website.
Contact Info:
Name: Peace Itimi
Email: Send Email
Organization: Smile ID
Address: 12 Melcombe Place, London, England NW1 6JJ, United Kingdom
Website: https://usesmileid.com/
Source: NewsNetwork
Release ID: 89119618
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