Inquiry to Sumsubers: Which nations are most susceptible to fraud and what factors contribute to this vulnerability?
Digital Fraud Prevalence: Top 10 Least Protected Countries Revealed
In a groundbreaking report, Sumsub has released the first-ever Global Fraud Index, offering a comprehensive overview of digital fraud risk in 103 countries. The study sheds light on the countries that are most vulnerable to digital fraud, with a particular focus on developing nations facing economic instability.
According to the Global Fraud Index, the top 10 countries least protected against digital fraud are:
- Pakistan
- Bangladesh
- India
- Indonesia
- Ethiopia
- Argentina
- Ukraine
- Brazil
- Algeria
- Sri Lanka
These countries are identified as having the highest prevalence of digital fraud and the lowest levels of fraud prevention resilience. For instance, South Africa is noted for ranking among the top three countries with mobile fraud prevalence in Africa.
The study also reveals that fraudulent activities are now cheaper to execute due to the rise of technologies and 'fraud-as-a-service' offerings. These services have made it possible for even novice fraudsters to carry out attacks, making fraud more accessible and widespread.
Unfortunately, several high-risk countries listed on the FATF's blacklist and greylist were excluded from the Global Fraud Index study due to incomplete data across Sumsub's indicators.
The Global Fraud Index study provides valuable data-driven insights, interactive maps, infographics, and country-specific comparisons. You can access these resources on the Sumsub website. To delve deeper into the subject, Sumsub has launched a bi-weekly Q&A series on their social media platforms (Instagram and LinkedIn) every other Thursday.
For the most accurate and updated data, we recommend consulting Sumsub's official publication or report directly. It's crucial to stay informed about the digital fraud landscape to better protect ourselves and our communities.
- The rise of technologies and 'fraud-as-a-service' offerings has made digital fraud cheaper to execute, even for novice fraudsters, in countries like Pakistan, Bangladesh, India, Indonesia, Ethiopia, Argentina, Ukraine, Brazil, Algeria, Sri Lanka, and others as revealed in the Global Fraud Index.
- In the realm of finance and technology, countries with the highest prevalence of digital fraud such as Pakistan, Bangladesh, India, Indonesia, Ethiopia, Argentina, Ukraine, Brazil, Algeria, Sri Lanka, and others, are vulnerable to financial exploitation due to their low levels of fraud prevention resilience.
