Identity fraud doubles in crypto and banking sectors

The crypto and banking sectors both experienced a nearly two-fold increase in identity fraud in 2022, according to a new report from verification platform Sumsub. The report also finds that over half of all fraud cases happened in just five countries: Bangladesh (22 percent), Pakistan (15.2 percent), Vietnam (8.1 percent), Nigeria (5.4 percent) and the USA (5.1 percent). Fraud targeting the crypto industry has grown from 0.7 percent of all fraud cases to 1.5 percent. Likewise, banking has seen nearly 100 percent growth in fraud cases, while e-commerce has seen a thirteen-fold increase in the proportion of fraud (from 0.1… [Continue Reading]