The first-ever in-depth study of 103 countries that offers a complete overview of the risk of digital fraud is now available thanks to Sumsub. The Global Fraud Index reveals the underlying factors that fuel fraud in various parts of the world, aiming to raise public awareness of the root causes rather than mere numbers. The index offers users data-driven insights, interactive maps and infographics, as well as the ability to build country-specific comparisons.
Global losses from online payment fraud will exceed $362 billion between 2023 to 2028, according to a Juniper Research forecast. But until now, no comprehensive global analysis of the fraud index existed despite digital fraud posing a substantial threat to the financial sector.
The Global Fraud Index reveals the underlying factors driving worldwide fraud, and by diving deeper into the reasons and conditions behind online fraud, aims to provide actionable insights, empowering governments and regulators to implement targeted measures that curb fraud, especially in regions facing elevated risks.
“At Sumsub, we are committed to shaping a people-friendly digital future by raising awareness of fraud and its root causes and by providing advanced solutions to fight digital exclusion,” said Andrew Sever, CEO and co-founder of Sumsub. “Building on the recognition of our previous findings by experts at INTERPOL and UNODC, we are launching The Global Fraud Index to further advance the digital fraud awareness agenda. The Index highlights the need for stronger collaboration among businesses, governments, and regulators while addressing the challenge of unnecessary digital exclusion. By helping businesses avoid unintended exclusion through advanced solutions like Non-Doc verification, Sumsub fosters a fairer and more inclusive financial ecosystem.”
Key highlights of the Global Fraud Index study include:
- The top 10 countries most protected against digital fraud are Singapore, Luxembourg, Switzerland, Norway, Denmark, the Netherlands, Finland, Sweden, Ireland and Lithuania.
- The top 10 countries least protected against digital fraud are Pakistan, Bangladesh, India, Indonesia, Ethiopia, Argentina, Ukraine, Brazil, Algeria and Sri Lanka.
- The U.S. has the highest government AI readiness index across the globe.
- Singapore takes the highest spot in the Global Fraud Index, holding top-5 positions in economic wealth, resource accessibility and government intervention.
- The Nordic countries show the highest e-government services availability.
- EMEA (Europe, Middle East and Africa region) has the fastest access to all the necessary KYC/AML services.
- Countries with a GDP per Capita of less than $25,000 are showing higher rates of fraud activity on average when compared with countries with GDP exceeding $25,000.
