Sumsub, a full-cycle verification platform, released its Global Fraud Index, which studies digital fraud across 103 countries. The Index analyses internal ID verification data alongside external contributing factors to illustrate in detail the risk and impact of fraud nation-by-nation.
The Global Fraud Index reveals the underlying factors driving worldwide fraud to provide actionable insights which can empower governments and regulators to implement targeted measures that work, especially in regions facing elevated risks.
Each country is given a rating – based on the analysis of millions of ID verifications from Sumsub’s platform from 2023 to 2024, alongside the ‘Fraud Triangle’, which considers the accessibility of digital resources, the efficiency of regulation and intervention, and the economic instability of a given nation.
For the ten biggest economies in Europe, countries from most to least at risk are: Turkiye, Poland, Spain, UK, Germany, Italy, France, Ireland, Netherlands, and Switzerland. 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
Global highlights:
- EMEA (Europe, Middle East and Africa region) has the fastest access to all the necessary KYC/AML services.
- The SU 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.
- Countries with a GDP per Capita of less than US $25,000 are showing higher rates of fraud activity on average, when compared with countries with GDP exceeding US $25,000.
Andrew Sever, CEO and co-founder of Sumsub, said in a statement: “Building on the recognition of our previous findings by experts at INTERPOL and UNODC [United Nations Office on Drugs and Crime], 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.”