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Smile ID Fraud in Africa Report 2024

Trends, tactics and solutions needed to tackle fraud effectively.

Everything you need to know about mitigating fraud losses in your business.
Everything you need to know about mitigating fraud losses in your business.

This year, we decided to shift the focus of our annual report from KYC to fraud. We made this decision because, as we engaged with customers and observed changes in behaviour over 2023, we saw that an increasing portion of company resources previously allocated to new account creation has shifted to driving consumer engagement and account profitability. Similarly, we have seen a shift in the activities of fraudsters, from exploiting opportunities around new account creation to increasing attempts at account takeover and theft.

So, leveraging our unique dataset covering over 100 million identity verifications on the continent, this year’s report focuses on fraud – its methodologies, characteristics and impact across Africa. We follow it with a guide to implementing a comprehensive anti-fraud system to protect your organisation and your users. Finally, we end with a future outlook on AI and machine learning and their increasing role in digital identity verification.

This report is the first analysis focused specifically on fraud trends, tactics and defences across Africa. It will provide decision-makers in Africa with an in-depth look at everything they need to know about mitigating fraud losses for their businesses.

Please download the report below.

* Article first published on www.itweb.co.za

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