#JustIn: Identity fraud rises in Namibia

Identity fraud rates have risen sharply from last year, the Sumsub Identity Fraud Report 2023 shows.

Although currently only at 0.83%, the identity fraud rate in Namibia has jumped from 0.59% in 2022. In 2021, the figure was 0.56%.

According to the Sumsub report, Namibia this year had the 13th lowest identity fraud rate in Africa.

Guinea, with 12.04%, topped the continental list.

According to Sumsub, a verification platform that helps businesses across the world monitor fraud, artificial intelligence (AI) is being used for both malign and legitimate activity at increasing rates.

“The rise of artificial intelligence is reshaping how fraud
 is perpetrated and prevented. AI serves as a powerful tool both
 for anti-fraud solution providers and those committing identity fraud. Organizations and individuals must navigate this complex terrain 
 with caution, staying vigilant in the face of AI-driven threats,” Sumsub said.

According to the report, the top 5 identity fraud types this year were: AI-powered fraud (mainly deepfakes), money muling networks, fake IDs, account takeovers, as well as forced verification.