National Economy
Sunday, July 13, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Lead-In

Biometric Fraud In West Africa Triples To 15% In 2024

by `
5 months ago
in Lead-In
Reading Time: 2 mins read
Biometric
Share on FacebookShare on TwitterShare on Telegram

You May Like

World Bank Approves $65m Loan For Nigeria’s SPESSE Project

Nigeria’s Money Supply Falls to ₦119trn In May Amid CBN Tightening

Smile ID has released its 2025 Digital Identity Fraud in Africa Report, revealing a sharp rise in biometric fraud across the continent. West Africa recorded the most significant increase, with biometric fraud attempts surging to 15 per cent in 2024, three times higher than the under 5 per cent recorded in 2023. The surge is attributed to the growing reliance on biometric verification and the increasing sophistication of fraudsters exploiting security gaps.
Drawing from over 110 million identity verification checks across Central, East, West, and Southern Africa, the report highlights both progress and challenges in digital identity security. While biometric verification has helped reduce overall fraud rates in Know Your Customer (KYC) processes to 25 per cent—a decline of four percentage points from 2023—criminals have responded with more advanced attack methods, leading to millions of dollars in fraud losses.
Notably, fraud losses in Nigerian banks alone surged to N42.6 billion in Q2 2024, far exceeding the N9.4 billion total recorded in 2023, according to FITC. Other key findings from the report showed that East Africa reported the highest biometric and document rejection rates at 27 per cent, followed by West and Central Africa at 22 per cent, and Southern Africa at 21 per cent.
Biometric fraud attempts averaged 16 per cent per quarter, the highest recorded in three years. Authentication attempts had fraud rates four times higher than new account registrations, highlighting a growing risk of account takeovers. Fraudulent activity peaked between 8 PM and 4 AM WAT, with the highest occurrences recorded at midnight.
Reacting to the findings, the CEO of Smile ID, Mark Straub, emphasised the need for adaptability in fraud prevention, warning that while AI enhances security, it also provides fraudsters with new attack methods. He noted that fintech platforms with weak KYC protocols remain the most vulnerable, as fraudsters use identity farming to create fake accounts that obscure the origins of illicit funds. He called for collaboration between industries, governments, and technology providers to strengthen digital security.
To combat these threats, Smile ID recently introduced Enhanced SmartSelfie™, an advanced biometric verification tool designed to counter deepfakes, AI-generated faces, and replay attacks.

Tags: BiometricFraud
ShareTweetShare
Previous Post

Instant Electronic Transfers Hit N1.07qn

Next Post

Oshiomhole, Others Get LEADERSHIP Awards

ANOTHER GOOD READ

World Bank Approves $65m Loan For Nigeria’s SPESSE Project
Lead-In

World Bank Approves $65m Loan For Nigeria’s SPESSE Project

6 days ago
Nigeria’s Money Supply Falls to ₦119trn In May Amid CBN Tightening
Lead-In

Nigeria’s Money Supply Falls to ₦119trn In May Amid CBN Tightening

6 days ago
FG Okays 37 New Oil Routes To Halt Theft
Lead-In

FG Okays 37 New Oil Routes To Halt Theft

6 days ago
Nigeria’s Power Generation Rises By 10.92 % In Q1 2025
Lead-In

Nigeria’s Power Generation Rises By 10.92 % In Q1 2025

6 days ago
Foreign Artisans Taking Over Local Jobs
Cover

Foreign Artisans Taking Over Local Jobs

6 days ago
‘Intra-African Trade To Hit $440bn By 2035 With Full AfCFTA’
Lead-In

‘Intra-African Trade To Hit $440bn By 2035 With Full AfCFTA’

2 weeks ago
Next Post
Oshiomhole, Others Get LEADERSHIP Awards

Oshiomhole, Others Get LEADERSHIP Awards

Most Recent

Trump Cryptocurrency Drops Amid US Tariff Backlash

Trump Threatens 10% Tariff On Countries Aligning With BRICS

July 7, 2025
China Hits US With Retaliatory Tariffs, Launches Probe Into Google Practices

China Responds To Trump’s Tariff Threat Against BRICS-Aligned Countries

July 7, 2025
CBN Unveils New Liquidity Instruments For NIFIs

CBN Clarifies BVN Fee For Nigerians In Diaspora

July 7, 2025
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy

Fiscal Governance Lifeblood Of National Development— Tinubu

July 7, 2025
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy

At BRICS Summit,Tinubu Demands Reform Of Global Financial, Health Systems

July 7, 2025
LG Launches “Radio Optimism” Campaign

LG Launches “Radio Optimism” Campaign

July 7, 2025
Are Africans Genetically Inferior?

Are Africans Genetically Inferior?

July 7, 2025
Jaiz Bank Lifts NYSC Camp Spirit With Thrilling Football Match

Jaiz Bank Lifts NYSC Camp Spirit With Thrilling Football Match

July 7, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy