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Kenya and Nigeria named as the highest-risk African countries for fraud, according to Smile ID report

Kenya and Nigeria named as the highest-risk African countries for fraud, according to Smile ID report

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#cyber security
Smile ID (formerly Smile Identity), Africa's leading identity verification and onboarding service provider with 75 million KYC checks done since inception, has released its third report on the State of KYC and Digital ID trends in Africa.

Smile ID, a leading identity verification and onboarding service provider in Africa, has released its third report on the State of KYC (Know Your Customer) and Digital ID trends in the region. The report highlights fraud trends in four critical African markets: Ghana, Kenya, Nigeria, and South Africa. Kenya and Nigeria are named as the highest-risk African countries for fraud.


The report shows that fraud attempts in Kenya increased by 7% from January to July 2023, reaching 17%. Similarly, fraud attempts in Nigeria increased to 13% from 8% in January 2023. On the other hand, Ghana and South Africa experienced a decline in fraud attempts during the same period.


While the increase in startup investment activity indicates a vibrant ecosystem, it also correlates with a rise in fraud attempts. Smile ID emphasizes the need for proactive measures from businesses in the region to minimize losses from fraud. They recommend leveraging biometric KYC solutions, which involve matching a user's submitted selfie with the photo on their government-issued ID documents to reduce fraudulent users by 50%.


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