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Democratization of Fraud Tech: $1,000 Can Cause $2.5M in Monthly Business Losses, Sumsub Report Reveals

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 Rise of Fraud-as-a-Service, deepfakes surging 4x and more 2024 digital fraud trends uncovered in 4th annual Identity Fraud Report by Sumsub

MIAMI, Nov. 19, 2024 /PRNewswire/ — Sumsub, a global full-cycle verification platform, today released its fourth annual Identity Fraud Report. The report provides a detailed analysis of identity fraud dynamics worldwide based on millions of verification checks and over 3,000,000 fraud attempts analyzed between 2023 and 2024*. The report also includes Sumsub’s Fraud Exposure Survey 2024, featuring responses from 200+ risk professionals and over 1,000 end users.

Identity Fraud Main Trends and Statistics for 2024

Key findings from Sumsub’s report include:

The top-5 identity fraud types in 2024 are: forged documents (50% of all fraud attempts), chargebacks (15%), account takeovers (12%), deepfakes (7%) and fraudulent networks (4%).The report found a significant 4x increase in deepfakes detected worldwide from 2023 to 2024The top-5 sectors most affected by identity fraud in 2024 are dating (8.9% fraud rate), online media (7.7%), banking & insurance (2.7%), video gaming (2.3%), and crypto (2.2%).The top-5 industries with the highest identity fraud growth rates in 2023-2024 are dating (265%), online media (180%), banking & insurance (162%), fintech (156%) and edtech (144%).The analysis of an average fraudster economy demonstrates that, with as little as $1,000 at their disposal, a fraudster group can inflict losses of up to $2.5M a month.The global average identity fraud rate more than doubled over three years, growing from 1.1% of all verifications in 2021 to 2.6% in 2024.Three-quarters (76%) of fraud occurs during ongoing account use, highlighting the need for continuous checks apart from KYC.Account takeover (ATO) attacks have become one of the most damaging forms of fraud. ATO cases surged by 250% YoY, a staggering rise compared to a 155% increase in 2022-2023.The Sumsub Fraud Exposure Survey 2024 revealed that, on average, businesses lost approximately $300,000 per fraud event in 2024, and nearly half of companies (45%) and end users (44%) worldwide reported being victims of identity fraud at least once.

“In today’s digital world, identity fraud poses a serious threat to individuals and companies. In 2024, 67% of firms reported a fraud increase,” says Andrew Sever, co-founder and CEO of Sumsub. “The Sumsub Annual Identity Fraud Report has become a go-to resource for industry leaders, with previous editions cited by the UNODC, Statista, Microsoft, and major media outlets. This year, we’ve expanded our research with insights from end-users and risk professionals, providing a detailed look at current fraud dynamics, future predictions, and actionable tips for businesses. As a full-cycle verification platform, we’re committed to sharing these insights to help the community unite against fraud.”

Identity Fraud Landscape: Regional Insights

The report provides a closer look at identity fraud trends of 2024 to see regional differences and make comparisons between countries:

In Europe, the majority of respondents (56%) reported having fallen victim to identity fraud.Africa reveals the highest identity fraud rate growth YoY (167%) among all regions.In the US & Canada, 67% of all respondents believe deepfakes have already or will impact the elections in the future.The country with the highest overall identity fraud rate in 2024 is Indonesia (6.02%).Argentina experienced the highest increase in identity fraud rate YoY of 509%.While seven APAC countries are among the top 10 jurisdictions with the highest rates of applicants involved in fraud networks, Oman is the overall global leader.South Korea experienced the largest growth in deepfake attacks YoY (735%).

AI and Deepfakes: from Commodity to Commonplace

In 2024, deepfakes—manipulated images, videos, or voices used to impersonate individuals—have become commonplace, with their share among all detected fraud reaching 7% in 2024. Alarmingly, AI and deepfakes are changing the misinformation landscape, with recent AI-generated images of Disney World underwater, or deepfakes of Donald Trump and Kamala Harris impacting electoral campaigns.

According to Sumsub’s Fraud Exposure Survey, 81% of all respondents expressed concerns surrounding the impact of deepfakes on election integrity. At the same time, global consumers reported the lowest level of trust in online media at 48 out of 100 points. Sumsub data indicates that in 2024, deepfakes continue to grow globally, showing higher growth rates in the developing markets:  the Middle East (643%), Africa (393%), and LATAM & Caribbean (255%).

“In 2025, fraudsters will increasingly rely on AI not just for deepfakes–which are, basically, just a tip of the iceberg–but for a broader range of deceptive tools, such as AI-generated identity documents, real-life videos, synthetic voices, and AI-driven chatbots that impersonate real users. These innovations will make fraud harder to detect and more versatile,” explains Pavel Goldman-Kalaydin, Head of AI/ML at Sumsub. “To fight AI-powered fraud, businesses need to deploy advanced multi-layered solutions that can analyze and detect fraud across multiple vectors, ensuring that identity fraud is tackled not just at the visual or biometric level, but across all touchpoints.”

How Cheap It Is to Commit Fraud: the Economy of a Fraudster Disclosed

The economics of fraud have shifted dramatically, making it easier and cheaper to execute large-scale operations with minimal investment. The rise of “fraud as a service” (FaaS) models allows fraudsters to outsource key aspects of their operations to specialized providers.

On average, a single fraudster can commit around 100 fraudulent activities annually, as supported by industry reports like the Verizon Data Breach Investigations Report. The fraudster economics, explained in the report, highlights that an average potential annual income could be ~$29,988,000, or a potential ~$2.5M gain in one month – with as little as a $1,000 monthly investment.

To learn more and download the full Sumsub 2024 Identity Fraud Report, please go to https://sumsub.com/fraud-report-2024/

* Note on Sumsub’s research methodology

The Sumsub 2024 Identity Fraud Report compares data from 2023 and 2024. In certain cases, 2021-2022 data is also taken into account to observe trends. The report is based on aggregated and anonymized verification statistics on millions of users from 28 industries worldwide, with 3,000,000+ fraud attempts studied. All graphs and infographics are based on internal statistics compiled from the data of consenting customers.

To delve deeper into the state of identity fraud, Sumsub conducted a Fraud Exposure Survey in August 2024, gathering insights from both consumers and companies. The survey included 1,000+ end-users as well as 200+ fraud and risk professionals from companies of various sectors, including banking, crypto, payments, e-commerce, trading, and iGaming.

About Sumsub

Sumsub is a full-cycle verification and ongoing monitoring platform that secures the whole user journey. With Sumsub’s customizable KYC, KYB, Transaction Monitoring, Fraud Prevention and Travel Rule solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.

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Optimum and University of Phoenix expand education savings opportunities to employees of Optimum Business customers

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 Expanded educational alliance provides eligible employees of Optimum Business customers with tuition-free course opportunities and additional savings to support career-relevant learning.

PHOENIX, Nov. 4, 2026 /PRNewswire/ — Optimum Business and University of Phoenix today announced an expansion of their existing educational alliance to make new education savings opportunities available to employees of eligible Optimum Business customers. Through the initiative, participating businesses can connect their employees with a University of Phoenix benefit offering one tuition-free course for every five courses completed.

The expansion builds on the organizations’ commitment to workforce development by extending education benefits beyond Optimum’s own employees to the teams of its business customers. For small businesses that may not have formal tuition assistance programs, the initiative offers another way to support employees who are pursuing degrees, developing new skills or continuing their education.

“Small businesses are at the heart of the communities we serve, and we want to help them and their employees thrive,” said Keith Bowen, President of News, Programming, and Business Services at Optimum. “Expanding our alliance with University of Phoenix gives Optimum Business customers another meaningful way to invest in their people and support continued learning and development.”

Education savings designed for working adults

Through the Optimum Business education savings opportunity, eligible employees can access several University of Phoenix benefits:

Tuition-free course opportunity: Receive one tuition-free course for every five courses completed, subject to eligibility requirements.
  Additional education savings: University of Phoenix will waive resource fees for two courses each calendar year.

To qualify for the tuition-free sixth course, students must successfully complete 5 courses and begin the sixth course within 365 days of posting attendance in their first course. Additional eligibility requirements and University of Phoenix terms and conditions apply.

University of Phoenix offers career relevant degree programs to support professional learning goals. Flexible online learning is designed around the schedules of working adults, with students taking one course at a time and most courses completed in five or six weeks. Prospective students can also have qualifying professional training, certifications and prior learning evaluated for potential college credit. These learning options are designed to help adults pursue educational goals while balancing their work, family and other responsibilities.

“We’ve built a strong relationship with Optimum around a shared commitment to employee development, so expanding these opportunities to its business customers is a natural next step,” said Jay Titus, general manager and vice president of Workforce Solutions at University of Phoenix. “For smaller businesses that may not offer formal tuition benefits, this initiative creates another way to support employees’ education goals. And for working adults, it means access to tuition savings and flexible, career-relevant learning that can help them develop practical skills while balancing work and life.”

Building on an established educational alliance

Optimum first collaborated with University of Phoenix to provide tuition benefits to eligible employees in 2023. The new offering extends education savings opportunities to employees of Optimum Business customers, broadening the reach of the educational alliance.

Through University of Phoenix Workforce Solutions, the University works with organizations to connect employee learning opportunities with evolving workforce needs. The expansion reflects a shared focus on making career-relevant education more accessible to working adults and creating additional ways for businesses to support employee development.

Optimum Business customers and their employees can learn more about the education savings opportunity, including eligibility requirements and application instructions, at phoenix.edu/OBC.

About Optimum Communications

Optimum Communications, Inc. (NYSE: OPTU) is one of the largest broadband communications and video services providers in the United States, delivering broadband, video, mobile, proprietary content and advertising services to approximately 4.2 million residential and business customers across 21 states through its Optimum brand. We operate Optimum Media, an advanced advertising and data business, which provides audience-based, multiscreen advertising solutions to local, regional and national businesses and advertising clients. We also operate News 12, which is focused on delivering best-in-class hyperlocal news content. 

About University of Phoenix

University of Phoenix is Built for Real Life. 50 Years Strong. The University innovates to help working adults enhance their careers and develop skills in a rapidly changing world through flexible online learning, relevant courses, academic AI pillars, and skills-mapped curriculum for associate, bachelor’s and master’s degree programs. Active students and alumni have access to Career Services for Life® resources including career guidance and tools. For more information, visit phoenix.edu. 

About University of Phoenix Workforce Solutions 

University of Phoenix Workforce Solutions helps companies align employee development to business strategy through skills-based solutions designed to address evolving workforce needs. Its Adaptable Skills Solutions brings together professional development, education savings and AI skills intelligence to support workforce planning, retention and talent mobility. By combining data, tools and education resources, Workforce Solutions offers practical ways to identify skills gaps, inform workforce decisions and prepare employees for long-term adaptability in a rapidly changing workplace. Learn more at https://www.phoenix.edu/workforce-solutions.html.

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SOURCE University of Phoenix

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RingConn and Borussia Dortmund Join Forces in a BVB Women’s Premium Partnership

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Partnership brings together wearable technology and football, encouraging a deeper understanding of health and the body’s natural rhythms.

DORTMUND, Germany, Nov. 4, 2026 /PRNewswire/ — RingConn, a health technology company specializing in smart rings, announced a partnership with Borussia Dortmund’s women’s football team, becoming the team’s Premium Partner. The collaboration brings together wearable technology and football, with a shared focus on deepening understanding of the body, recognizing its natural rhythms, and making health insights part of everyday life.

At the heart of the partnership is the idea of Own Your Rhythm — encourages people to look beyond external expectations, listen to their bodies, and tune into their natural rhythms. Through its smart ring technology, RingConn provides insights into personal health metrics, helping users better understand their bodies and their natural rhythms over time.

As part of the collaboration, some players of Borussia Dortmund will receive RingConn Gen 3 smart rings for continued use. The collaboration creates an opportunity to bring health technology into the everyday routines of BVB’s football players, while keeping the focus on individual awareness and personal well-being.

For RingConn, the partnership reflects a broader belief that health awareness is not limited to specific moments or routines. Small, consistent insights can help people become more familiar with their bodies over time. Designed for continuous wear, RingConn’s smart rings provide health and wellness insights through a connected experience, supporting users as they navigate the demands and rhythms of everyday life.

“We are pleased to welcome RingConn as a Premium Partner of our women’s football team. Our players are defined by commitment, individuality and a strong connection to their bodies, and this partnership supports exactly that. Listening to your body and understanding your own rhythm helps everyone perform and feel well, on the pitch and in everyday life,” says BVB managing director Svenja Schlenker.

Through this partnership, RingConn and Borussia Dortmund aim to bring greater attention to the relationship between technology, body awareness and everyday well-being. Guided by the principle of Own Your Rhythm, the collaboration places the individual at the center — recognizing that understanding one’s body is a personal journey, shaped by individual needs, habits and experiences.

About RingConn

Established in 2021, RingConn is a user-centric company, driven by continuous innovation, to provide professional, continuous, and thoughtful health monitoring products and services. RingConn is dedicated to becoming users’ most trusted guardian for their physical and mental well-being.

About Borussia Dortmund

Borussia Dortmund is one of the most traditional and popular German football clubs. Founded in 1909, BVB boasts more than 10 million fans within Germany and, in addition, also looks to a rapidly growing fan base worldwide. The eight-time German champions and five-time DFB-Pokal winner was in 1966 the first German club to win a European Cup competition. BVB also became the first Bundesliga club to win the UEFA Champions League in 1997, followed by the Intercontinental Cup in the same year. With a turnover of about 460 million Euros, Borussia Dortmund is also one of the economically strongest football clubs in the world.

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CData Software Was Recognized as a Challenger in the 2026 Gartner® Magic Quadrant™ for Data Integration Tools

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CData’s platform connects and governs access to hundreds of enterprise systems for people, applications and AI agents

CHAPEL HILL, N.C., Nov. 4, 2026 /PRNewswire/ — CData Software today announced that it has been positioned as a Challenger in the 2026 Gartner® Magic Quadrant™ for Data Integration Tools. CData is the only vendor positioned in the Challenger quadrant in this year’s report.

CData’s platform provides a unified data layer that enables people, applications and AI agents to access and work with enterprise data across cloud and on-premises systems. As organizations move AI initiatives from experimentation into production, the platform brings together the connectivity, context and governance required to make enterprise data accessible and useful to a growing range of data consumers.

“We believe this placement reflects where we’ve put our effort: one data layer that works for people, applications and now AI agents, and now through our Connect AI Gateway,” said Amit Sharma, Co-founder and CEO of CData Software. “Agents need the same data foundation that people and applications already rely on, which is why our AI gateway builds on it.”

One data layer for people, applications and AI agents

Enterprise AI requires more than a connection to a data source. AI systems need access to relevant information, an understanding of what that information means, and the ability to operate within established policies and permissions. The CData Platform brings these capabilities together through a common foundation that addresses three requirements for enterprise data access:

Connectivity: Access to data across hundreds of cloud and on-premises systems, supporting integration, replication and live data access.

Context: Enterprise data, documented business definitions and organizational knowledge that help AI systems interpret requests and produce relevant results.

Control: Governance and permissions that help ensure people, applications and AI agents access data in accordance with organizational policies.

Extending data integration to AI

CData Connect AI Gateway extends the company’s data integration foundation to this emerging category of users. The gateway provides a control point for AI models, tools, data and actions, applying governed access while connecting agents to enterprise systems. It also supports model routing and access to the context agents need to work with business data.

By building AI access on the same connectivity foundation used for integration and replication, CData enables organizations to extend existing data connections and governance to AI applications and agents.

The company continues to invest its platform across all three areas. Recent work includes change data capture for SAP HANA, DB2 for i, and SAP Gateway, along with built-in Git integration. The Context Engine builds a governed graph of system context, business definitions and company knowledge, so AI agents interpret enterprise data the way teams mean it. The AI gateway routes each LLM request to the right model and each MCP call to the right tools and data.

CData is also expanding the ways developers and organizations can connect AI systems to enterprise data through published connectors and integrations for leading AI platforms. In addition, CData Labs provides benchmark data for enterprise AI, so teams can see how AI performs on real enterprise data.

Read the full 2026 Gartner® Magic Quadrant™ for Data Integration Tools report: https://www.cdata.com/lp/gartner-magic-quadrant-2026/ 

Gartner Disclaimer

Gartner, Magic Quadrant for Data Integration Tools, Thornton Craig, Robert Thanaraj, Sharat Menon, Jenna Goodrich, Nina Showell, November 2, 2026.

GARTNER is a trademark of Gartner, Inc. and/or its affiliates. Magic Quadrant is a trademark of Gartner, Inc. and/or its affiliates.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About CData Software

CData is the AI gateway between AI and the systems that run the business. One control point connects agents and individuals to data across hundreds of enterprise systems, grounds every request in company context, governs it down to the record and routes it to the most efficient model. Built on CData’s data layer, it delivers accurate answers, governed access and falling cost, whether the user is an agent, an application or a person. CData powers AI workloads for Anthropic, Databricks, Microsoft, Google, Palantir and more than 10,000 customers worldwide. Learn more at www.cdata.com or contact info@cdata.com.

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SOURCE CData Software

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