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Concryt unveils global fraud hotspots

Wednesday, November 20, 2024 — 12:11:13 (EST)

London, Wednesday 20th November 2024: This International Fraud Awareness Week, fintech company Concryt has revealed new insights into global fraud hotspots according to Google Trend data, identifying regions with the highest search interest in digital fraud and highlighting emerging patterns worldwide.

Concryt’s research uncovers where public interest in terms like "crypto fraud," and “phishing” is rising, reflecting areas with elevated awareness and concern around digital fraud. Notably, search volumes for "crypto fraud" have surged in 2024 fuelled by increased public attention following high-profile data breaches and new regulatory measures.

Ryta Zasiekina, Founder of Concryt, commented, “Our research shows significant spikes in search interest for ‘crypto-related fraud,’ particularly around high-risk periods like the fiscal year-end. These search trends reveal a strong global awareness of digital fraud, underscoring the need for proactive measures across regions".

Key Findings by Region:

Europe: The United Kingdom and Ireland lead in search interest for Authorised Push Payment (APP) fraud indicating heightened public concern and changes in regulation. Other countries with notable search activities include the Netherlands, Bulgaria, Romania, Sweden, and Belgium.

North America: The United States dominates search volumes for digital fraud, with Delaware, Nevada, Nebraska, New York and Georgia showing the highest state-level interest. The FTC notes that Delaware's high fraud rate is tied to its status as a corporate hub, making it a target for business-related fraud, while Nevada’s gambling industry contributes to higher instances of gaming-related fraud, such as credit card and account takeover fraud.

Africa: Ethiopia, South Africa, Nigeria and Kenya show the highest search volumes related to APP fraud, partly due to rising digital adoption. World Bank data highlights Ethiopia’ digital growth, which has brought increased exposure to online fraud targeting in-experienced users in new financial systems. the increased vulnerability to digital fraud, including APP fraud, which often targets less-experienced users in new financial systems.

Asia: Singapore and the Philippines top-fraud related searches in the region, followed by India, the United Arab Emirates, and Malaysia, reflecting a strong awareness of, or susceptibility to, online fraud risks.

Australia: Australia is the primary source of fraud-related searches in the region with, with New Zealand following in a distant second.

When adjusted for population, Iceland, the United Kingdom, Ethiopia, Singapore and Ireland have shown the highest fraud-related search interest over the past year, demonstrating a shift from 2023. A five-year analysis shows consistent high-interest levels in the UK, Ireland, Singapore, South Africa, and the United States, underscoring the persistent global concern over digital fraud.

Zasiekina added: “The data reveals the complexity and regional variation in digital fraud concerns. With tactics evolving quickly, including AI-driven phishing and a 73% rise in ransomware attacks, understanding these geographic trends is essential. Such insights help businesses focus resources effectively and develop targeted solutions to counter regional fraud challenges.”

​​International Fraud Awareness Week runs from 17th – 23rd November 2024, and seeks to build awareness around the critical need for proactive measures around fraud.

To download the full research report, visit concryt.io/blog/payment-fraud-trends.

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About CONCRYT 

   CONCRYT is reimagining money for the modern world and making seamless cross-border payments accessible for millions of merchants around the globe. We’ve combined our unrivalled payment expertise, technical know-how​, compliance & AML knowledge​ and business acumen into a consultancy that simplifies complex payment processes and helps businesses to open new ecommerce frontiers with fast, flexible and fully empowered payment services. 

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Source: Company press release.