Crypto sees the lowest KYC fraud in Africa in H1 2022, reveals latest KYC Report

According to the latest KYC fraud report by leading KYC service, Smile Identity, crypto seems to have experienced the lowest cases of fraud despite a 30% increase in KYC onboarding in Africa.

The report also reveals an increase in usage of remote KYC services by fintech and crypto service providers across the continent by about 30%.

See more: GoGetta to facilitate global investment into African businesses

The report compared attempts of fraud during KYC verification on their services as shown below:

  • 26% in the first half of 2022
  • 20% in all of 2021, and
  • 17% in 2020

Fraud attempts have also increased by 55% in the last 2 years.

‘Know Your Customer (KYC)’ process is a requirement that helps businesses identify their users and verify their credentials.

Source: Bitcoinke