Sumsub: Nigeria's cryptocurrency verification fraud rate is the highest in the world, reaching 8.3%

ChainCatcher news, according to the "2025 Cryptocurrency Industry Status Report" published by Sumsub, the verification fraud rate in Nigeria's cryptocurrency sector reaches 8.3%, the highest in the world.

The report indicates that document forgery is the most common type of fraud, accounting for 31%, followed by phishing (20%) and money laundering (15%). Account takeover and forced verification account for 14% and 12%, respectively.

In terms of user verification, fraud cases account for 2.2% of verification attempts on global cryptocurrency platforms. The report is based on survey data from over 300 companies worldwide, as well as user verification data analysis from 2023 to 2024.