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- Id verification innovator Sumsub launched a brand new full-cycle identification verification resolution this week.
- The brand new providing addresses new tendencies in identification verification – together with the rise of deepfakes and artificial fraud.
- Headquartered in London, Sumsub made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.
Id verification specialist Sumsub launched a brand new full-cycle identification verification resolution this week. The brand new providing, in accordance with firm co-founder and CEO, Andrew Sever, is designed to deal with accelerating fraud threats. This consists of what Sever indicated was “an alarming 70% of fraud exercise” happening after the KYC stage.
Broadly talking, the brand new platform is a response to 4 tendencies in identification verification: the rise in international fraud, the development towards non-document verification and digital IDs, tightening rules in quite a few industries, and the democratization of AI expertise and innovation. This latter improvement has created a brand new problem within the type of deepfakes and artificial fraud.
Sumsub’s new providing combines person and enterprise verification, transaction monitoring, fraud prevention, and case administration options right into a single, unified dashboard. The expertise permits customers to orchestrate identification verification flows and presents limitless customization. The AI-enabled platform screens and analyzes information at each stage to determine probably suspicious conduct.
“The brand new platform is the distinctive resolution to an equation with three variables, conversion, anti-fraud, and compliance, many leaders within the verification trade struggled to unravel till right this moment,” Sumsub co-founder and CTO Vyacheslav Zholudev defined. Zholudev famous that Sumsub offers the very best cross charges throughout rising and developed nations, and is among the many few suppliers to brazenly share conversion charges. “It’s essential that Sumsub breaks down borders for companies by bringing top-notch buyer experiences personalized to completely different jurisdictions.”
Based in 2015 and headquartered in London, SumSub stands for “Sum & Substance.” The corporate made its Finovate debut at FinovateEurope 2020 in Berlin, Germany. On the convention, the corporate demoed its KYC/AML checks and danger administration toolkit. The toolkit helps enterprise convert extra prospects, confirm extra prospects sooner, decrease prices, and determine fraud.
SumSub prevents greater than 50,000 fraud makes an attempt each month, overlaying 220+ nations and territories. The corporate raised $30 million in Collection B funding in December of final yr. The spherical was led by Flint Capital.
Photograph by Pixabay
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