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Id verification innovator Sumsub launched a brand new full-cycle id verification answer this week.
The brand new providing addresses new developments in id 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 id verification answer this week. The brand new providing, in keeping 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” going down after the KYC stage.
Broadly talking, the brand new platform is a response to 4 developments in id verification: the rise in international fraud, the development towards non-document verification and digital IDs, tightening laws 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 id verification flows and affords limitless customization. The AI-enabled platform screens and analyzes knowledge at each stage to determine doubtlessly suspicious habits.
“The brand new platform is the distinctive answer to an equation with three variables, conversion, anti-fraud, and compliance, many leaders within the verification trade struggled to resolve till as we speak,” Sumsub co-founder and CTO Vyacheslav Zholudev defined. Zholudev famous that Sumsub offers the very best go charges throughout rising and developed nations, and is among the many few suppliers to overtly share conversion charges. “It’s essential that Sumsub breaks down borders for companies by bringing top-notch buyer experiences custom-made 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 clients, confirm extra clients sooner, decrease prices, and determine fraud.
SumSub prevents greater than 50,000 fraud makes an attempt each month, masking 220+ nations and territories. The corporate raised $30 million in Collection B funding in December of final 12 months. The spherical was led by Flint Capital.
Photograph by Pixabay
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