London-based Sumsub, a globally acclaimed identity verification leader, today announces a revolutionary shift in its market positioning with the launch of a new full-cycle verification platform.
Addressing increasing fraud activity throughout the user journey, Sumsub has recognised the necessity of a more comprehensive solution. The new platform is born out of alarming internal stats indicating 70% of fraud activity occurs past the Know Your Customer (KYC) stage. This has urged Sumsub to adapt and provide a solution that tackles these shortcomings of traditional KYC checks.
Originally known for its leading role in KYC provision, Sumsub is redefining its approach in line with industry changes. The company’s new focus is to provide more efficient solutions that cater to an ever-evolving global verification landscape, combining user and business verification with transaction monitoring and fraud prevention.
The newly launched platform integrates these areas into a single, user-friendly dashboard. Designed with adaptability in mind, it enables businesses to customise and implement verification flows effortlessly and swiftly. With the power of Artificial Intelligence (AI), the platform can analyse and monitor large data sets, detecting suspicious patterns and proactively preventing advanced fraud attempts.
In terms of functionality, the platform promises optimum fraud protection. It does this by cross-checking user data at every stage and compiling a consolidated user risk profile. This comprehensive approach ensures that Sumsub can combat fraud throughout the user journey, eliminating the need for multiple service providers and thereby increasing the productivity of in-house teams.
Sumsub’s new platform addresses a quartet of key trends: rising global fraud, the emergence of non-document verification and digital IDs, increasingly strict industry regulations, and the rapid expansion of AI technology and innovation. By acknowledging these trends, the platform is poised to anticipate and tackle new cyber threats, regulatory changes, and the evolving digital landscape.
“The new platform is the unique solution to an equation with three variables, conversion, anti-fraud, and compliance, many leaders in the verification industry struggled to solve until today,” co-founder and CTO Vyacheslav Zholudev explains. “It’s crucial Sumsub breaks down borders for businesses by bringing top-notch customer experiences customized to different jurisdictions, while providing the highest pass rates across emerging and developed countries, and being the only provider openly sharing conversion rates.”
Sumsub’s shift in strategy and its innovative full-cycle platform are significant steps towards a safer, more accessible, and inclusive digital future for users and businesses alike. The company is committed to ongoing innovation to remove barriers to access and combat fraud, empowering a user-friendly digital future.
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