InvestGlass enhances solutions for banks and brokers with Sumsub’s KYC tools

Rick Steves

“This partnership with InvestGlass enables us to offer our efficient, user-friendly KYC solutions to a wider audience. We look forward to supporting brokers, banks, and crypto providers in navigating their compliance journey.”

InvestGlass, a Swiss-based platform offering automated investment management solutions for banks, brokers, and wealth managers, has partnered with full-cycle verification platform Sumsub.

Sumsub is known for its advanced identity verification and anti-fraud technologies and offers solutions that help businesses comply with global regulations.

Enhancing user verification for banks, brokers, and crypto platforms

In alliance with InvestGlass, Sumsub’s intelligent KYC tools can now be seamlessly integrated into a comprehensive investment management platform to enhance user verification and compliance for banks, brokers, and crypto platforms.

KYC is a critical risk management procedure for identifying and verifying the identities of clients and has traditionally been a time-consuming and complex task. Sumsub is known to make it faster, more compliant, and ultimately more efficient for all stakeholders.

With Sumsub’s customizable KYC, KYB, transaction monitoring, and fraud prevention solutions, banks, brokers, and wealth managers can orchestrate their verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect their business, the firm states.

Alexandre Gaillard, CEO at InvestGlass, said: “We are excited about our partnership with Sumsub. Together, we can optimize the KYC procedure, making it easier and faster for our clients. This partnership reflects our commitment to integrating cutting-edge technology into our platform to improve user experience and operational efficiency.”

Andrew Sever, co-founder and CEO of Sumsub, commented: “Our aim is to make regulatory compliance fast and hassle-free. This partnership with InvestGlass enables us to offer our efficient, user-friendly KYC solutions to a wider audience. We look forward to supporting brokers, banks, and crypto providers in navigating their compliance journey.”

Sumsub upgrades deepfake detection technology

Sumsub has recently announced the launch of an enhanced deepfakes detection technology into Sumsub’s liveness and deepfake detection solution. The global verification platform providing customizable KYC, KYB, transaction monitoring, and AML solutions has enhanced its facial biometrics verification with innovative deepfake detection technology.

The number of deepfakes detected in Q1 2023 was 10% greater than all of 2022 combined, according to Sumsub, which led the firm to address this growing threat of identity fraud by making major updates to its in-house liveness solution – a facial biometrics tool and integral part of KYC flow for businesses.

The deepfake fraud detector integrates into Sumsub’s liveness solution and is enhanced to align with the latest AI technology, making sure no fraudster passes the check.

Sumsub’s proprietary liveness technology detects spoofing attempts while authenticating real users in seconds and ensures users are physically present by creating a 3D FaceMap which is continuously referenced for authorizing all future actions (transactions, logins, etc), the firm stated, adding that all businesses operating online are vulnerable to deepfakes, with fintech, payments, crypto, and gambling platforms at high risk.

Deepfakes are replacing ‘simple’ kinds of identity fraud such as document printouts, according to data revealed by Sumsub:

  • In 2022, the leader in deepfake fraud was Spain with 49.7% of all global cases, followed by Great Britain (9.3%), and the U.S. (4.2%).
  • In Q1 2023, the most deepfakes came from Great Britain and Spain with 11.8% and 11.2% of global deepfake fraud, respectively, followed by Germany (6.7%), and the Netherlands (4.7%). The U.S. held 5th place, representing 4.3% of global deepfake fraud cases
  • From 2022 to Q1 2023, the proportion of deepfakes among all fraud types increased in Canada by 4,500%, the U.S. by 1,200%, Germany by 407%, and the UK by 392%.
  • Last quarter, a high proportion of deepfakes among all fraud types was also noticed in Australia (5.3%), Argentina (5.1%), and China (4.9%).

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