Sumsub revamps into full-cycle verification platform: “KYC checks alone are no longer sufficient”
“Our internal stats showed an alarming 70% of fraud activity occurs past the KYC stage, a clear indication for our business to adapt, as KYC checks alone are no longer sufficient.”
Sumsub has announced it has revamped from a KYC solutions provider to a future-proof platform providing full-cycle verification for the whole user journey.
The regtech firm is shifting its focus to deliver new golden standards of verification to address the new dynamics impacting the global verification industry.
Sumsub revamps verification approach to address four key trends
The new full-cycle verification platform unites user and business verification, transaction monitoring, fraud prevention, and case management solutions into a single dashboard.
The revamped approach allows companies to orchestrate verification flows with no limits for customization, code-free, and quickly, as the AI-powered platform analyzes and monitors vast amounts of data to detect suspicious patterns, thereby thwarting advanced fraud attempts.
Sumsub’s newly designed platform conducts cross-checks of user data at every stage and consolidated user risk profiles in a user-centric approach that eliminates the need for multiple service providers and increases the in-house team’s productivity, the firm argued.
The company further explained the four key trends it is addressing with the new approach to KYC:
- the global fraud increase,
- the non-document verification and digital IDs trend,
- strictening regulations across industries, and
- the rapid democratization of AI tech and innovation, leading to a rise of deepfakes and synthetic fraud.
Sumsub combines insights from its in-house product, legal, and compliance experts alongside external advisers to enable further development of the full-cycle platform to anticipate new cyber threats, regulatory changes, and the shifting digital landscape.
“Our internal stats showed an alarming 70% of fraud activity occurs past the KYC stage”
Andrew Sever, Co-founder and CEO of Sumsub, said: “The industry needs a comprehensive solution to tackle the increasing fraud activity throughout the entire user journey. Our internal stats showed an alarming 70% of fraud activity occurs past the KYC stage, a clear indication for our business to adapt, as KYC checks alone are no longer sufficient. With our new positioning, Sumsub anticipates industry changes by offering a future-proof full-cycle verification platform that is seamless and secure, addressing the challenges and expenses companies face, and helping them predict accelerating trends.”
Vyacheslav Zholudev, Co-founder and CTO of Sumsub, commented: “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. 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. Additionally, we relentlessly introduce visionary solutions for market updates ahead of implementation. For instance, the Travel Rule solution for the crypto industry or document-free verification allows fast and inclusive user onboarding in emerging markets like India, Brazil, and Nigeria.”
Sumsub offers customizable KYC, KYB, transaction monitoring, and fraud prevention solutions through its full-cycle verification platform that allows clients to orchestrate their verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect their businesses.
The firm caters to more than 2,000 clients across the fintech, transportation, trading, e-commerce, and gaming industries, and has quickly become a leading KYC provider within the crypto space, servicing big industry names such as Binance, Mercuryo, Bybit, Huobi, Unlimint, DiDi, Poppy, and TransferGo.