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Sumsub’s Fraud Prevention Solution set to secure businesses in APAC

By Gloria Mathias

March 21, 2024

  • AML Compliance
  • APAC
  • APAC news

Ibanly, Sumsub, Identity Verification, Fraud Prevention, KYC, AML compliance, APAC, Fraud Detection Solution, Asia Pacific, Fintech APAC, APAC NewsSumsub, a global full-cycle verification platform, has committed to tackling the alarming surge of fraud networks in APAC by launching its upgraded Fraud Prevention Solution.

The upgraded solution will help businesses address pertinent fraud issues such as account takeovers, chargeback fraud, bot attacks, and more.

As revealed by Sumsub’s internal research*, approximately one in every 100 users of a digital platform or service globally fell victim to a fraud ring crime in 2023, underscoring the importance of addressing this issue. The prevalence of network fraud in APAC outpaces other regions, such as the Americas and Europe, by eightfold.

“We’ve detected fraud networks ranging from three to over 750 users. In Myanmar and other Southeast Asian countries, cyber scam rings target victims with fraudulent schemes like fake jobs or investments. The issue raises diplomatic concerns and deters Chinese tourists from travelling to the region,” said Pavel Goldman-Kalaydin, Head of AI/ML at Sumsub. “Fraud networks, however small they may seem right now, will gain prominence, just like AI-powered deepfakes. Businesses must be prepared for this and protect their platforms in advance.”

To help companies counter evolving and widespread fraud attacks, Sumsub has strengthened anti-fraud technologies in its Fraud Prevention Solution.

“Fraudsters are becoming more tech-savvy, presenting a threat to digital services and their users,” shared Vyacheslav Zholudev, CTO and co-founder of Sumsub. “Sumsub’s comprehensive solution for fraud prevention is based on machine learning algorithms detecting all possible fraud types at every stage of the user journey. To flag suspicious user activity, our system is equipped with a range of fraud prevention tools including Identity verification, Behavioural Intelligence, Device Fingerprinting, Fraud Risk Scoring, Deepfake Detection, Email and Phone Risk Assessment, and AI-based Event Monitoring. The solution now also applies Fraud Network Detection to stop serial fraud.”

Sumsub’s Fraud Prevention Solution goes beyond traditional anti-fraud or Know Your Customer (KYC) methods, offering a fortified defence against a wide array of fraud, including account theft, romance scams, payment fraud, and much more.

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