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Sumsub launches its upgraded Fraud Prevention Solution

Thursday 21 March 2024 15:15 CET | News

Sumsub has launched its upgraded Fraud Prevention Solution aiming to tackle the surge of fraud networks in Asia-Pacific (APAC). 

According to the official press release, in addition to fraud networks, the upgraded solution will also help businesses address other pertinent fraud issues such as account takeovers, chargeback fraud, bot attacks, and more. 

To help companies counter evolving and widespread fraud attacks, Sumsub aims to strengthen anti-fraud technologies in its Fraud Prevention Solution. The upgraded solution is set to tap on Sumsub’s unique database which has identified and reported two million fraudsters, allowing businesses to better detect and track fraud rings. Using a multi-layered approach, the upgraded solution offers Detect & Act capabilities in one tab. Furthermore, the solution also provides the ability to set action alerts to automatically trigger additional checks, thus simplifying the decision-making process and reducing false positives. 

Sumsub has launched its upgraded Fraud Prevention Solution aiming to tackle the surge of fraud networks in Asia-Pacific (APAC).

Fraud networks in APAC 

According to the information highlighted in the press release, the prevalence of network fraud in APAC outpaces other regions such as Americas and Europe by eight-fold. Notably, Asia witnesses an average of 2.6% of fraud network incidents, a notably higher rate compared to other regions such as Africa (0.9%) and Europe and the Americas (0.3%). Within Asia, these operations are impacting developed and developing markets alike.   

Fraud networks are groups of individuals operating globally or within the same location, engaging in a spectrum of fraudulent activities including multi-accounting, money laundering, money mulling and personal data breaches. These syndicates collaborate to orchestrate fraudulent schemes on various digital platforms spanning from crypto exchanges, fintech applications to dating services and online casinos. 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.  

About Sumsub 

Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub’s customisable KYC, KYB, Transaction Monitoring, and Fraud Prevention solutions, users can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business. 

Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Binance, Wirex, Avis, Bybit, Huobi, Unlimit, Flutter, Kaizen Gaming, and TransferGo. 

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Keywords: fraud detection, fraud prevention, transaction monitoring, online security, product launch
Categories: Fraud & Financial Crime
Companies: Sumsub
Countries: Asia
This article is part of category

Fraud & Financial Crime

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Sumsub

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