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Tuum and Sumsub partner to improve financial compliance measures

Wednesday 19 March 2025 14:51 CET | News

Tuum has formed a partnership with verification platform Sumsub to enhance compliance and fraud prevention for financial institutions.

 

The collaboration aims to help banks, fintech firms, and other financial service providers streamline customer onboarding while ensuring adherence to evolving regulatory frameworks and strengthening fraud detection capabilities. 

Financial institutions face increasing regulatory scrutiny alongside a surge in financial crime. Identity fraud in traditional banking reportedly grew by 162% year-on-year in 2024, while AI-generated deepfake scams have seen a fourfold increase globally. At the same time, regulatory bodies such as the European Union and the United Kingdom are introducing stricter compliance measures, including the EU’s AML Package, the UK’s Economic Crime Plan 2, and PSD3. 

To address these challenges, Tuum’s cloud-native core banking system will integrate Sumsub’s verification and compliance technology, which includes Know Your Customer (KYC), Know Your Business (KYB), and Anti-Money Laundering (AML) tools. Through this integration, financial institutions using Tuum’s platform will be able to automate identity verification, monitor transactions for suspicious activity, and operate in multiple jurisdictions with real-time fraud detection.

 

Tuum has formed a partnership with verification platform Sumsub to enhance compliance and fraud prevention for financial institutions.

 

A word from company representatives 

A representative from Tuum noted that regulatory compliance and fraud prevention are becoming central to long-term operational resilience in financial services. With initiatives like PSD3 and the Digital Operational Resilience Act (DORA) reshaping the industry, financial institutions are expected to embed security and real-time fraud detection into their core processes. The representative added that the partnership with Sumsub enables Tuum’s clients to integrate advanced compliance tools efficiently, allowing them to scale while mitigating risks. 

Sumsub representatives highlighted the growing complexity of regulatory obligations and the need for ongoing fraud monitoring beyond initial onboarding. According to the company, over 75% of fraud now occurs after the customer verification stage, with Europe experiencing a 150% rise in identity fraud in 2024. By working with Tuum, Sumsub aims to support financial institutions in adapting to these evolving threats while maintaining compliance and security without disrupting the user experience.


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Keywords: partnership, fraud prevention, financial services, financial crime
Categories: Fraud & Financial Crime
Companies: Sumsub, Tuum
Countries: Estonia
This article is part of category

Fraud & Financial Crime

Sumsub

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Tuum

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