Following this announcement, the collaboration between Bitget and Sumsub is set to secure Bitget’s users around the world with an over 99% accuracy rate in the process of identifying and combating deepfake scams.
In addition, both companies will focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
The strategic deal also corresponds with Bitget’s overall strategy to foster crypto evolution and develop a more equitable and secure landscape, where the unbanked populations and industries have access to digital finance. By leveraging Sumsub’s suite of services and expertise, Bitget is set to ensure a safe, efficient, and smart process of crypto transactions for their global clients and users, while also staying fully protected from advancing AI-generaled identity fraud evading crypto.
According to a recent analysis of Sumsub verification data, the number of deepfakes detected around the world in the crypto sector increased 217% from Q1 2023 to Q1 2024. Through this partnership, the main features Sumsub will provide to Bitget are Identity Verification, Liveness (including facial biometrics checks), as well as Non-Doc Verification and Database Validation.
At the same time, combined with artificial intelligence technologies that enable deepfake detection and fraud prevention, as well as a comprehensive and secure list of certifications and attestations obtained by Sumsub, the strategic deal is expected to further optimise the manner in which the companies adhere to the highest security standards.
In addition, as centralised exchange user data security is important, the companies will focus on the process of identifying possible loopholes, making platforms and services more secure for all users from multiple geographic areas around the world. Moreover, while fighting AI-driven threats with AI-powered solutions represents an important step for Web3 companies, both Bitget and Sumsub will prioritise eliminating deep fake scams and further accelerate the development of a blockchain-based future free of fraud.
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