Latest news with #Sumsub
Finextra
9 hours ago
- Business
- Finextra
Sumsub debuts AI assistant to help with financial crime investigations
Sumsub, a global verification leader, has announced a major AI-powered update to its Case Management solution—a ready-to-use, cross-functional hub for financial crime investigations designed to streamline fragmented risk operations. 0 Built with direct input from fincrime teams and Sumsub clients, the new release introduces AI-driven tools and intelligent automation to help investigators act on risk in real time. The new Case Management solution provides a unified workspace for cross-functional teams, centralizing identity information, payment histories, risk scores, and internal audit notes in one intelligent interface. One of the key features of this upgrade is Summy, Sumsub's new AI Assistant, which provides case summaries and action recommendations for risk, compliance, and fraud teams. Summy gives investigators the full context of each case—covering user background, transaction history, behavioral insights, and more—while suggesting smart next steps to accelerate decision-making. Case Management is included as a core feature across Sumsub's identity verification, anti-fraud, and AML solutions—fully integrated and ready to deploy without complex adoption procedures. This launch comes as financial crime teams face increasingly complex threats. The global average fraud rate surged by 30% year-over-year—from 2.0% in 2024 to 2.6% in 2025 - driven by deepfakes, fraud-as-a-service, and rapidly evolving typologies. Teams must act faster, smarter, and more collaboratively than ever before. Apart from Summy, AI assistant key features include: • Pre-built, customizable workflow templates ('Case Blueprints') that can be set up and used straight away • Unified access to applicant data, documents, AML flags, and payments—removes silos and accelerates investigations • Custom case views and role-based access control tailors visibility of data and sensitive information, with ability to easily move responsibilities and access around team members • Real-time risk updates ensure every decision reflects the latest user behavior and transaction patterns • Fraud Network Detection uses AI to uncover hidden connections between suspicious users and real-behaviors 'Fragmentation is one of the biggest threats in modern risk management,' said Andrew Novoselsky, Chief Product Officer at Sumsub. 'With the rise of deepfakes and complex fraud schemes, teams can't afford to work in silos. That's why we built a platform that's not just unified, but smart—where AI like Summy supports every step of the investigation. This is a leap forward in making compliance faster, clearer, and more effective. Tested extensively by Sumsub's Quality Control Team, and built on extensive research into fincrime teams and insights gathered during our Customer Advisory Board meetings, this solution was built to address the most pressing challenges in case management. It makes investigations faster, more transparent, and easier to manage for fraud and risk professionals.'
Finextra
29-05-2025
- Business
- Finextra
Sumsub and Solana debut on-chain identity attestations
Sumsub, a global full-cycle verification platform, showcased its first public integration of Sumsub ID at Solana Accelerate in New York. 0 The demonstration highlighted how users can issue on-chain credentials, such as attestations, via the new Solana Attestation Service (SAS), a built-in protocol from Layer 1 blockchain Solana, based on their Sumsub ID profile. Sumsub ID - part of the company's Reusable Digital Identity product suite, launched in March 2025 - enables end-users to securely store and reuse their pre-verified documents for multiple verifications across Sumsub client platforms - simplifying compliance and improving user experience. The on-chain attestations allow users to carry a publicly verifiable proof of identity verification, tied to their self-hosted wallet, with Sumsub serving as the trusted party performing the verification and issuing the credential. The live demo featured a simulated use case with Roam, an e-SIM provider. A user looking to activate a virtual SIM first completed pre-verification through Sumsub, created a Sumsub ID profile and then connected their Solana self-hosted wallet. Once verified, an attestation was issued and tied to this wallet. When that user applied for a new e-SIM from Roam, they identified themselves with the same Solana unhosted Wallet. Finally, Roam was able to read the associated on-chain attestation and confirm that the user had been pre-verified, enabling them to proceed. This integration exemplifies the increasingly clear use case of reusable digital identity credentials, particularly in Web3. The underlying flow showcased in the demo is applicable across a wider range of scenarios, beyond eSIM activation. With Sumsub ID, verified credentials - including future formats like Zero-Knowledge (ZK) Proofs - can be reused across platforms and ecosystems, simplifying verification for both users and businesses. 'This integration with Solana's Attestation Service marks a key first stepping stone in the evolution of Sumsub's reusable digital identity offering. This is not just a step forward in simplifying identity verification and compliance processes - it's about unlocking a seamless experience for users while helping businesses scale securely across Web3 ecosystems,' commented Ilya Brovin, Chief Growth Officer at Sumsub. 'By eliminating unnecessary friction and offering a fast, secure way to validate credentials, we're not only reducing friction for Web3 users but also empowering organizations to combat fraud and maintain high standards of security.' Web3 users, when trying to use multiple financial and other on-chain services, are faced with the need to pass verification repeatedly. Alternatively, they are able to use of digitally-native, on-chain credentials which can be programmatically verified by other parties. Sumsub ID allows individuals to pre-verify once and reuse their identity data across multiple services. It can reduce onboarding time by up to 50% and boost conversion rates by 30%, offering businesses a more efficient route to compliance while improving user experience.
Finextra
29-05-2025
- Business
- Finextra
Sumsub introduces bank account verification across Europe
Sumsub, a global full-cycle verification platform, announces the launch of its Bank Account Verification solution. 0 The new solution instantly verifies customer account ownership, outstanding balance, and detailed transaction history, which enables businesses to prevent account takeover and payment fraud, assess user financial vulnerability and creditworthiness, and ensure compliance with key regulatory obligations, including those under PSD2 and AML/CTF frameworks. Sumsub's strategic partnership with Enable Banking leverages their advanced Open Banking infrastructure to power its Bank Account Verification tool. This collaboration provides seamless connectivity across Europe, ensuring secure, real-time access to verified financial data. With Sumsub's Bank Account Verification, users can securely share their financial institution data via the Open Banking infrastructure in 29 countries on a pan-European level. This process is seamlessly enabled through a simple bank account login that leverages Strong Customer Authentication (SCA) tools which have been implemented by banking institutions in virtually all EEA countries. By leveraging real-time verification of granular banking data that has already passed strict due diligence processes, businesses can make well-informed risk management decisions that allow them to prevent identity and financial fraud, streamline operations by eliminating document processing, and deliver a seamless user experience across the Fintech, iGaming, andE-commerce industries. Fraud is on the rise globally, with increasingly sophisticated methods like deepfakes gaining traction. According to recent data from Sumsub's Identity Fraud Report 2024, deepfakes accounted for 7% of global fraud attempts in 2024, marking a 4x increase from the previous year, including a staggering 118% surge in the UK. Europe, as the second worst region for ID fraud growth, saw a 150% increase, highlighting the escalating risks. With Juniper research projecting global Open Banking transaction values to surpass $330 billion by 2027, the opportunities for fraudsters are growing alongside the stakes for businesses. This reaffirms that robust verification and anti-fraud measures are more critical than ever. Key features and benefits: • Real-time account verification: Confirms bank account ownership, activity, and balance instantly. • Regulatory compliance: Ensures adherence to PSD2, AML/CTF, and enhanced due diligence (EDD) requirements. • Seamless integration: Easily integrates with client systems via API and SDK for smooth data transmission. • Secure and user-friendly: Employs encrypted connections and real-time presence verification to protect user data. • Comprehensive data validation: Verifies key financial metrics, including account activity, transaction history, and income details. Main use cases: • Payment method verification: Confirms bank account authenticity and ownership to ensure secure payment processing. • Compliance for high-risk transactions: Validates sources of funds and meets EDD standards for high-value financial activities. • Responsible lending: Supports income verification and credit risk assessment for lenders and financial institutions. • Age verification: Ensures compliance for age-restricted platforms such as iGaming and dating services. • Fraud prevention: Verifies account authenticity for secure transactions across fintech and payment platforms. 'With regulatory landscapes becoming more complex and sophisticated fraud threats emerging, businesses need verification solutions that are not only compliant but also frictionless. Our Bank Account Verification product offers businesses the tools they need to operate securely, scale confidently, and meet the demands of modern regulatory frameworks across Europe,' said Andrew Novoselsky, Chief Product Officer at Sumsub. 'At Sumsub, we are not only committed to helping businesses stay compliant but also mitigate the risks posed by fraudsters, ensuring that companies can confidently protect their users and operations in a risky digital landscape.' 'We are thrilled to power Sumsub's Bank Account Verification tool. Our mission is to facilitate innovative solutions through open banking, and this partnership exemplifies this. Our collaboration reaffirms our commitment to providing businesses with secure and seamless access to open banking data across Europe, said Sarah Häger, CCO at Enable Banking. 'By integrating our extensive banking connectivity into Sumsub's advanced platform, we are enabling them to offer an even more robust solution, empowering financial businesses to minimize fraud, and avoid money laundering.. We look forward to continuing our partnership with Sumsub and supporting their mission to deliver top-notch verification solutions.' Sumsub's Bank Account Verification seamlessly enables businesses to serve customers efficiently while fully meeting regulatory requirements. The system verifies account ownership and activity in real-time, extracting essential data, such as credit limit, remaining balance, latest transaction, and complete transaction history.
IOL News
24-05-2025
- Business
- IOL News
Beware of deepfake scams: South Africans urged to stay vigilant
tech With deepfake scams surging in South Africa, Old Mutual warns citizens about the dangers of AI-generated fraud. Discover how these scams work, the impact on individuals, and essential tips to protect yourself. Image: Pexels Old Mutual is urging South Africans to be on high alert as deepfake scams become increasingly sophisticated and widespread. Scammers are leveraging artificial intelligence (AI) to create highly convincing fake videos, voices, and images, duping unsuspecting individuals and businesses. The growing threat of deepfake scams 'Deepfakes are no longer just a futuristic concept in movies. They have become a real-life threat, impacting ordinary people in alarming ways,' says Dhesen Ramsamy, chief technology officer at Old Mutual. The company has observed a sharp increase in cases where fraudsters use AI to impersonate well-known personalities or company executives. Their goal? To trick victims into handing over their money or personal information. According to Old Mutual, recent cybersecurity research by Sumsub reveals a staggering 1,200% surge in deepfake-related attacks in South Africa within a single year—the highest reported increase globally. Even more concerning, a survey by Kaspersky found that up to 80% of South Africans struggle to distinguish between authentic and AI-generated content. How deepfake scams work Deepfakes are created using advanced AI tools that manipulate images, videos, or audio recordings to make them appear legitimate. Common types of deepfake scams include: Fake Celebrity Endorsements – Criminals edit videos of famous personalities to promote fraudulent investment schemes. Impersonation of Executives – Fraudsters pose as corporate leaders in video calls or voice messages, tricking employees into transferring funds. Misinformation and Defamation – AI-generated content is used to spread false information or tarnish reputations. 'These scams exploit curiosity, desperation, and the lure of quick financial gain,' Ramsamy warns. 'In a country where many people are struggling financially, the promise of easy wealth can be a dangerous trap.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Recently, a deepfake video featuring the late Raymond Ackerman circulated online, falsely promoting a money-doubling scheme linked to Pick n Pay. Similar scams using altered footage of Elon Musk and other public figures have also surfaced on social media, he says. Combating the deepfake epidemic Ramsamy emphasises that tackling deepfake fraud requires a collective effort across society. Old Mutual is collaborating with industry bodies such as ASISA and SABRIC to strengthen the financial sector's defenses. 'Scammers are using the same AI tools that businesses rely on for innovation. That means we must work together to stay ahead—and that starts with public awareness,' Ramsamy says. How to protect yourself Old Mutual is calling on South Africans to arm themselves with knowledge and take simple precautions: Pause and Verify: If a video or voice message seems suspicious, do not act immediately. Contact the company or individual directly to confirm its authenticity. Check for Red Flags: Look out for unnatural blinking, mismatched lip movements, or robotic voice s—c ommon signs of deepfake content. Use Free Online Tools: Platforms like TinEye (for images), Deepware (for videos), and (for voice detection) can help spot manipulated media. Resist the Temptation: There is no such thing as a guaranteed get-rich-quick investment. 'The best way to avoid falling for a deepfake scam is to recognise that easy money is often an illusion. Be sceptical of online offers that promise extraordinarily high returns with little to no risk—these are classic signs of a scam," he says. PERSONAL FINANCE
National Post
07-05-2025
- Business
- National Post
TELUS Digital Expands Partnership with Sumsub to Deliver End-to-End Identity Verification and Fraud Prevention Solutions
Article content Article content VANCOUVER, British Columbia — TELUS Digital Experience (TELUS Digital) (NYSE and TSX: TIXT), a leading global technology company specializing in digital customer experiences, today announced it has expanded its partnership with Sumsub, a full-cycle verification platform that secures the whole user journey. The partnership further enables TELUS Digital to deliver seamless, end-to-end trust and safety solutions to its clients to help keep their customers and companies safe while meeting global compliance requirements. Article content Since 2024, TELUS Digital has been successfully using Sumsub's platform to support the secure ID verification and onboarding of its global AI community performing remote tasks. With this expanded partnership, these same capabilities are now available to TELUS Digital's clients in industries where customer trust and compliance are critical factors, including banking, financial services and insurance, and telecom. Article content Global demand for digital identity tools is surging, driven by rising instances of fraud, regulatory pressures, and the rising need for secure, scalable onboarding, according to a 2025 Everest Group report. Article content 'As fraud becomes more sophisticated, our clients need seamless, secure, and compliant ways to onboard customers and employees, and verify identities at scale,' said Monty Hamilton, Chief Product and Marketing Officer, TELUS Digital. ' Recent global research we commissioned shows that in 2025, the majority of large enterprise CX decision-makers are prioritizing and investing in ID verification and fraud detection capabilities, underscoring how critical these capabilities have become. This partnership with Sumsub reflects our broader approach of fusing expert human talent with advanced, AI-powered technologies to empower our clients to address increasingly complex and frequent digital attacks and threats, helping them stay focused on serving their customers with confidence.' Article content TELUS Digital clients can now benefit from the company's full suite of ID verification and fraud prevention tools, which can be strategic drivers of both cost efficiency and revenue expansion, including: Article content Faster customer onboarding through real-time ID verification, face matching, and biometric authentication, streamlining Know Your Customer (KYC) and Know Your Business (KYB) processes to verify individuals and businesses quickly and securely, lowering operational costs. Simplified compliance with automated checks of customers against global watchlists, sanctions databases, and anti-money laundering (AML) regulations, helping clients meet regulatory requirements with confidence, potentially avoiding costly penalties and legal expenses. Advanced fraud detection that flags high-risk activity, such as forged documents, inconsistent geolocation data, or duplicate identities, leading to fewer and smaller financial losses for businesses. Flexible setup options that allow clients to integrate these tools into their existing systems, through full API connections, low-code platforms, or customizable configurations for technical and compliance teams. Article content Responding to the rise of fraud Article content Industry-wide fraud is rising, and technology is making it easier to deploy and harder to detect. Last year, 67% of firms reported a fraud increase, and businesses lost an average of about $300,000 per fraud event, according to Sumsub's Identity Fraud Report 2024. This uptick is being driven by AI-powered scams like deepfakes, synthetic identities, and advanced social engineering tactics that are harder to detect using traditional tools. Article content At the same time, companies are under mounting pressure to catch fraud early, or absorb the financial losses. In the UK, mandatory reimbursement rules for authorized push payment (APP) fraud, where customers are tricked into sending money to scammers, came into effect in October 2024. Similar regulations are advancing in the EU under the Payment Services Regulation, and in the U.S. through the Protecting Consumers from Payment Scams Act. Article content 'Across industries, organizations are facing growing expectations to strengthen compliance, reduce fraud risks, and onboard customers quickly without adding operational complexity,'said Andrew Sever, co-founder and CEO of Sumsub. 'Through our expanded partnership with TELUS Digital, we're making it easier for clients to meet those demands with flexible, integrated tools that support secure onboarding, real-time verification, and early fraud detection, without disrupting the customer experience.' Article content TELUS Digital partners with innovative brands to manage risk, reputation, security and safety. With more than 78,000 global team members and an established ecosystem of technology partners, we apply a fusion of human expertise and advanced technologies to safeguard trust. Our Trust & Safety solutions include, but are not limited to: fraud detection, Know Your Customer (KYC), Know Your Business (KYB), anti-money laundering (AML), content moderation, ID verification and access management, and a full suite of digital security services. Article content TELUS Digital (NYSE & TSX: TIXT) crafts unique and enduring experiences for customers and employees, and creates future-focused digital transformations that deliver value for our clients. We are the brand behind the brands. Our global team members are both passionate ambassadors of our clients' products and services, and technology experts resolute in our pursuit to elevate their end customer journeys, solve business challenges, mitigate risks, and drive continuous innovation. Our portfolio of end-to-end, integrated capabilities include customer experience management, digital solutions, such as cloud solutions, AI-fueled automation, front-end digital design and consulting services, AI & data solutions, including computer vision, and trust, safety and security services. Fuel iX ™ is TELUS Digital's proprietary platform and suite of products for clients to manage, monitor, and maintain generative AI across the enterprise, offering both standardized AI capabilities and custom application development tools for creating tailored enterprise solutions. Article content Powered by purpose, TELUS Digital leverages technology, human ingenuity and compassion to serve customers and create inclusive, thriving communities in the regions where we operate around the world. Guided by our Humanity-in-the-Loop principles, we take a responsible approach to the transformational technologies we develop and deploy by proactively considering and addressing the broader impacts of our work. Learn more at: Article content Article content Article content Article content Article content Contacts Article content Article content Article content
