Sumsub, a worldwide verification supplier, is addressing the sharp enhance in fraud networks within the Asia-Pacific (APAC) area with its enhanced Fraud Prevention Answer. This instrument is designed to assist companies sort out fraud rings, account takeovers, chargeback fraud, and bot assaults.
Fraud networks, partaking in actions like multi-accounting, cash laundering, and private information breaches, goal digital platforms resembling cryptocurrency exchanges, fintech functions, relationship companies, and on-line casinos.
Analysis by Sumsub exhibits that one in each 100 customers of digital platforms globally turned a sufferer of fraud ring actions in 2023.
The incidence of community fraud in APAC is notably greater than in different areas, with Asia reporting a mean of two.6% of fraud community incidents, in comparison with decrease charges in Africa (0.9%) and Europe and the Americas (0.3%).
International locations like Bangladesh, Thailand, Vietnam, and Indonesia, together with monetary facilities resembling Singapore and Hong Kong, have reported excessive charges of fraud community exercise.
To counter these threats, Sumsub has upgraded its Fraud Prevention Answer with superior anti-fraud applied sciences. The answer leverages a singular database for figuring out and monitoring fraudsters, providing a multi-layered strategy to simplify decision-making and minimise false positives.
The up to date answer extends past conventional anti-fraud and KYC measures to supply complete safety in opposition to numerous varieties of fraud, together with account theft and cost fraud.
It’s designed to reinforce belief amongst customers and regulators, catering to industries like fintech, e-commerce, iGaming, on-line media, and marketplaces.
Pavel Goldman-Kalaydin
“We’ve detected fraud networks starting from three to over 750 customers. In Myanmar and different Southeast Asian international locations, cyber rip-off rings goal victims with fraudulent schemes like pretend jobs or investments.
Fraud networks, nonetheless small they could appear proper now, will achieve prominence, similar to AI-powered deepfakes. The injury of fraud rings is way more important than that of particular person scammers. Companies should be ready for this and shield their platforms prematurely”.
stated Pavel Goldman-Kalaydin, Head of AI/ML at Sumsub.
Vyacheslav Zholudev
“Sumsub’s complete answer for fraud prevention relies on machine studying algorithms detecting all attainable fraud varieties at each stage of the consumer journey.
To flag suspicious consumer exercise, our system is supplied with a spread of fraud prevention instruments together with Id Verification, Behavioural Intelligence, System Fingerprinting, Fraud Threat Scoring, Deepfake Detection, Electronic mail and Cellphone Threat Evaluation, and AI-based Occasion Monitoring.”
stated Vyacheslav Zholudev, CTO and co-founder of Sumsub.
