Sumsub has launched Sumsub Academy, an educational initiative aimed at empowering professionals in compliance, risk, and fraud prevention. The courses will provide participants with practical knowledge, real-world compliance strategies, and career-boosting credentials through free, expert-led modules.

The launch of Sumsub Academy comes at a crucial time. As highlighted by Sumsub’s 2024 Identity Fraud Report, fraud cases are on the rise.

According to the report, 67% of companies have seen an increase in fraud, and 45% have noted greater sophistication in fraudulent activities. The average identity fraud rate has more than doubled in the past three years, reaching 2.6% in 2024.

Additionally, businesses face growing financial risks, with the average cost per fraud event around USD $300,000. A significant four-fold surge in deepfakes worldwide from 2023 to 2024 further underscores the increasing role of AI in fraud. Deepfakes now account for 7% of all fraud cases.

These trends emphasise the urgent need for continuous education to ensure professionals stay ahead of evolving fraud tactics and regulatory challenges.

Sumsub Academy will feature expert-led training from industry leaders and regulatory experts. According to Sumsub, the courses are designed to be practical, offering real-world strategies that can be immediately implemented.

Access to the educational content is free. It is done so in order to remove financial barriers for professionals seeking to enhance their skills. Upon completion, participants will receive certifications to enhance their professional profiles and boost their career prospects.

According to Andrew Novoselsky, Chief Product Officer at Sumsub, the academy aims to provide accessible, expert-led training to help professionals stay ahead of evolving regulations and effectively combat financial crime.

“We’re not only supporting career growth but also helping organisations worldwide protect their ecosystems from ever-changing threats,” he continued.

The initial course offerings will cover Business Verification Fundamentals, Transaction Monitoring, Travel Rule, and how to collect data for successful KYC.

For more information, visit their website.

Featured image credit: Edited from Freepik.