Sumsub has introduced a fraud prevention starter kit after complex attacks jumped 180%.
The tool uses onboarding data to classify applicants as low, medium or high risk.
Businesses can then approve, conduct further checks, review or block an application.
Sumsub’s internal data showed that the global identity fraud rate fell from 2.6% to 2.2% over the past year.
However, attacks combining multiple techniques in a single verification attempt increased by 180%.
The system analyses signals including email and phone activity, IP and network data, device information, repeated identifiers, confirmed fraud reports and blocklists.
It can also detect links between new applicants and accounts previously associated with fraud.
Companies can incorporate the results into their existing workflows and adjust the rules and thresholds as their fraud operations develop.
Andrew Novoselsky, Chief Product Officer at Sumsub, said
“Nobody gets to choose when fraud shows up. It arrives with a new market, a referral campaign or a good growth quarter, and it usually arrives before anyone has been hired to deal with it. Until now, the choice was to spend months building a fraud function or to absorb the losses while you did.
We wanted a third option. The Starter Kit gives a team a working fraud decision on day one and something concrete to improve on from there, which matters because the applicant you approve today is the account someone else’s stolen money moves through tomorrow.”
The Fraud Prevention Starter Kit is entering a closed launch, with companies able to apply for early access.
Featured image: Edited by Fintech News Singapore, based on image by mrsiraphol via Magnific
