Gartner-Recognised Sumsub to Showcase at Singapore Fintech Festival 2023by Fintech News Singapore November 7, 2023
Fintech companies in Singapore and the Asia-Pacific region are eagerly gearing up for the highly anticipated Singapore Fintech Festival from November 15 to 17.
This annual event, known for its valuable networking opportunities and fostering innovative collaborations, serves as a dynamic platform for fintech startups, established financial institutions, and technology enthusiasts to come together and explore the latest trends, cutting-edge technologies, and transformative ideas in the world of finance and technology.
It also presents an opportune moment for Sumsub to interact with industry players and prospective clients ranging from compliance and anti-fraud experts, Chief Technology Officers (CTOs), Chief Product Officers (CPOs), and more.
Sumsub was founded in 2015 as an identity verification company. Drawing on the founders’ experience in forensic technology and expertise in neural networks, they developed an in-house anti-fraud detection technology. This was later transformed into a fully automated anti-fraud and AML solution for onboarding.
Since then, Sumsub has expanded its horizon by adding natural transaction monitoring and compliance monitoring/reporting capabilities. This has led to its position today as a full-cycle verification platform, ensuring security throughout the whole user lifecycle. From rapid user and business verification to fraud prevention and adept case management, Sumsub has it covered.
Digital fraud in Singapore’s fintech industry grew 33% in a quarter
Based on Sumsub’s internal stats, an alarming 70% of fraud activity occurs post the initial Know Your Customer (KYC) onboarding phase. Deep diving into Singapore, digital fraud in the fintech industry grew 33% from Q1 to Q2 2023. In the same period, the rate of ID card fraud increased 1.5 times while passport fraud more than doubled, reaching 3.5%.
Recent breakthroughs in artificial intelligence (AI) and deepfake technology now adds even more complexity to fraud detection. Deepfakes, a synthetic image of a person digitally manipulated to appear to be someone else, are becoming a persistent threat. According to internal data, the percentage of deepfake fraud among all fraud types was highest in Singapore (5.1%), for SEA countries, in Q3 2023. The percentage was second highest in Singapore out of all of APAC, with Australia at 6%. Focusing on just the crypto sector, over 70% of crypto companies worldwide are also witnessing the increasing popularity of deepfake fraud among fraudsters, according to Sumsub’s recent ‘State of Verification in Crypto Report’.
The financial losses from business disruptions, penalties, and fines can be astronomical, amounting to 80% of key costs for fintech organizations. That is why a partnership with a full-cycle verification and fraud expert like Sumsub is crucial to empower businesses to confidently chart their growth trajectories.
Penny Chai, Vice President of Business Development, APAC at Sumsub said,
“Once we confirmed that fraud activity penetrates deep throughout the user journey, we pivoted the business immediately to support industry demands and stay at the forefront of combating fraud effectively.
Every step of Sumsub’s AI powered anti-fraud system has been developed in-house by our experts. We are confident that our relentless efforts to stay ahead of the most sophisticated fraud techniques will support our clients to thrive in a rapidly changing environment.”
What makes Sumsub stand out
With AI and machine learning at its core, Sumsub’s products are primed for the future. The recent introduction of the advanced Deepfake Detector, incorporated into its Liveness solution, underlines the company’s dedication to counteracting sophisticated fraud threats. The company’s human behavioural monitoring capabilities allows them to identify fraud potential before it even happens.
Recognition in the industry is a testament to commitment and quality. Sumsub’s inclusion in the 2023 Gartner Market Guide for Identity Verification speaks volumes. The Gartner Market Guide, curated by expert researchers and advisors, sheds light on emerging market trends in identity verification, making the choice easier for businesses.
Additionally, Sumsub is awarded the “Best Global User Identity Verification Platform 2023” by the APAC Insider this year. Awards held by APAC Insider reflect the innovative, dedicated, and results-focused culture that has seen the region become home to some of the most prominent industry-leading businesses in the world.
Sumsub’s suite of solutions for AI-powered verification
Sumsub’s comprehensive suite of services is built on AI-powered algorithms, making verification swift and efficient. Their KYC service ensures businesses can seamlessly verify users worldwide using various methods- ID, biometric, document verification, or liveness detection.
It further supports AML screening, checking users against global sanctions and watchlists. With the ability to cater to different industries, from fintech to digital assets, it’s a versatile platform that adapts to evolving business needs.
Similarly, Sumsub’s ID verification ensures businesses can rely on advanced methods to ascertain user identities. Coupled with AML screening, it offers a comprehensive solution that supports an astounding range of 14,000+ document types spanning 220+ countries. With Sumsub’s biometric verification, businesses can quickly onboard clients, leveraging AI-powered facial recognition technology.
From simple liveness checks to video fragments that require users to vocalise a random phrase, Sumsub is changing how businesses perceive verification.
In addition, Sumsub’s Proof of Address (PoA) verification service ensures that users can be onboarded swiftly using document-based proof of address. The platform further offers geo-based and global database verifications, making the process adaptable and user-friendly.
With Sumsub’s customizable KYC, KYB, transaction monitoring, and AML solutions, businesses can orchestrate their verification process, welcome more customers worldwide, speed up onboarding, reduce costs, and steer clear of digital fraud.
Meet Sumsub’s Leaders at Singapore Fintech Festival
For industry professionals attending the event, this is a unique opportunity to witness first-hand how Sumsub’s solutions are shaping the future of compliance and verification for the advancement of digital finance. Meet the team at booth 3J31, level 3 at the Singapore Fintech Festival.
By consolidating compliance processes and creating a secure environment across diverse Asian markets, they’re ensuring businesses can confidently chart their growth trajectories.
Schedule a meeting today to meet the Sumsub team at booth 3J31, level 3 at the upcoming Singapore Fintech Festival here.