Sumsub Combats Fraud Networks in APAC With Upgraded Solution

Sumsub Combats Fraud Networks in APAC With Upgraded Solution

by March 21, 2024

Sumsub, a global verification provider, is addressing the sharp increase in fraud networks in the Asia-Pacific (APAC) region with its enhanced Fraud Prevention Solution. This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks.

Fraud networks, engaging in activities like multi-accounting, money laundering, and personal data breaches, target digital platforms such as cryptocurrency exchanges, fintech applications, dating services, and online casinos.

Research by Sumsub shows that one in every 100 users of digital platforms globally became a victim of fraud ring activities in 2023.

The incidence of network fraud in APAC is notably higher than in other regions, with Asia reporting an average of 2.6% of fraud network incidents, compared to lower rates in Africa (0.9%) and Europe and the Americas (0.3%).

Countries like Bangladesh, Thailand, Vietnam, and Indonesia, along with financial centers such as Singapore and Hong Kong, have reported high rates of fraud network activity.

To counter these threats, Sumsub has upgraded its Fraud Prevention Solution with advanced anti-fraud technologies. The solution leverages a unique database for identifying and tracking fraudsters, offering a multi-layered approach to simplify decision-making and minimise false positives.

The updated solution extends beyond traditional anti-fraud and KYC measures to offer comprehensive protection against various types of fraud, including account theft and payment fraud.

It is designed to enhance trust among users and regulators, catering to industries like fintech, e-commerce, iGaming, online media, and marketplaces.

Pavel Goldman-Kalaydin

Pavel Goldman-Kalaydin

“We’ve detected fraud networks ranging from three to over 750 users. In Myanmar and other Southeast Asian countries, cyber scam rings target victims with fraudulent schemes like fake jobs or investments.


Fraud networks, however small they may seem right now, will gain prominence, just like AI-powered deepfakes. The damage of fraud rings is much more significant than that of individual scammers. Businesses must be prepared for this and protect their platforms in advance”.

said Pavel Goldman-Kalaydin, Head of AI/ML at Sumsub.

Vyacheslav Zholudev

Vyacheslav Zholudev

“Sumsub’s comprehensive solution for fraud prevention is based on machine learning algorithms detecting all possible fraud types at every stage of the user journey.


To flag suspicious user activity, our system is equipped with a range of fraud prevention tools including Identity Verification, Behavioural Intelligence, Device Fingerprinting, Fraud Risk Scoring, Deepfake Detection, Email and Phone Risk Assessment, and AI-based Event Monitoring.”

said Vyacheslav Zholudev, CTO and co-founder of Sumsub.