Sumsub Launches Fraud Prevention Kit as Complex Attacks Jump 180%
Sumsub released a new fraud prevention kit. This tool addresses a 180% increase in complex fraud attempts, using onboarding data to assess applicant risk.
New Kit Addresses Rising Fraud Complexity
Sumsub, a global identity verification provider, has introduced a new fraud prevention starter kit. This release follows a significant 180% surge in complex fraud attempts, according to Sumsub’s internal data. The kit helps businesses evaluate applicant risk during onboarding, classifying individuals as low, medium, or high risk.
While the global identity fraud rate fell from 2.6% to 2.2% over the past year, attacks employing multiple techniques within a single verification attempt increased sharply.
Advanced Analysis for Risk Assessment
The new tool analyses various data points to detect fraudulent activity. It considers email and phone activity, IP and network data, and device information. Further signals include repeated identifiers, confirmed fraud reports, and blocklists. The system also reveals connections between new applicants and accounts previously flagged for fraud.
This comprehensive approach allows companies to approve, conduct additional checks, review, or block applications effectively.
Streamlined Integration and Immediate Utility
Businesses can integrate the kit's results into their existing workflows. They can also adjust fraud rules and thresholds as their operations develop. Sumsub’s Chief Product Officer, Andrew Novoselsky, noted the kit aims to offer immediate fraud decision-making capabilities.
This helps companies manage risk from day one, particularly when entering new markets or experiencing rapid growth, without needing to build a dedicated fraud function from scratch.
For Asian businesses, especially those in fast-growing digital finance sectors, such fraud prevention tools are critical. Managing these risks directly impacts operational costs and customer confidence. As digital payments and online services expand rapidly across Southeast Asia and other regional markets, robust fraud prevention becomes a competitive necessity.
This kit offers a quick deployment option for firms expanding rapidly, helping them manage risk without substantial upfront investment in fraud teams.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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