Securing a $6M investment to boost our services directly for users' benefits
### Sumsub Announces Exciting Upgrades to its Platform
Sumsub, a leading identity verification and compliance platform, is set to unveil a series of innovative features aimed at bolstering security, efficiency, and user experience. Here's a glimpse into the upcoming enhancements:
#### Code-Free Customization and Integration
Sumsub has joined forces with Fingerprint to strengthen its Device Intelligence component. This partnership enables real-time detection of suspicious behaviour without the need for coding, enhancing fraud prevention by monitoring device signals such as browser and operating system usage, VPN detection, and more [1].
#### Higher Effectiveness in Anti-Fraud
To combat sophisticated fraud, particularly in the cryptocurrency sector, Sumsub's verification solutions now incorporate traditional KYC checks combined with liveness detection and transaction monitoring [2]. The platform also leverages AI-enhanced fraud detection to keep pace with evolving fraud tactics, ensuring full-cycle verification processes that can identify and prevent fraud more effectively [2].
#### More Powerful AI Integration
An AI assistant has been introduced to streamline the review process and improve the efficiency of fraud analysis within Sumsub's Case Management solution [1].
#### New Checks and Features
Sumsub has launched a Reusable Digital Identity product suite, which includes on-chain identity attestations. This feature allows users to securely store and reuse verification documents across multiple platforms, streamlining compliance while enhancing user experience [3]. The platform has also partnered with Data Zoo to boost its global compliance and fraud prevention capabilities, providing access to extensive data sources to help financial institutions better identify genuine customer behaviour and block malicious activities [4].
#### Enhanced Anti-Fraud Measures
Real-time device signal monitoring, made possible through the Fingerprint integration, helps detect and prevent fraud without disrupting legitimate interactions, acting as a proactive security layer that can stop fraud before it causes significant damage [1]. Sumsub also emphasises the importance of multi-layered defences to combat identity fraud effectively, including real-time detection and prevention of transaction fraud, bot activity, multi-accounting, and account takeover attacks [1].
The platform's founders include Vyacheslav Zholudev, Andrew, Jacob, and Peter Sever. Sumsub raised $6 million in its Series A fundraising round, with the funds intended to improve its software [5]. The platform has not disclosed specific details about its future collaborations. In 2020, the platform met new clients and partners, developed new features, and improved existing ones [6].
Sumsub is looking forward to implementing features based on client feedback and improving existing products to better serve its clients and partners [7]. The platform has not specified a timeline for when these new features will be released. However, the improvements are expected to help businesses excel at a faster rate [8].
[1] https://www.sumsub.com/blog/fingerprint-partnership-for-device-intelligence [2] https://www.sumsub.com/blog/ai-augmented-fraud-detection [3] https://www.sumsub.com/blog/reusable-digital-identity-product-suite [4] https://www.sumsub.com/blog/partnership-with-data-zoo [5] https://techcrunch.com/2020/05/13/sumsub-raises-6m-to-help-businesses-combat-fraud-and-improve-compliance/ [6] https://www.sumsub.com/blog/sumsub-in-2020 [7] https://www.sumsub.com/blog/sumsub-to-improve-existing-products-and-implement-beneficial-features [8] https://www.sumsub.com/blog/exciting-things-coming-to-sumsub-platform-in-2021
Technology enhancement is at the heart of Sumsub's upcoming platform upgrades, with new features aiming to boost security, efficiency, and user experience. To illustrate, Sumsub has introduced an AI assistant to streamline fraud analysis and a reusable digital identity product suite for improved compliance and user experience.
