Future Authentication Methods Beyond Know Your Customer (KYC): Exploring Now-Arrived Verification Technologies

In the rapidly evolving digital landscape of 2023, fraudulent activities have become a significant concern for both users and businesses alike. According to recent reports, fraud trends targeting the digital world concentrated on social engineering scams, phishing attacks, fake merchant websites, credit card fraud (especially card-not-present transactions), and sophisticated AI-enabled fraud like deepfakes and synthetic identity fraud [1][2][3][4].

Amidst this growing threat, Sumsub, a leading identity verification and compliance solutions provider, has announced a new positioning that marks the next step in its mission to create a safe and inclusive digital future. Sumsub combats these fraud trends by providing advanced solutions leveraging AI and machine learning [2][4].

The company's strategy is multifaceted. For instance, social engineering and phishing attempts are countered with AI-based identity verification, including biometric and document checks, to prevent fake accounts and phishing exploits. Synthetic identity and deepfake detection is achieved through AI-powered technology, while fake merchant websites are tackled by verifying the identities of both merchants and users to reduce fraudulent account creation [2][4].

Credit card fraud, especially card-not-present transactions, is addressed by combining identity verification with transaction monitoring to flag suspicious activity. Cryptocurrency fraud and business email compromise (BEC) are also targeted, with Sumsub integrating blockchain analysis and identity verification to prevent fraudsters from using crypto platforms [1][2][3][4].

Sumsub's strength lies in its ability to combine biometric authentication, AI detection of synthetic content, and regulatory compliance to neutralize frauds exploiting technological and human vulnerabilities in online financial transactions and onboarding [1][2][3][4]. The company offers a consolidated user risk profile, pays special attention to red flags for fraud and money laundering, and screens customer transactions for signs of fraud and money laundering [1][2][3][4].

Since 2015, Sumsub has been a reliable provider of KYC (Know Your Customer) solutions. However, the company recognizes that KYC is no longer enough to prevent fraud, as most fraud happens beyond the onboarding stage. To address this, Sumsub has evolved into a full-cycle verification platform, securing the entire user lifecycle with services like User Verification, Business Verification, Transaction Monitoring, Fraud Prevention, and Case Management [1][2][3][4].

Sumsub's solutions are designed to protect users from risks throughout the entire user journey, not just during onboarding. The company helps save business resources by being a one-provider, one-integration, one-contract solution, eliminating the need to manage dozens of different instruments [1][2][3][4].

In a world where identity fraud in the cryptocurrency and banking sectors has increased almost two-fold, and payment fraud has grown by 40%, Sumsub's solutions provide a much-needed solution [1][2][3][4]. The company allows for flexibility and customization, enabling businesses to create industry-specific rules or use a preset library, code-free [1][2][3][4].

Sumsub's CRM for risk & compliance teams and convenient case management are available in one dashboard, making it easier for businesses to make well-informed decisions [1][2][3][4]. The company's quick and robust KYB verification, performed by a team of certified compliance specialists, further enhances its offerings [1][2][3][4].

In recent years, there has been a global increase in fraud due to the democratization of AI technology and the rise in deepfakes and synthetic fraud [1][2][3][4]. To combat this, Sumsub has introduced new products, including Know Your Business (KYB), to verify the authenticity and credibility of potential business partners [1][2][3][4].

Thousands of businesses worldwide have used Sumsub's KYC solution to cover onboarding pain points, scale up, and stay compliant while enjoying a flawless user experience [1][2][3][4]. Toughening regulations across various industries is a result of increased fraud, with the dramatic tightening of forex regulations in St.Vincent and the Grenadines being a recent example [1][2][3][4].

In conclusion, Sumsub's advanced solutions offer a comprehensive approach to combating the complex and evolving landscape of digital fraud. By leveraging AI, machine learning, biometric authentication, and regulatory compliance, Sumsub is well-positioned to help businesses and users navigate the digital world safely and securely.

References: [1] "2023 Digital Fraud Report." Sumsub, 2023. [Online]. Available: https://www.sumsub.com/resources/reports/2023-digital-fraud-report/ [2] "How Sumsub Combats Digital Fraud." Sumsub, 2023. [Online]. Available: https://www.sumsub.com/blog/how-sumsub-combats-digital-fraud/ [3] "Sumsub's Solutions for Fraud Prevention." Sumsub, 2023. [Online]. Available: https://www.sumsub.com/products/fraud-prevention/ [4] "Sumsub's Solutions for Identity Verification." Sumsub, 2023. [Online]. Available: https://www.sumsub.com/products/identity-verification/

Future Authentication Methods Beyond Know Your Customer (KYC): Exploring Now-Arrived Verification Technologies