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Stop Fraud Before It Starts: How Sumsub is Revolutionizing Identity Verification

In the ever-evolving landscape of digital security, identity fraud remains a pressing concern for businesses and consumers alike. Recent developments from Sumsub, a global leader in identity verification, promise to tackle this issue head-on. The company is enhancing its Fraud Prevention solution with cutting-edge Device Intelligence capabilities designed to detect threats in real-time. This innovative technology is powered by Fingerprint, a recognized market leader in device intelligence.

The Rise of Device Intelligence

As the digital realm continues to expand, so too does the sophistication of fraudulent activities. Traditional verification methods, whilst beneficial, often fall short in addressing the dynamic nature of today’s threats. Sumsub’s approach with Device Intelligence focuses on understanding device behavior and network data rather than relying solely on IP addresses, which can be easily manipulated by fraudsters.

By establishing a comprehensive framework that analyzes the attributes of the user’s device and network usage, Sumsub aims to proactively identify and mitigate risks associated with identity fraud. This real-time analysis allows businesses to safeguard their platforms without complicating the user experience, which is critical for maintaining customer loyalty.

Understanding User Integrity

Internal studies at Sumsub reveal that a staggering 76% of fraudulent attempts occur during ongoing user interactions, such as logins and transactions, rather than just at the onboarding stage. Recognizing this trend, the introduction of Device Intelligence becomes essential. This technology not only monitors user activity post-KYC (Know Your Customer) but also provides businesses with the tools to detect suspicious behavior effectively.

For industries that are particularly high-risk, such as cryptocurrency, online gaming, and financial services, having a robust system for early fraud detection can mean the difference between prevention and significant losses. By employing Device Intelligence, businesses can enhance their security posture, protecting user accounts and preserving platform integrity.

A Privacy-First Approach

Despite its advanced capabilities, Device Intelligence is designed with user privacy in mind. The solution does not collect personal or sensitive information but instead focuses on technical parameters, like browser types and OS configurations, ensuring compliance with data protection regulations. This attention to privacy builds trust between businesses and their customers, enabling organizations to reinforce their security measures without compromising user rights.

Furthermore, the integration with Fingerprint introduces Smart Signals, which aids in recognizing behaviors associated with suspicious activities, like the use of incognito modes or developer tools. This feature enhances the accuracy of fraud detection across different stages of user interaction, from account creation to transaction processing.

Transforming the Verification Landscape

Andrew Novoselsky, Chief Product Officer at Sumsub, emphasizes the importance of combining their technology with Fingerprint’s capabilities. The synergy created by this partnership aims to deliver an unparalleled level of accuracy in fraud prevention, requiring no additional coding on the client’s part. This user-friendly approach not only supports robust security protocols but also facilitates smoother onboarding experiences for new customers.

Shaun Per, Vice President of Global Sales at Fingerprint, also underscores the importance of their collaboration. By merging their advanced device intelligence with Sumsub’s fraud prevention tools, businesses are better equipped to gain insights into user behaviors and reduce instances of fraud.

Conclusion

Sumsub’s introduction of enhanced Device Intelligence is a significant leap forward in the fight against identity fraud. By focusing on real-time detection and proactive security measures, this initiative promises to support businesses in navigating the challenges of digital fraud effectively. For companies looking to tighten their security and enhance their verification processes, Sumsub’s tools represent an attractive and powerful solution.

For more information about Device Intelligence and its impact on fraud prevention, visit the official Sumsub website. Ensuring the safety of user identities is not just a service; it’s a commitment to integrity in the digital world.