Sumsub Launches Fraud Prevention Kit as Complex Attacks Rise 180%
Sumsub has launched a fraud prevention starter kit to combat a 180% increase in complex fraud attacks. The tool classifies applicants as low, medium, or high risk using onboarding data, allowing businesses to approve, review, or block applications. While global identity fraud rates fell from 2.6% to 2.2% last year, sophisticated attacks combining multiple techniques have surged. The system analyzes various data points, including email, phone activity, IP, device information, and links to previously fraudulent accounts. Companies can integrate these results into their existing workflows and customize rules.
The rise of complex fraud attacks, up 180%, presents a significant challenge for fintechs and digital platforms across Asia. Sumsub's new fraud prevention kit offers a practical solution, particularly for startups and growing companies that may lack dedicated fraud teams. The ability to quickly classify applicants and integrate with existing workflows means businesses can address fraud from day one, rather than absorbing losses while building out a function. For markets like Singapore and Indonesia, where digital adoption is high and new fintechs are constantly emerging, this kind of accessible fraud detection is crucial. The kit's focus on analyzing multiple signals, from IP data to device information, reflects the evolving sophistication of fraudsters. The key for Asian companies will be how effectively they can customize the rules and thresholds to local fraud patterns, which often differ from Western markets.
