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Sumsub releases KYC speed and pass rate case study, Signicat unveils digital ID trends

Singapore scammers buying digital identity credentials
Sumsub releases KYC speed and pass rate case study, Signicat unveils digital ID trends

London-based Sumsub and fleet rental software company MyMove have released the results of the digital ID partnership they formed in July 2020.

As part of the collaboration, Sumsub provided MyMove users with identity document verification and driver’s license check services.

According to the companies, the whole onboarding process takes less than 3.5 minutes for a single user, with average pass rates of 88 percent. The integration of the white label KYC solution with selfie biometrics from Sumsub took two months, the companies say.

MyMove confirmed it is planning a “vast global expansion” in 2022, which Sumsub will support by providing “all the KYC checks required.”

“If I put myself in the shoes of an end user, I would find the speed of onboarding paramount. I wouldn’t want to wait,” explains Guy-Louis de le Vingne, CEO at MyMove. “If, for example, I see a vehicle that I want to rent in the streets, I scan a QR code to take it. But I need to do the KYC check first. Within five or ten minutes, I’d like to be able to sit in the car and drive wherever I have to be.”

Onboarding abandonment rates rise: Signicat report

A new report by digital identity and onboarding service provider Signicat claims 68 percent of consumers in Europe have abandoned financial service applications in the past year.

The document represents the fifth iteration of Signicat’s ‘Battle to Onboard’ annual report, and claims results are the worst for financial service providers since 2016.

Behind the abandonment of financial service applications are issues such as applicants finding the process “complicated” (30 percent), the excessive time required to apply (21 percent), and the amount of personal information required (21 percent).

Of the 7,600 adults surveyed for the research, 38 percent also claimed they abandoned an application for a financial product because they did not have the right identity credentials (e.g. a passport or digital identity document).

“The solution, however, isn’t simple,” says Signicat CEO Asger Hattel, commenting on the report. “While digital identity makes onboarding quicker, this better experience makes for higher expectations from consumers — and increased abandonment if these are not met.”

According to the CEO, the key to creating a better onboarding experience is an in-depth knowledge of the market combined with the ability to offer multiple onboarding methods, as well as an improved understanding of consumer behavior.

Signicat recently made it into the FT1000 as one of Europe’s fastest-growing startups.

Stop Scams podcast explores Singapore’s digital ID breaches

The latest episode of the Stop Scams podcast by The Straits Times has shed light on new scams connected to the breach of bank accounts in Singapore.

According to Superintendent of Police Michelle Tay, the head of the country’s Anti-Scam Center, there has been a shift in how scammers operate.

“In the past, they used scam victims and tricked them into receiving and transferring funds out for them,” Tay told the Straits Times in the podcast.

“Increasingly, we are observing that scammers are reaching out to youths to buy their bank accounts and their digital identity credentials.”

Through the stolen digital ID information, scammers then proceed to log into multiple sites to create new accounts, wallets, and even communication lines.

However, Tay also said that “more often than not, even though the youths are promised a fee, they will not receive the money.” They will, however, still be liable in front of the law for their misdeeds.

The new fraud trends come at a time of increased adoption of digital ID services in Singapore, with the government recently announcing that more digital ID cards will be added to the Singpass digital government platform in the coming months.

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