FB pixel

KYC fraud loss tool launched by Sumsub amid digital ID deals, award

Shufti Pro and iDenfy unveil customer wins, Socure awarded
KYC fraud loss tool launched by Sumsub amid digital ID deals, award

Digital ID providers are continuing to extend their software toolkits for KYC checks, and their market reach. Shufti Pro has been contracted by digital games marketplace Kinguin, and iDenfy with the European Capital of Democracy (EcoD) for know your customer checks. Sumsub has created a calculator to help betting platforms estimate potential fraud losses connected to the 2022 World Cup, and Socure has won two Finovate awards.

Sumsub creates online calculator for fraud losses

London-based identity verification vendor Sumsub has designed a tool to help betting platforms estimate potential fraud losses during the 2022 World Cup.

The customizable, artificial intelligence-based verification software features advanced KYC infrastructure capable of processing “nearly any number of users,” according to the company.

Writing in a blog, Sumsub says the tool would help bookmakers handle World Cup traffic spikes while also providing the highest level of fraud protection, particularly against arbitrage betting, multi-accounting, identity theft, account takeovers, money laundering and age violations.

“We know how important it is to quickly on-board customers, but we also understand that you need to be as compliant as possible to avoid fines,” says Jacob Sever, co-founder and chief of compliance at Sumsub.

Sumsub offers compliance tips specifically for the gambling industry, which they have collected for this sporting event. “We’re here to help betting platforms get ready for the biggest traffic surge in years,” says Sever.

The company was recently selected by digital wallet software maker Jeton to improve its remote onboarding experience with document verification and selfie biometrics.

Shufti integrating KYC in Kinguin marketplace

The move will enable Kinguin customers to verify their identity in real time using biometrics from Shufti Pro during their purchase.

According to a company announcement, the partnership will help Kinguin reduce fraud on purchases by implementing an extra layer of security on certain goods.

“Through this partnership, Kinguin will seamlessly on-board and authenticate the identity of their customers, fulfill requirements and scale the speed and accuracy of site-wide transactions,” says Victor Fredung, CEO of Shufti.

The customer win comes months after a similar one Shufti Pro entered with CSGOEmpire, an operator of a gambling site for character skins from the Counter-Strike: Global Offensive computer game.

iDenfy partners up with EcoD

iDenfy has entered a new collaboration with EcoD, a non-profit organization focusing on improving democratic politics.

The partnership will see applicants to the 10,000-strong ‘Citizens Jury’ on the EcoD platform complete the last step of the identity verification process using iDenfy’s ID verification tool.

In particular, the newly implemented solution will extract details from the government-issued document presented by applicants, automatically recognize the documents’ type and country, and then verify their validity.

“As a newly founded non-profit organization, European Capital of Democracy needed an affordable and secure solution,” explains ECoD CEO Stefan Sindelar.

“We’re grateful for iDenfy, a responsible company that helped us reach this goal. We now run a smooth ID verification procedure with a minimum personnel capacity to steer the process.”

iDenfy’s digital ID verification tools were also deployed earlier this month by BEEP.Rent to enable drivers to verify their identity.

Socure takes home two 2022 Finovate awards

The digital identity verification vendor announced that its KYC product won the Best RegTech Solution at the 2022 Finovate Awards. Additionally, the company’s founder and CEO, Johnny Ayers, was named executive of the year.

“It wasn’t long after we founded Socure that we began to solve problems many people believed were unsolvable,” Ayers says, including entirely accurate and inclusive identity verification and the eradication of fraud on the Internet.

According to Ayers, Socure software can verify any identity anywhere in the world.

The company has also recently upgraded its KYC product with greater security and transparency.

Article Topics

 |   |   |   |   |   |   |   |   |   | 

Latest Biometrics News


Could be 25 years before TSA gets facial recognition in all US airports

The Transportation Security Administration (TSA) foresees significant delays in implementing facial recognition across U.S. airports if revenue continues to be…


Single solution for regulating AI unlikely as laws require flexibility and context

There is no more timely topic than the state of AI regulation around the globe, which is exactly what a…


Indonesia’s President launches platform to drive digital ID and service integration

In a bid to accelerate digital transformation in Indonesia, President Joko Widodo launched the Indonesian government’s new technology platform, INA…


MFA and passwordless authentication effective against growing identity threats

A new identity security trends report from the Identity Defined Security Alliance (IDSA) highlights the challenges companies continue to face…


Zighra behavioral biometrics contracted for Canadian government cybersecurity testing

Zighra has won a contract with Shared Services Canada (SSC) to protect digital identities with threat detection and Zero Trust…


Klick Labs develops deepfake detection method focusing on vocal biomarkers

The rise in deepfake audio technology has significant threats in various domains, such as personal privacy, political manipulation, and national…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events