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Compliance and fraud prevention tools introduced for crypto, digital transactions

Compliance and fraud prevention tools introduced for crypto, digital transactions

London-based digital ID firm Sumsub has released a new Travel Rule solution for compliance in the crypto industry.

Discussed last month in an exclusive interview with Biometric Update, the software aims to secure Travel Rule information data transfers between virtual asset service providers (VASPs), as well as know your customer (KYC) checks, anti-money laundering (AML) screening and verification orchestration.

“With the Travel Rule solution Sumsub offers, crypto companies can enjoy high pass rates, stay ahead of regulatory changes, and be fully prepared for new compliance standards,” says Vyacheslav Zholudev, Co-founder and CTO at Sumsub. 

“The crypto compliance toolkit from Sumsub allows industry players to safely develop and expand globally, attracting more users and maintaining trustful relationships with clients, partners and regulators.”

Technically speaking, the Travel Rule extends the Financial Action Task Force (FATF) Recommendation 16 on wire transfers to virtual assets (VA) such as cryptocurrencies and to Virtual Asset Service Providers (VASPs). As a result, senders and recipients must exchange identifying information, guarantee its accuracy and (in some instances) convey the data to the government.

“Our primary focus is to create a reliable ecosystem for the crypto community that ensures compliance with legal requirements and protects both businesses and individuals from fraud and money laundering along the way,” Zholudev adds.

“Introducing the Travel Rule solution is an important step toward this ambitious goal.”

Route Mobile unveils TruSense platform

Indian CPaaS (Communication Platform as a Service) provider Route Mobile has unveiled a new Strategic Business Unit (SBU) to help businesses secure digital transactions.

Called TruSense, the subsidiary will feature its own product management and engineering development teams. It offers a platform providing KYC checks, user onboarding and authentication based on device and user behavior and physical attributes, as well as risk scoring.

Digital identity is a very critical asset in our lives today,” says Route Mobile CEO Rajdipkumar Gupta. “TruSense ensures secure authentication, reliable identity verification and intelligent fraud detection with a frictionless user experience.”

As part of the move, David Vigar has been appointed executive VP (of Digital Identity) to lead the business globally. He will report directly to Gupta.

“The challenges enterprises face in understanding who is trying to access their goods or services online are enormous,” Vigar comments.

TruSense […] has been established to help enterprises welcome customers through the digital door in a safe and frictionless manner, continuing the CPaaS mission to make communication accessible to all.”

TMT Analysis launches Authenticate for device validation

Mobile identity provider TMT Analysis has launched a new solution called Authenticate to provide customers with improved device validation, more stringent anti-fraud measures and an enhanced user experience.

The tool leverages checks made in real time by mobile network operators to authenticate a device using data encoded on the device’s SIM card. The phone number on the end of an internet connection is then linked with an organization’s site to ensure it belongs to them.

“As global security threats evolve, it’s vital that organizations implement the most effective anti-fraud measures possible,” explains TMT Analysis Fergal Parkinson.

“Authenticate provides companies with the holy trinity of security tools – faster and more secure authentication, eliminating fraud while simultaneously boosting user experience. This offers organizations across multiple industries a commercial edge in hugely competitive landscapes.”

Also in SIM-related security news, Telecom provider MTN Group recently announced expanding its biometric SIM registration program into five new African countries.

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