Onboarding software aims to boost pass rates
30 March 2021 16:33 GMT

Sumsub, a startup that helps companies fight money laundering and online fraud, has invested over $1M in software development—aiming to deliver leading anti-fraud tech for over 1000 global b2b clients in fintech, transportation, insurance, trading, gaming, and other industries. Its latest feature is “Prooface,” a refined liveness business solution for secured ID verification and onboarding.

Security, antifraud and data privacy is one of the most discussed topics these days. As such, technologies that combat online fraud and money laundering are in the spotlight. Liveness detection technology has come with certain drawbacks. Blindspots, overburdening tasks, slow performance, and unfriendly UX experiences are just some of the issues that have hampered liveness solutions in the past. Refined ´Prooface´ is designed to eliminate these concerns while providing iBeta compliant protection against the most sophisticated fraud vectors—presentation attacks, replay attacks, API injection and deep fakes.

Rather than snapping a single photo, Prooface takes live selfies from different angles, which is a more secure and effective means of proving liveness. Performing face-scans at multiple angles, Prooface collects biometric data, encrypts it, and sends it to our backend for analysis. This is a secure and time-effective method that makes fraud attempts, such as replay attacks, impossible.

The Prooface experience is meant to be easy: users are simply asked to turn their head in a small circle, enabling swift biometric analysis of facial characteristics. So far, Prooface has increased conversion rates for clients by an average of 20%, with some clients experiencing pass rate increases of 44%.

“Businesses are constantly facing new fraud threats, and this demands continuous improvement of existing technologies. We felt the urge to resolve common conversion setbacks by developing our liveness technology in-house. With new solution we will help to business to fight better with money laundering and digital frauds.”—Jacob Sever, Sumsub Co-founder & CPO.

The global identification market is expected to be worth $15.8 billion by 2025[1]. While the COVID-19 pandemic has accelerated digital trends like remote work and e-commerce, it’s still possible to buy a fake passport for $300 in darknet. There is growing demand for faster and user-friendly ID checks across multiple industries, including digital banking, insurance, and finance. Therefore, the launch of Prooface comes at an appropriate time, as this global digital transformation is only expected to continue.

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connect:ID 2021 5-6 Oct 21