{"id":25764,"date":"2024-03-20T03:21:00","date_gmt":"2024-03-20T03:21:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4364584_AE64584_0"},"modified":"2024-03-20T03:21:00","modified_gmt":"2024-03-20T03:21:00","slug":"c-o-r-r-e-c-t-i-o-n-sumsub","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=25764","title":{"rendered":"\/C O R R E C T I O N &#8212; Sumsub\/"},"content":{"rendered":"<br \/>\n<table name=\"logo_release\" border=\"0\" cellspacing=\"10\" cellpadding=\"5\" align=\"right\">\n<tbody>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/2099263\/4600960\/Sumsub_Logo.jpg?p=medium600\" border=\"0\" alt=\"\" title=\"logo\" hspace=\"0\" vspace=\"0\" width=\"118\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>In the news release, Surge in APAC Fraud Prevention Outpaces Americas and <span class=\"xn-location\">Europe<\/span> by 8-Full, issued <span class=\"xn-chron\">20-Mar-2024<\/span> by Sumsub over PR Newswire, the headline should read &quot;Surge in APAC Fraud Networks Outpaces Europe and Americas By Eight-Fold&quot; rather than &quot;Surge in APAC Fraud Prevention Outpaces Americas and <span class=\"xn-location\">Europe<\/span> by 8-Full&quot; as incorrectly transmitted by PR Newswire. The complete, corrected release follows:<\/p>\n<h3>Surge in APAC Fraud Networks Outpaces Europe and Americas By Eight-Fold<\/h3>\n<p> <!--Begin actual release body--> <\/p>\n<p class=\"prntac\"><i>Sumsub&#8217;s research shows that one in every 100 users of a digital platform or service globally fell prey to a fraud ring, necessitating the need for more comprehensive fraud prevention solutions.<\/i><\/p>\n<p><span class=\"xn-location\">SINGAPORE<\/span>, <span class=\"xn-chron\">March 20, 2024<\/span> \/PRNewswire\/ &#8212;&nbsp;<u><a href=\"https:\/\/sumsub.com\/?utm_source=newswire&amp;utm_medium=press-release&amp;utm_campaign=fraud-prevention\" target=\"_blank\" rel=\"nofollow noopener\">Sumsub<\/a><\/u>, a leading global full-cycle verification platform, commits to tackling the alarming surge of fraud networks in <span class=\"xn-location\">Asia-Pacific<\/span> (APAC) by launching its upgraded <u><a href=\"https:\/\/sumsub.com\/fraud-prevention\/?utm_source=newswire&amp;utm_medium=press-release&amp;utm_campaign=fraud-prevention\" target=\"_blank\" rel=\"nofollow noopener\">Fraud Prevention Solution<\/a>.<\/u> In addition to fraud networks, the upgraded solution will also help businesses address other pertinent fraud issues such as account takeovers, chargeback fraud, bot attacks and more.<\/p>\n<div id=\"prni_dvprneviddb18left\" dir=\"ltr\" style=\"width: 100%; text-align: left;\" title=\"Fraud Networks Surge in APAC Markets\"><\/div>\n<div id=\"jwplayer_1\"> <script type=\"text\/javascript\" src=\"https:\/\/static.prnasia.com\/pro\/fec\/jwplayer-7.12.1\/jwplayer.js\"><\/script> <script>jwplayer.key=\"3Fznr2BGJZtpwZmA+81lm048ks6+0NjLXyDdsO2YkfE=\"<\/script> <center> <\/p>\n<div id=\"myplayer1\"> &nbsp; <\/div>\n<p> <span>Fraud Networks Surge in APAC Markets<\/span> <\/center> <script type=\"text\/javascript\">jwplayer('myplayer1').setup({file: 'https:\/\/mma.prnasia.com\/media2\/2365632\/Fraud_prevention_1920x1080.mp4', image: 'https:\/\/mma.prnasia.com\/media2\/2365632\/Fraud_prevention_1920x1080.mp4?p=thumbnail', autostart:'false', stretching : 'uniform', width: '512', height: '288'});<\/script> <\/div>\n<p>Fraud networks, also referred to as fraud rings, are groups of individuals operating globally or within the same location, engaging in a spectrum of fraudulent activities including multi-accounting, money laundering, money mulling and personal data breaches. These syndicates collaborate to orchestrate fraudulent schemes on various digital platforms spanning from crypto exchanges, fintech applications to dating services and online casinos. As revealed by Sumsub&#8217;s internal research*, approximately <b>one in every 100 users<\/b> of a digital platform or service globally fell victim to a fraud ring crime in 2023, underscoring the importance of addressing this issue.&nbsp;<\/p>\n<p>The prevalence of network fraud in APAC outpaces other regions such as Americas and <span class=\"xn-location\">Europe<\/span> by eight-fold. Notably, <span class=\"xn-location\">Asia<\/span> witnesses an average of 2.6% of fraud network incidents, a notably higher rate compared to other regions such as <span class=\"xn-location\">Africa<\/span> (0.9%) and <span class=\"xn-location\">Europe<\/span> and the Americas (0.3%). Within <span class=\"xn-location\">Asia<\/span>, these nefarious operations are impacting developed and developing markets alike. For instance, <span class=\"xn-location\">Bangladesh<\/span> has an average fraud network incident rate of an alarming 10.2%, with worrying rates in other growing economies such as <span class=\"xn-location\">Thailand<\/span> (6.6%), <span class=\"xn-location\">Vietnam<\/span> (3.7%) and <span class=\"xn-location\">Indonesia<\/span> (2.2%). Even renowned financial hubs like <span class=\"xn-location\">Singapore<\/span> (2.8%) and <span class=\"xn-location\">Hong Kong<\/span> (2.9%), are not infallible to the threat of fraud networks.<\/p>\n<p><i>&quot;We&#8217;ve detected fraud networks ranging from three to over 750 users. In <span class=\"xn-location\">Myanmar<\/span> and other Southeast Asian countries, <u><a href=\"https:\/\/www.channelnewsasia.com\/asia\/china-cyber-scams-crackdown-southeast-asia-network-3868046\" target=\"_blank\" rel=\"nofollow noopener\">cyber scam rings target victims with fraudulent schemes like fake jobs or investments<\/a><\/u>. The issue raises diplomatic concerns and deters Chinese tourists from traveling to the region,&quot; <\/i>comments <b>Pavel Goldman-Kalaydin, Head of AI\/ML at Sumsub<\/b>. &quot;<i>Fraud networks, however small they may seem right now, will gain prominence, just like AI-powered deepfakes. The damage of fraud rings is much more significant than that of individual scammers. Businesses must be prepared for this and protect their platforms in advance&quot;.<\/i><\/p>\n<p>To help companies counter evolving and widespread fraud attacks, Sumsub has strengthened anti-fraud technologies in its <u><a href=\"https:\/\/sumsub.com\/fraud-prevention\/?utm_source=newswire&amp;utm_medium=press-release&amp;utm_campaign=fraud-prevention\" target=\"_blank\" rel=\"nofollow noopener\">Fraud Prevention Solution<\/a><\/u>. The upgraded solution will tap on Sumsub&#8217;s unique database which has identified and reported two million fraudsters, allowing businesses to better detect and track fraud rings. Using a multi-layered approach, the upgraded solution offers Detect &amp; Act capabilities in one tab. The solution also provides the ability to set action alerts to automatically trigger additional checks, thus simplifying the decision-making process and reducing false positives.<\/p>\n<p><i>&quot;Fraudsters are becoming more tech-savvy, presenting a threat for digital services and their users,&quot; <\/i>explains <b>Vyacheslav Zholudev, CTO and co-founder of Sumsub<\/b>. <i>&quot;Sumsub&#8217;s comprehensive solution for fraud prevention is based on machine learning algorithms detecting all possible fraud types at every stage of the user journey. To flag suspicious user activity, our system is equipped with a range of fraud prevention tools including Identity Verification, Behavioural Intelligence, Device Fingerprinting, Fraud Risk Scoring, Deepfake Detection, Email and Phone Risk Assessment, and AI-based Event Monitoring. The solution now also applies Fraud Network Detection to stop serial fraud.&quot;<\/i><\/p>\n<p>Sumsub&#8217;s <u><a href=\"https:\/\/sumsub.com\/fraud-prevention\/?utm_source=newswire&amp;utm_medium=press-release&amp;utm_campaign=fraud-prevention\" target=\"_blank\" rel=\"nofollow noopener\">Fraud Prevention Solution<\/a><\/u> new solution goes beyond traditional anti-fraud or Know Your Customer (KYC) methods, offering a fortified defense against a wide array of fraud, including account theft, romance scams, payment fraud, and much more.&nbsp;Moreover, the solution aims to assist businesses in building user and regulatory trust. The solution is tailored to meet the unique needs of businesses in sectors such as fintech, e-commerce, iGaming, online media, and marketplaces.<\/p>\n<p>To learn more about Sumsub&#8217;s Fraud Prevention Solution, please go to <u><a href=\"https:\/\/sumsub.com\/fraud-prevention\/?utm_source=newswire&amp;utm_medium=press-release&amp;utm_campaign=fraud-prevention\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/sumsub.com\/fraud-prevention\/<\/a><\/u><\/p>\n<p><i>* Note on Sumsub&#8217;s research methodology<\/i><\/p>\n<p>Sumsub research analyses anonymized user verification data obtained in 2023 from clients in fintech, crypto, i-gaming industries, marketplaces and dating apps. Sumsub&#8217;s unique database identified and reported 2 million fraudsters. The platform analysed 150,000+ fraud attempts monthly with nearly 0% false-positives. The proportions of applicants belonging to fraud networks (as shown in percentages above) were calculated based on IP address analysis, combined with other suspicious activity indicators.<\/p>\n<p><b>About <u><a href=\"https:\/\/sumsub.com\/about\/?utm_source=newswire&amp;utm_medium=press-release&amp;utm_campaign=fraud-prevention\" target=\"_blank\" rel=\"nofollow noopener\">Sumsub<\/a><\/u><\/b><\/p>\n<p>Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub&#8217;s customizable KYC, KYB, Transaction Monitoring and Fraud Prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.<\/p>\n<p>Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Binance, Wirex, Avis, Bybit, Huobi, Unlimit, Flutter, Kaizen Gaming, and TransferGo.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the news release, Surge in APAC Fraud Prevention Outpaces Americas and Europe by 8-Full, issued 20-Mar-2024 by Sumsub over PR Newswire, the headline should read &quot;Surge in APAC Fraud Networks Outpaces Europe and Americas By Eight-Fold&quot; rather than &quot;Surge in APAC Fraud Prevention Outpaces Americas and Europe by 8-Full&quot; as incorrectly transmitted by PR [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-25764","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\/C O R R E C T I O N - Sumsub\/ - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=25764\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\/C O R R E C T I O N - Sumsub\/ - My Blog\" \/>\n<meta property=\"og:description\" content=\"In the news release, Surge in APAC Fraud Prevention Outpaces Americas and Europe by 8-Full, issued 20-Mar-2024 by Sumsub over PR Newswire, the headline should read &quot;Surge in APAC Fraud Networks Outpaces Europe and Americas By Eight-Fold&quot; 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