Sumsub moves to boost onboarding pass rates

Sumsub moves to boost onboarding pass rates

Risk Disclaimer >>
Ad disclosure Fintech-Insight stands firm in its mission to facilitate sound financial decisions for you. We forge alliances with specialists to provide the latest in news and facts. Engagement with designated links, sponsored entries, products and/or services, leading transfers to brokers, or promotional content might entail financial recompense for us. We pledge to protect our users from any negative repercussions arising from utilizing our site. Be informed that no content hosted here should be interpreted as authoritative in legal, tax, investment, financial matters or any expert counsel; it is meant for informational purposes exclusively. Should there be any concerns, securing the guidance of an independent financial consultant is recommended.

Sumsub, a startup that helps companies fight money laundering and online fraud, has invested over $1M in software development—aiming to deliver leading tech for over 1000 global clients.

Its latest feature is “Prooface,” a refined liveness solution for ID verification and onboarding that is commonly used in digital banking industry.

Security and data privacy is one of the most discussed topics these days. As such, technologies that combat online fraud are in the spotlight. In average, an 85% of financial institutions experience fraud in the account opening process.[1] Liveness detection is no exception, however this 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.

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%.

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.

“Digital banking is 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. Although we can’t promise 100% conversion, we can guarantee that our clients will reach new conversion heights.”—Jacob Sever, Co-founder & CPO.

The global identification market is expected to be worth $15.8 billion by 2025.[2] Additionally, the COVID-19 epidemic has accelerated digital trends like remote work and e-commerce. As such, there’s 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. 

Risk Disclaimer

Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.

Leave a Reply