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Founded in 2015, SumSub works with thousands of document types from hundreds of countries, in a multitude of languages, to ensure proper checks and verification.

The company understands the importance of mitigating and managing risk, both for itself as a financial provider as well as to better understand our clientele. Doing so allows us to properly identify our customers, minimize potential fraud, eliminate criminal or money laundering activities, and overall understand our customer’s personal and financial dealings. As such, we have chosen to significantly improve customer data protection and security as well as streamline our process of KYC collection, through SumSub’s automated services.

SumSub provides a comprehensive platform specifically built on a risk-based approach and compliant with various regulatory bodies such as, FATF, FINMA, FCA, CySEC, and MAS. Notable clientele of theirs include MasterCard, Flippa, Exness, Danapay, YouDo, the National Bank of the Republic of Belarus, Dabrabyt Bank, National Bank of Ukraine, and Pravex Bank. Overall, their toolkit enables customer onboarding, KYC verification, AML procedures, and proper data handling measures, all in a user friendly design. They do this by determining the authenticity of an identifying document, comparing the photo in the document to the user’s selfie, checking the user’s age and nation of origin, automatically flag forged documentation, correctly identifies liveliness of real human faces versus holograms, and checks photos and documentation against their internal database of fraudulent materials.

Violeta Koleva, Risk & Fraud Officer :

“Our goal was to make our KYC process easier and faster not only for our customers, but also for our Compliance Department as well. With SumSub, we will now have fast and transparent checks that allow us to identify fraud, fake documents, and money laundering activities, all in a people-friendly interface that is customized to our specific needs to not only improve our workflow but also upholds our security standards.” 

The company aims to use SumSub’s identifying documents verification, AML screening (PEP, Sanctions, Adverse media checks), payment fraud prevention, and liveness/face matching services. Their payment method fraud prevention and verification tool assures that a credit card belongs to the user by identifying potentially stolen bank cards before a transaction is even made. This is achieved by a user uploading a photo or screenshot of their payment method right before the transaction, with SumSub verifying it instantly, while complying with PCI and DSS regulations of blurring the cards information automatically.

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