Sumsub’s internal research reveals that fraud ring crime approximately victimised one in every 100 users of a digital platform or service in 2023. APAC (2.6%) outplaces Americas and Europe (0.3%) and Africa (0.9%) in the prominence of fraud networks.
“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 individual scammers. Businesses must prepare for this and protect their platforms in advance,” said Pavel Goldman-Kalaydin, head of AI/ML at Sumsub.
Upgraded fraud prevention solution
Samsung launches its upgraded Fraud Prevention Solution as its commitment to address the alarming surge of fraud networks, account takeovers, chargeback fraud, bot attacks, and more in Asia-Pacific (APAC).
Through Sumsub’s database, which has identified and reported two million fraudsters, enterprises can better detect and track fraud rings through a multi-layered approach. It also offers Detect & Act capabilities and can set action alerts to trigger additional checks automatically.
“Fraudsters are becoming more tech-savvy, presenting a threat to digital services and their users. Sumsub’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,” explains Vyacheslav Sholudev, CTO and co-founder of Sumsub.
