Sumsub & Data Zoo partner to boost global fraud prevention

Sumsub has entered into a partnership with Data Zoo to offer improved compliance and fraud prevention solutions aimed at supporting financial institutions worldwide.

The partnership is designed to bring together Sumsub's full compliance suite, which includes verification and anti-fraud tools, with Data Zoo's array of identity verification data sources across multiple global markets.

Global compliance

Financial entities are under increasing pressure as regulatory requirements become more demanding and fraud attempts grow in sophistication. Access to reliable, authoritative data has become essential for institutions to ensure regulatory compliance and mitigate fraud risks. However, many companies in the sector face challenges managing data that is often dispersed across disconnected systems and geographies.

By collaborating, Sumsub and Data Zoo aim to provide a comprehensive solution that will enable institutions and businesses to streamline onboarding and authentication processes, thereby reducing operational inefficiencies and supporting regulatory compliance across jurisdictions.

Combined technology and data

Sumsub's platform will allow clients to onboard users efficiently, conduct anti-money laundering (AML) checks, verify business customers, and monitor transactions for suspicious activity. All these features can be managed from a single platform.

Data Zoo will extend the reach of Sumsub's verification and monitoring capabilities by providing direct data checks. These checks are intended to help distinguish legitimate customer behaviour, prevent fraudulent account access, and ensure more reliable identification.

By combining Data Zoo's data source network with Sumsub's compliance tools, the partnership is aimed at delivering end-to-end KYC (Know Your Customer) and KYB (Know Your Business) solutions. This integration is also expected to support banks, financial institutions, and fintech companies in upholding their reputations while reducing vulnerability to security breaches and fraud-related losses.

Industry perspectives

Andrew Wilson, Chief Executive Officer at Data Zoo, commented on the increasing demand for reliable verification and orchestration technologies, saying:

"Customers are increasingly seeking authoritative identity verification data combined with leading edge orchestration technology to verify customers in real-time. We are pleased to partner with Sumsub who are a recognized industry leader in innovation, bringing the latest technological advances to the market".

Chris Manson, who leads Strategic Partnerships at Sumsub, highlighted the evolving fraud landscape, with new threats such as deepfake attacks emerging rapidly. Manson noted the importance of a multi-layered strategy for fraud prevention, stating:

"Partnering with Data Zoo enables us to continue helping businesses verify users and clients smoothly, while continually mitigating fraud threats. Our recent internal findings show that deepfake fraud, among other emerging AI-driven techniques, surged fourfold globally last year. While robust KYC remains essential, we see that three quarters of fraud actually occurs post-onboarding – reaffirming the need for a multi-layered approach that includes ongoing monitoring. Together with Data Zoo, we're expanding our ability to help businesses stay compliant, fight fraud, and protect their users at each step of their journey."

Onboarding and fraud mitigation

The set of solutions made possible by the partnership is intended not only to help with compliance, but also to streamline the onboarding of new customers for financial services companies. By integrating Sumsub's platform, organisations may be able to adopt identity verification, AML screening, and transaction monitoring processes with less complexity and improved operational speed.

Sumsub's recent findings indicate a rising trend in sophisticated digital fraud, driven by the adoption of new technologies such as AI-based deepfakes. The company maintains that ongoing customer monitoring, beyond the initial onboarding, is essential to reduce exposure to such risks.

With coverage spanning over 170 jurisdictions, Data Zoo provides access to a wide variety of independent data sources. By integrating with Sumsub's technology, clients will be able to develop a risk-based approach to compliance and identity verification that is scalable and adaptable to multiple regulatory environments.

Both companies have said that, through their joint offering, banks, fintechs, and other financial institutions can expect enhanced fraud prevention, improved operational efficiency, and better protection for their end users during each stage of the customer life cycle.