Sumsub Becomes First Verification Provider to Achieve New Global Digital Identity Certification

News provided by

Aug 27, 2024, 08:00 ET

New certification based on FATF standards sets new benchmark for secure global identity verification services

MANCHESTER, England, Aug. 27, 2024 /PRNewswire/ -- Sumsub, a global full-cycle verification platform, has become the first identity verification provider to complete the new Global Digital Identity Certification (GDIC). This groundbreaking initiative was created by AVID Certification Services Ltd, the UK's leading provider of Digital Identity Certification.

The certification is based on the Financial Action Task Force's (FATF) internationally recognised standard ISO/IEC 29115, setting a new benchmark for secure and standardised digital identity verification worldwide. The standard provides a comprehensive framework for secure and standardised digital identity verification. As technology advances, businesses across the world are increasingly digitising and onboarding end-users online. However, as technology develops, cybercriminals also gain new capabilities to carry out illicit activities.

Recent internal data revealed a 245% YoY surge in global deepfake fraud cases. As fraudsters continue to develop their capabilities, it is crucial to rely on more secure verification methods that have higher levels of assurance. Sumsub's adherence to the new GDIC affirms that its verification processes meet the highest levels of security, consistency, on an international scale. Sumsub has completed the first pilot certification, demonstrating the quality and reliability of its digital identity verification services.

Key Features of the Global Digital Identity Certification:

Standardised Global Framework: Adheres to ISO/IEC 29115, ensuring consistent and reliable identity verification through comprehensive digital identity management, encompassing authentication, identity proofing, and security measures.
Enhanced Security and Trust: Enforces strict security protocols to protect personal data, building trust by preventing identity theft and fraud.
Interoperability and International Recognition: Facilitates global interaction between systems, ensuring international recognition and fostering cross-border trust and cooperation.
Versatile Application Across Sectors: Applicable across various sectors, including finance, healthcare, and government, for reliable identity verification regardless of location.

About Sumsub

Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub'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.

Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and TransferGo.

SOURCE Sumsub