Sumsub Listed as a Representative Vendor in Gartner® "Emerging Tech: GenAI Security Services for Online Fraud Prevention" Report

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Jul 25, 2024, 08:00 ET

Sumsub has been acknowledged by Gartner for Identity Verification Services

MIAMI, July 25, 2024 /PRNewswire/ -- Sumsub, a global full-cycle verification platform, today announces it has been named a Representative Vendor in the 2024 "Emerging Tech: GenAI Security Services for Online Fraud Prevention" report¹ issued by Gartner.

Artificial Intelligence (AI) remained the buzzword for 2024, and the influence that AI and machine learning algorithms are having on the tech space and global markets is tremendous. With the profound increase in AI-driven scams worldwide the necessity to defend online systems and digital assets of businesses and individuals has never been more evident. Recent research initiatives by Gartner highlight the multi-faceted aspects of GenAI use in online fraud prevention (OFP) technologies. To help companies and product leaders make better decisions in a highly competitive environment, "Emerging Tech: GenAI Security Services for Online Fraud Prevention" guide provides critical insights and recommendations.

Gartner writes, "Organizations purchasing and relying on OFD [Online Fraud Detection] platforms are also paying for and using services from adjacent security markets such as: identity and access management (IAM) technology providers, bot management, identity verification and digital risk protection services. This is causing some end-user firms to look for more comprehensive, consolidated solutions".

Later the report states, "Online fraud detection platforms typically layer together multiple behind-the-scenes security services as part of their prebuilt platforms. These systems rely on a variety of signals collected as part of real-time risk assessment as well as third-party external data sources that provide important context and insights. The combination of these signals is what powers the fraud decisioning capabilities of an OFD platform and leads to differentiated capabilities within the market."

Sumsub is identified in the 2024 Gartner Emerging Tech Guide as an Identity Verification services provider. However, the platform also offers business verification (KYB), Transaction Monitoring, and full-cycle Fraud Prevention solutions among other useful features. Sumsub's technologies are backed by AI, with machine learning playing a significant role in product development. To address the acute challenge of deepfake fraud, Sumsub has in-house advanced Deepfake Detector incorporated into its Liveness (facial biometrics) solution along with Deepfake Detection capabilities within its Video Identification solution.

"GenAI technologies have brought the future into the present, offering immense opportunities for business growth and public good. However, they also pose significant threats, such as deepfake attacks that can target corporations and lead to multimillion-dollar losses. Today the only way to combat AI-driven fraud is by implementing multi-layered fraud prevention solutions powered by AI," comments Pavel Goldman-Kalaydin, Head of AI/ML at Sumsub. "We feel being named a Representative Vendor highlights our commitment to innovation and the value our solution brings to customers worldwide."

To access the full Gartner report on "Emerging Tech: GenAI Security Services for Online Fraud Prevention", please follow this link: https://sumsub.com/guides-reports/emerging-tech-genai-security-services-for-online-fraud-prevention/

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About Sumsub

Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub's customizable KYC, KYB, Transaction Monitoring, Fraud Prevention and Travel Rule 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.

¹Gartner "Emerging Tech: GenAI Security Services for Online Fraud Prevention" by Dan Ayoub, Published 21 May 2024.

SOURCE Sumsub