Friday, October 7, 2022
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Sumsub aims to curb fraud losses with new World Cup tool

Sumsub has created a tool to aid online gambling operators in calculating fraud-related losses for the up-and-coming 2022 World Cup in Qatar.

The new system aims to ensure operators can manage the increased traffic expected during the month-long tournament, giving platforms another defence against online scammers and cyber criminals.

For the event, Sumsub has warned that online activity could top 400% in increased traffic – which will come with a significant increase in fraud, too.

Jacob Sever, Co-founder and Chief of Compliance at Sumsub, said of its newest tool: “As an identity verification and KYC/AML compliance provider, we’ve noticed increased fraud and regulatory violations in the gaming industry, and alarming losses connected to this. We know how important it is to quickly onboard customers, but we also understand that you need to be as compliant as possible to avoid fines.

“Sumsub offers customised solutions and compliance tips specifically for the gaming industry, which we have collected and re-packed on the eve of such an important sporting event. We’re here to help betting platforms get ready for the biggest traffic surge in years.”

The cybersecurity company say its KYC infrastructure is capable of ‘processing nearly any number of users,’ and that ‘this will help bookmakers handle World Cup traffic spikes while ensuring the highest level of fraud protection.’

Sumsub has also published its advice to online operators on building fraud defences while keeping conversion rates high, pushing gambling companies to:

1) Use minimal checks at onboarding and enrol more advanced checks when they truly matter; 2) Introduce simplified checks for low-risk users that utilise only one document (if it contains both identity and address information); 3) Include a liveness check into your verification flow to avoid account fraud.

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