Sumsub and Data Zoo Partner to Enhance Global Compliance and Fraud Prevention Solutions

Sumsub, a global verification leader, has partnered with Data Zoo, a global provider of authoritative business and customer identity verification data, to support financial institutions worldwide with their compliance processes. Sumsub and Data Zoo will collaborate in multiple markets, offering Sumsub’s full compliance suite of verification and anti-fraud solutions with Data Zoo’s growing global data capabilities.

As financial institutions face growing regulatory demands and increasingly sophisticated fraud, seamless access to reliable data is critical. Companies across various industries try to navigate stringent requirements, while simultaneously dealing with data spread across disconnected systems and locations. Together, Sumsub and Data Zoo will be able to offer a full end-to-end solution.

Sumsub enables customers to onboard new users swiftly, perform anti-money laundering (AML) screening on customers, verify business clients, and monitor for fraud and suspicious transactions with the option to adopt and manage all features through a single platform.

Data Zoo will extend Sumsub’s data capability requirements, supplementing technology with data checks that will provide further capabilities to identify genuine customer behaviour, and halt bad actors from accessing customer systems. 

In addition to helping financial institutions comply with sector-wide regulations, the partnership helps banks, financial institutions and fintechs uphold their reputation, safeguard against security issues and reduce operational inefficiencies. The collaboration streamlines customer onboarding processes, ensuring efficiency, while Sumsub’s solutions mitigate potential fraud expenses that might hinder their financial performance.

“Customers are increasingly seeking authoritative identity verification data combined with leading edge orchestration technology to verify customers in real-time” said Andrew Wilson, CEO at Data Zoo. “We are pleased to partner with Sumsub who are a recognized industry leader in innovation, bringing the latest technological advances to the market”.

“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,“ said Chris Manson, Strategic Partnerships at Sumsub. “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.”