by TINTSWALO BALOYI
JOHANNESBURG – THE global verification company, Sumsub, reports an artificial intelligence-powered update to its case management solution amid financial crime teams facing increasingly complex threats, particularly across Africa.
Its solution is a ready-to-use, cross-functional hub for financial crime investigations, which it says is designed to streamline fragmented risk operations.
According to Sumsub Chief Product Officer, Andrew Novoselsky, the management solution is built with direct input from finance crime and Sumsub clients and the new release introduces AI-driven tools and intelligent automation to help investigators act on risk in real time.
The launch of the update solution comes as Sumsub’s recent report highlighted increasingly complex threats, especially across Africa.
This report, released late June, highlighted surges in fraud, with the main economies, including Kenya, Nigeria and South Africa largely targeted.
The surge is driven by phishing, ransomware and banking app scams.
Fraud-as-a-service and AI-driven scams are fueling the crisis.
“Fragmentation is one of the biggest threats in modern risk management,” said Novoselsky.
He said with the rise of deepfakes and complex fraud schemes, teams could not afford to work in silos, hence the company had built a platform that is unified and smart.
“This is a leap forward in making compliance faster, clearer and more effective,” Novoselsky said.
Sumsub reports that its platform has gained significant traction and last year, the company launched document-free ID verification in Kenya, Nigeria and South Africa, enabling clients to securely onboard over 350 million users with 96,5-percent pass rates.
It has secured partnerships and collaborations with Kenya’s Association of Fintechs and Nigeria’s Fintech Association respectively.
One of the key features of the case management upgrades is Summy, Sumsub’s new AI Assistant.
The company notes this provides case summaries and action recommendations for risk, compliance and fraud teams.
The new case management solution is lauded as providing a unified workspace for cross-functional teams, centralising identity information, payment histories, risk scores and internal audit notes in one intelligent interface.
– CAJ News
