Beyond KYC: Revolutionising Fraud Prevention

Tech Transformed

Traditional KYC processes are inadequate against modern fraud tactics. While KYC helps with initial identity checks, it doesn't cover evolving threats like AI-generated deepfakes or ongoing account takeovers.

Curious about how to protect your business from the latest threats like fake IDs, account takeovers, and AI-generated deep fakes? Tune in to our latest episode, where we dive into the essentials of full-cycle verification and real-time transaction monitoring. Find out how AI and machine learning can revolutionise your fraud detection efforts and why staying updated with regulatory changes is crucial for maintaining top-notch security.

In this episode of Tech Transformed, Alvaro Garcia, Transaction Monitoring Technical Manager at Sumsub, speaks to Paulina Rios Maya, Head of Industry, about the manifestations of identity fraud during the user journey stages and the need for comprehensive fraud prevention measures.

Key Takeaways:

• Identity fraud manifests at different user journey stages, including onboarding and transaction monitoring.
• Businesses must implement full-cycle verification and transaction monitoring solutions to detect and prevent fraud in real time.
• AI and machine learning are crucial in analyzing suspicious user behaviour and spotting complex fraud patterns.
• SumSub offers platform solutions that include KYC, business verification, transaction monitoring, and payment fraud protection.

Chapters:

00:00 - Introduction and Overview

00:35 - Identity Fraud in the User Journey

02:01 - Types of Fraud and Fraud Prevention

04:20 - Real-Time Monitoring and Enhancing Systems

05:46 - Common Types of Fraud Faced by Financial Institutions

08:40 - The Challenge of AI-Generated Deepfakes

10:04 - Beyond KYC: Additional Measures for Fraud Prevention

12:29 - Prevention Measures and Synthetic Identity Fraud

15:21 - Effective Fraud Prevention Solutions

17:45 - Assessing the Effectiveness of Fraud Prevention Strategies

19:08 - Staying Up to Date with Regulatory Requirements

21:31 - Conclusion