Sumsub enhances KYT offering with 300+ risk scenarios


Digital fraud prevention specialist Sumsub has launched its newest know-your-transaction (KYT) solution with over 300 preloaded ready-to-use risk scenarios.

Included in the solution is also the ability to create custom rules and risk profiles, as well as a no-code rules setting that makes navigation easier. 

Transactions are monitored in real-time, with data being stored and managed from the solution itself, allowing companies to use the reports either for internal reasons or submitting them to regulators. 

Vyacheslav Zholudev, Sumsub’s Co-founder and CTO, said: “KYT checks are currently in especially high demand by fintech businesses. Sound transaction monitoring requires analysing both the user’s background information and the transaction itself. 

“The majority of identity verification providers do not offer transaction monitoring, while those who do usually focus on KYT with no access to customers’ onboarding data.”

Sumsub is trying to capitalise on a trend where more and more industries are looking to increase their security layers against financial fraud. Sectors include crypto marketplaces and services, online gaming platforms, as well as payment service providers. 

Failure to sufficiently monitor and report suspicious transactions is usually tied to significant penalties. HSBC Bank was fined £63.9 million by UK’s FCA in 2021. Deutsche Bank on the other hand got hit by a $150 million penalty in 2020 by the NY Department of Financial Services for the same reasons. 

This is all evidence that not even the biggest of corporations are safe from such mistakes, which is why Sumsub advises all companies to look into implementing a more comprehensive KYT security. 

“At Sumsub, we check both transaction information and KYC information from the applicant’s profile to calculate risk scoring for a more profound and complete transaction evaluation,” Zholudev explained. “This allows us to estimate risks more accurately and efficiently, which ultimately protects our clients from chargebacks, financial fraud, money laundering as well as regulatory fines.”