Sumsub, an identity verification platform that takes care of KYC/KYB/AML processes, has partnered with Smart Engines, a science-driven company that creates advanced data recognition systems for combatting the 30 most common types of ID forgery. The companies aim to prevent the use of forged IDs (such as dummies, photocopies, and monitor recaptures) in the 200+ countries and territories in which they operate—creating a reliable and secure digital KYC experience for customers worldwide.
Smart Engines’ ID scanning software uses AI to help Sumsub detect fraud with greater speed and accuracy. The software specifically protects against multiple forms of ID forgery, including dummies, photocopies, and monitor recaptures of documents. It features “Computation Document Forensic AI”, which enables accurate detection of optical variable devices (such as holographic security elements) and special visual security elements (monograms, ornaments, etc.). Document geometry checks and inspections within video streams and separate frames are also made possible by this technology.
Smart Engines also enables data cross-comparison and verification of document validity to detect forgery more accurately. This is possible through their original GreenOCR® technology, which empowers Sumsub to perform precise, automated recognition of 100,000 documents per hour. Crucially, this will allow Sumsub to minimize processor energy consumption due to Smart Engines’ framework of 8-bit and 4-bit pipelines for deep neural network inference.
The integration additionally enables Sumsub to process documents in more than 100 languages—including Arabic, Persian, Urdu, Japanese (Kanji, Katakana and Hiragana), Chinese, and Korean—with greater confidence. Smart Engines’ solution is GDPR and CCPA compliant, assuring that no user data is stored or processed through third-parties or cloud and internet-based servers.
The global optical character recognition (OCR) market is expected to grow 16.7% to USD 26.31 billion by 2028, according to the 2021 Optical Character Recognition Market Report. This will generate more investment into advancing recognition technology capabilities, including the development of intelligent character recognition (ICR) that extends OCR to contextual algorithms and intelligent document recognition (IDR) built on top of OCR. Smart Engines develops both ICR and IDR class solutions.
“Security and fraud-protection has been one of our main focuses during this fraud-stricken pandemic. Smart Engines’ computational document forensics and ID scanning will help us perform more sophisticated and accurate document authentication in under a second, delivering the excellent user experience and data safety that people deserve.”—Jacob Sever, Co-founder of Sumsub.
PwC reported that 47% of companies worldwide experienced fraud in the past two years—with losses totaling $42 billion. There were 4.8 million reports of fraud received by the US’s FTC in 2020, up 45% from 2019. Identity theft was the most common type of fraud, as schemes related to government COVID-19 relief, online shopping, and credit cards & payment accounts were rampant. The 2021 Identity Fraud Study reported even higher fraud losses ($56 billion) in 2020, with identity fraud scams accounting for $43 billion.
Update: InternetAdvisor.com prepared a report Internet Fraud – Statistics and Facts for 2022.
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