Sumsub partners with Elliptic to enhance crypto fraud detection, providing businesses with real-time risk scoring and improved transaction security.
In a significant development, Sumsub has partnered with Elliptic to enhance its crypto monitoring solutions. This integration aims to improve the detection of fraud and management of transaction risks. Elliptic, a leader in blockchain analytics, has integrated advanced tools into Sumsub’s platform to address the growing challenges in the crypto space.
New technologies company which specializes in blockchain analytics called Elliptic has increased its capabilities with the help of Sumsub. This partnership seeks to solve the increasing problems in the crypto space, especially in issues such as blockchain crimes including money laundering. In the 2024 Identity Fraud Report by Sumsub, crypto was among the leading industries that fraudsters targeted. FBI has also begun adopting crypto tokens to deal with these dangers. This partnership provides firms with the necessary protection while meeting the international set legal requirements.
The integration lets the businesses integrate Elliptic subscriptions with Sumsub’s platform. Customers are allowed to have full control of their data via the BYOK model. Such integration is a great advantage for them as it allows tracking wallets and transactions in one place. There is no need to have one flow for customers and another one for businesses anymore, which makes the process faster and safer.
Elliptic and Sumsub Strengthen Security with Automated Wallet Screening
The platform of Elliptic offers risk scoring in real-time with the help of vast blockchain data. It also provides detailed investigation options when needed. Some of these features make it easier for businesses to follow compliance while at the same time enhancing security. The integration assists in satisfying the growing need for more secure crypto transactions worldwide. It makes sure that firms are in a position to be armed with the right instruments to guard their transactions.
Wallet screening and fraud detection are now handled with the help of automated tools. The integration also enhances transparency and trust between users and the business world. This collaboration also further shields VASPs from financial crime. It is done to assist firms to manage risks that are likely to emerge in the future as well as growth without necessarily exposing themselves to risks.
James Smith, the co-founder of Elliptic stressed on the need of better tools to combat new threats. He noted that innovation in blockchain needs to have solutions in the way that they cope with the risks. Ilya Brovin, Chief Growth Officer at Sumsub, shared similar views. He said that the integration of Elliptic’s analytics enhances both fraud detection and compliance functions. Altogether, they are educating businesses to succeed and cope with the existing crypto environment challenges.
