An anti-fraud and identity verification platform is offering new plans for small business customers to provide identity verification and KYC/AML compliance and background checks.

Sumsub, a startup that fights money laundering and online fraud, has launched the first Self-Start Service and offers new identity verification plans for small businesses. The initiative was launched in response to the 40 percent surge in fraud targeted at small and medium businesses that was registered during the pandemic.  

With the new plans, Sumsub aims to expand its customer base and reach more than 100,000 small businesses around the world. Today, over 100 companies have already subscribed to a new plan.  

Small businesses will have the opportunity to start remote identification and identity verification by conducting KYC/ AML compliance checks, without having to engage with a support service. Customers can choose from three plans, each with 50 free background checks, including a new Liveness solution — a refined liveness technology for ID verification and onboarding.     

“Small and medium businesses are constantly exposed to fraud attempts. Identity verification is a service offered by many companies. However, choosing a reliable partner with flexible terms and conditions that can be tailored to the customer is not an easy task. We give our prospective clients the choice of trying our platform out and deciding how to invest their budget on fighting fraud,” — says Andrew Novoselsky, Chief Product Officer.

To subscribe to a new plan, customers need to create an account on Sumsub’s official website and choose one of three available packages. Its customizable user-friendly platform is globally applicable and offers a wide range of solutions for fully automated identity verification and agent-assisted verification. The no-code platform can be configured manually and doesn’t require software maintenance.   

The global Identity Verification Market is set to surpass $17.63 billion by 2030. The topic of security and data privacy is a subject of frequent discussion, and technology that combats online fraud receives a lot of attention. Meanwhile, customers face difficulties in selecting and implementing identity verification and compliance software due to the requirement for additional investment in cybersecurity and IDV, as well as a reluctance to interrupt business operations while adopting KYC/AML solutions.