Sumsub Integrates with Elliptic to Enhance Crypto Transaction Monitoring and Fraud Detection

Partnership Announcement

Sumsub, a verification platform, has recently collaborated with Elliptic, a global leader in cryptoasset risk management. This integration aims to strengthen Sumsub’s capabilities in screening cryptocurrency wallets, detecting fraud, and assessing transaction risks for global clients.

Addressing Financial Crime Concerns

With blockchain-related crime on the rise, including money laundering and fraud, the need for effective prevention measures is crucial. Sumsub’s Identity Fraud Report 2024 highlighted crypto as one of the industries with the highest fraud rates. In response to this, the FBI developed its own crypto token to combat criminal activities. By incorporating Elliptic’s analytics, Sumsub offers a comprehensive view of blockchain transactions to mitigate financial crime risks.

Key Benefits of Integration

• Automated workflows for screening crypto wallets and transactions
• Real-time risk assessments powered by Elliptic’s extensive blockchain data
• Deeper investigation capabilities available through the Elliptic dashboard
• Seamless integration for new and existing clients, streamlining compliance processes

Quotes from Key Figures

James Smith, co-founder of Elliptic, emphasized the importance of combining blockchain analytics with verification and compliance solutions to enhance fraud detection and regulatory compliance.

Ilya Brovin, Chief Growth Officer at Sumsub, highlighted the significance of the partnership in advancing crypto transaction monitoring and combating financial crime within the sector.