This post was originally published on Finextra (Security)
Sumsub, a full-cycle verification platform, has announced its integration with Elliptic, the global leader in cryptoasset risk management.
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This partnership enhances Sumsub’s Crypto Transaction Monitoring and Travel Rule solutions, offering global clients enhanced capabilities to screen cryptocurrency wallets, detect fraud, and assess transaction risks.
Blockchain-related crime, including money laundering and fraud, continues to be a growing concern. According to Sumsub’s Identity Fraud Report 2024, crypto was among the top-5 industries with the highest fraud rates in 2024. Recently, the United States Federal Bureau of Investigation (FBI) created its own crypto token to take down criminals. In light of this, integrating Elliptic’s market-leading analytics into Sumsub’s platform enables firms to protect users, providing a comprehensive view of blockchain transactions to mitigate financial crime.
The integration allows clients, including firms in the blockchain, fintech, and payments sectors, to seamlessly connect existing Elliptic subscriptions to Sumsub’s system via the Bring Your Own Key (BYOK) model. This enables clients to use their own encryption keys to manage and secure their data, ensuring full control over sensitive information while using Sumsub’s compliance and monitoring services. Customers
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