Jacob Sever, Co-founder & Chief Strategy Officer at Sumsub.com chats with Peter White
One of the increasingly dire issues facing the casino industry are anti-money laundering (AML) measures or the lack thereof. Corporations as mighty as Crown Resorts and Las Vegas Sands have gotten in trouble for the lack of proper AML infrastructure. These need to be part of an end-to-end solution and Sumsub is offering that and Know Your Customer (KYC) technology–and not a moment too soon.
When was the company founded and what was the inspiration behind starting the organisation?
I started the company with my brothers – Andrey and Peter – back in 2015, when the interest and the demand for our technology was only beginning to emerge. What brought us to the subject of identity verification was in fact our previous project. Before founding our own company, we were developing software that could recognize alterations made by graphic editors. It turned out to be a sensational weapon against insurance fraud—we could help companies to expose fraudulent insurance claims by detecting traces of photoshop within documents and photos, which were often submitted by car owners who were faking car damage in order to cash in on insurance.
From there, we grew to offer our solution to a variety of industries. At some point in time, we were even helping to solve police investigations while analyzing satellite images for graphic alterations—it has been a fun journey, to say the least. While we were satisfied with our results, we still dreamed of exponential expansion. Perhaps the first step taken to where we are now, was the project with our good friends at Cryptopay, for whom we developed our first compliance and anti-fraud solution, which was based on our earlier technology.
We put together everything that a company would need in such a case—our technology for the detection of graphic alterations, face matching, AML data, and tens of new features. The resulting product ended up selling like hotcakes. We were convinced that the demand was there. Rightly so too, as it definitely was, and is now greater than before.
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Identity Verification with Sumsub was first seen on Casino Life Magazine