Global: Sumsub and Elliptic Join Forces to Bolster Crypto Fraud Prevention and Compliance

Verification platform Sumsub has partnered with blockchain analytics leader Elliptic to enhance tools for combating cryptocurrency fraud and ensuring compliance. Announced on November 26, 2024, the collaboration merges Sumsub’s verification technology with Elliptic’s blockchain analytics, creating a robust framework to detect and prevent financial crime in the crypto sector.

Tackling Rising Crypto Fraud

The partnership addresses escalating fraud concerns in the cryptocurrency industry, which ranks among the top five most fraud-prone sectors according to Sumsub’s Identity Fraud Report 2024. By combining their capabilities, Sumsub and Elliptic aim to strengthen security measures and protect businesses operating in this high-risk space.

Seamless Integration with Enhanced Security

The integration uses a Bring Your Own Key (BYOK) model, allowing businesses to connect their Elliptic subscriptions to Sumsub’s platform while maintaining full control over their encryption keys. This ensures robust data security alongside advanced compliance capabilities.

Key features of the partnership include:

• Automated Wallet Screening: Real-time risk assessments powered by Elliptic’s extensive blockchain data simplify the wallet screening process.
• Unified Dashboard: Businesses can manage compliance and crypto security operations through a single platform, streamlining workflows and reducing complexity.
• Advanced Investigations: The platform enables deeper blockchain analysis for identifying suspicious activities, directly accessible through the Elliptic dashboard.

Meeting Regulatory Demands

The partnership comes at a critical time as regulatory requirements for the cryptocurrency sector continue to evolve. Elliptic’s broad coverage of crypto assets and blockchains positions businesses to comply with current regulations while preparing for future mandates.

The platform also supports compliance with Travel Rule requirements, critical for organizations operating across jurisdictions with varying regulatory standards.

Leadership Insights

James Smith, co-founder of Elliptic, emphasized the partnership’s significance in proactively addressing risks and fostering transparency:

“This collaboration strengthens our ability to help businesses combat financial crime effectively while adhering to global compliance standards.”

Ilya Brovin, Chief Growth Officer at Sumsub, highlighted the initiative’s role in expanding their Virtual Asset Service Provider (VASP) ecosystem, enabling businesses to streamline compliance processes and mitigate emerging threats.

Technical Innovations and Client Benefits

The integration offers a suite of advanced features:

• Automated screening workflows to expedite risk assessments.
• Real-time transaction monitoring for fraud detection.
• Detailed blockchain analytics to provide a comprehensive view of risks.

Sumsub’s notable clients, including Bitpanda, Wirex, and Huobi, can immediately access these enhanced tools, benefitting both existing and new clients across fintech, payments, and blockchain industries.

Global Reach and Credibility

Elliptic’s established presence—recognized as a WEF Technology Pioneer and backed by financial institutions like J.P. Morgan and Wells Fargo Strategic Capital—underscores the credibility of the partnership. With offices in London, New York, Singapore, and Tokyo, the collaboration supports businesses worldwide, offering tools designed for global operations and compliance challenges.

A Step Towards Safer Crypto Ecosystems

As cryptocurrency fraud evolves, collaborations like this highlight the need for integrated, scalable solutions. Sumsub and Elliptic’s partnership is a significant step forward, enabling businesses to safeguard operations while navigating the dynamic landscape of digital asset compliance and fraud prevention.