ComplyCube: Thwart Fraudsters With Smarter Kyc

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Dr. Tarek Nechma, CEO, ComplyCubeDr. Tarek Nechma, CEO
Fraud costs the global economy a staggering $5+ trillion each year, with criminals constantly looking for ways to circumvent anti-fraud measures. Unfortunately, this trend is set to continue as the COVID-19 pandemic compelled countless businesses to hastily move online, exposing inadequate Know Your Customer (KYC) and Anti-Money Laundering (AML) controls that fraudsters easily exploit.

Meanwhile, imposters are increasingly using a form of Artificial Intelligence (AI), known as deep learning, to generate fake videos or replace a person’s face with someone else’s. In response, regulators updated guidelines to reflect the new business environment and tackle remote spoofing. That's where ComplyCube value proposition shines. The company's innovative platform is underpinned by cutting-edge AI, trusted sources, and expert human reviewers, effectively empowering businesses to stay ahead of fraudsters and comply with stringent AML regulations – all with ease and without breaking the bank!

ComplyCube’s unique AI capabilities enable it to offer a rounded, all-in-one KYC solution that quickly adapts to clients’ needs and risk appetite. In contrast, conventional ‘one-stop-shop’ solutions are mere gateways to disparate vendors, often leading to an incoherent and fragmented user experience. "Our innovative platform helps businesses implement slick and resilient user journeys to increase customer conversions, prevent fraud, and reduce onboarding costs," says Dr. Tarek Nechma, the CEO of ComplyCube.

Our pioneering solution amalgamates numerous data points to create a powerful knowledge graph that provides the most powerful KYC checking service in the market

While several KYC companies tout AI-enabled systems, they are mere ‘black-box’ AI models that produce a yes/no response without an adequate explanation. Consequently, the EU formed an expert group to write ethics guidelines for trustworthy AI, while the UK's Information Commissioner's Office produced guidance entitled 'Explaining decisions made with AI'. That is why ComplyCube’s platform has been built with explainability from the ground up to provide rich, granular, and transparent breakdowns. This allows compliance and onboarding professionals to easily digest verification outcomes and implement a risk-based approach in line with the Financial Action Task Force (FATF) recommendations.

ComplyCube also offers AI-powered biometric verification that leverages low-friction liveness detection to address spoofing and deepfakes.

The liveness checks utilize Presentation Attack Detection (PAD) technology, which in the background builds 3D facial maps, analyses skin texture, detects micro-expressions, uncovers pixel tampering, and employs other proprietary techniques. “What makes ComplyCube unique is our ability to deploy frictionless customer journeys that transparently run an extensive array of checks with minimal user input,” explains Dr. Nechma.

"Our pioneering solution amalgamates numerous data points to create a powerful knowledge graph that provides the most powerful KYC checking service in the market,” adds Mohamed Alsalehi, the CTO of ComplyCube.

These powerful features allow ComplyCube’s customers to implement "meaningful and friendly friction to deter fraudsters without getting in the way of genuine users,” continues Mr. Alsalehi. Using its platform, businesses can decide what risk level they're comfortable with and adjust the friction threshold based on the use case, fraud indicators, geography, and so forth. After all, users are typically happy to go through more security measures for something valuable to them, such as safeguarding their bank accounts.

Today, ComplyCube offers one of the most advanced platforms in the KYC market, helping some of the most prominent organizations, such as AXA and CITI, meet their AML obligations. ComplyCube also provides a comprehensive API and a set of UX-optimized Software Development Kits (SDKs) to make it effortless for businesses to augment their apps with verification flows. The SDKs can be configured to capture selfies and conduct passive liveness checks to catch the most common spoofs. They can also be configured to perform randomized video-based challenges, adding more friction but catching more spoofs.

  • Our innovative platform helps businesses implement slick and resilient user journeys to increase customer conversions, prevent fraud, and reduce onboarding costs

One of ComplyCube's latest customers is a global financial institution needing to keep up with the fast-changing regulatory landscape, especially as more countries tighten AML/CTF regimes to encompass digital currencies and assets. There was also a requirement to deter fraudsters and organized crime from creating mule accounts or misappropriating funds without adding unnecessary user friction. ComplyCube's forward deployments teams worked closely with the customer's FinCrime and Compliance teams to implement a layered onboarding process comprising document checks, biometric verification, face authentication, global sanctions & PEP screening, and continuous real-time monitoring. The enhanced KYC process enabled the business to reduce fraudulent attempts by 54 percent, reduce client dropout by 28 percent, and improve operational efficiency by 34 percent.

Having built a unique proposition, ComplyCube plans to improve deepfake detection further by rolling out next-gen generative networks and pathways over the next 12 months. The company will also continue to enhance its Know Your Business (KYB) layer by introducing Ultimate Beneficial Owners (UBOs) discovery using AI-based semantic recognition.

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London, UK

Dr. Tarek Nechma, CEO

ComplyCube is a leading SaaS and API platform for identity verification, anti-money laundering, and know your customer compliance, with prominent customers in financial services, telecoms, healthcare, e-commerce, cryptocurrency, travel, and more