As online fraud skyrockets alongside Southeast Asia’s digital boom, Filipino businesses can now breathe a sigh of relief.
Global verification leader Sumsub has recently joined forces with Nexus Technologies, a premier IT reseller in the Philippines. This strategic partnership brings industry-leading verification solutions to Filipino businesses, empowering them to navigate the ever-changing fraud landscape.
Sumsub teams up with Nexus Technologies to combat online fraud in PH
According to the Philippine National Police-Anti Cybercrime Group (PNP-ACG), more than half of cybercrimes documented last year were online scams, with 19,884 cybercrimes recorded from January 1 to December 2023, 55.67 per cent (11,071 cases) of which represented online scams.
Why is Sumsub’s partnership with Nexus important?
The Philippines has become a prime target for fraudsters, with a staggering 4,500% increase in deepfakes reported in just one year (from 2022 to 2023).
According to Trend Micro, the rise of generative AI tools like ChatGPT has opened up new opportunities for cybercriminals through the faster production of more potent malware, as well as new scams. One of these entails the use of ‘deepfakes,’ with malicious users now utilizing them to spread misinformation, damage reputation, and even commit fraud.
This highlights the urgent need for robust verification tools.
The partnership between Sumsub and Nexus Technologies provides Filipino businesses with the following advantages:
- Effortless Compliance: Sumsub’s solutions streamline KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance, ensuring businesses meet regulatory requirements. This protects them from financial losses and reputational damage.
- Advanced Fraud Detection: Cutting-edge verification tools effectively identify and prevent fraudulent activities, safeguarding businesses and their customers from financial harm.
Sumsub: Building a Safer Digital Landscape for Filipinos
“We thank Nexus Technologies for trusting us. With rising fraud and the growing accessibility of AI tools, the demand for our verification and compliance solutions has never been higher,” said Penny Chai, Vice President of Business Development at Sumsub, in a press release. Chai was recently appointed to the post in April, during which she has been leading operations and driving business development in Asia from Singapore.
“This partnership is crucial in fortifying the Philippines’ digital security. Over the past year, Sumsub has achieved significant milestones in Asia. We aim to continue this momentum through working with partners to build a safer and more digitally inclusive future for businesses and consumers in Asia,” she added while expressing excitement to collaborate with Nexus Technologies to build a safer and more trustworthy digital environment for Filipino businesses.
For his part, Lionel K Ting, Senior Vice President for Business Development at Nexus Technologies, said, “Nexus Technologies proudly partners with Sumsub, leveraging our position as a premier IT reseller in the Philippines to enhance our business development strategies. Sumsub’s robust identity verification solutions, renowned for their accuracy and compliance, complement Nexus’s 30-year legacy of delivering global-leading IT solutions to our clients. Our partnership aims to meet the Philippine market’s evolving needs.”
For those who don’t know about the company yet, Sumsub is a global leader in full-cycle verification solutions. It is now a trusted source of over 2,000 clients across diverse industries, while its platform empowers businesses to onboard customers seamlessly, meet compliance requirements, and combat fraud.
Sumsub formally established its first APAC headquarters in Singapore in July 2023, leveraging the nation’s strategic position as a gateway to other Asian countries and its thriving ecosystem of digital assets and fintech businesses.
In recent years, Sumsub has partnered with well-known companies in the APAC region including ChainUp, a blockchain technology solutions provider and CODE, a South Korean Travel Rule compliance solution. Since its inception in 2023, the company has secured new clients such as dtcpay, a leading Singapore-based payment service provider.
Nexus Technologies, on the other hand, is a leading IT solutions provider in the Philippines that helps businesses thrive in the digital age. Their partnership with Sumsub brings world-class verification technology to Filipino businesses.