A strong player in the risk management landscape with a focus on KYC, AML and IDV, Sumsub is known for ease of implementation and their customer-centric approach.
However, just like with any software, it’s no one-size-fits-all solution. Read on to find out whether Sumsub or SEON is better suited to your organizational needs.
Disclaimer: Everything in this article was gleaned from online research including user reviews. We did not have time to manually test all the tools. However, we ensured the information was correct as of Q4 2022. Feel free to contact us to request an update/correction.
Providing solutions in identity verification and AML since 2015, Sumsub’s suite is the choice of leaders like Uber, Bitcoin.com and Philip Bank.
Companies looking to identify fraudulent customers will be interested in its comprehensive KYC & IDV solutions.
Sumsub, which is shorthand for “sum and substance”, includes AML checks so that you can stay compliant with data protection regulations and avoid penalties while onboarding. The firm has also launched a KYB (know your business) solution.
Unlike SEON, Sumsub sells itself primarily via its identity verification features and can help you verify dozens of diverse documents.
However, there is some key overlap when it comes to both products’ fraud fighting potential. Read on to find out whether SEON or Sumsub is the right choice for your business.
With identity verification at its core, Sumsub looks to streamline the entire process by tailoring it to your business needs. By choosing which particular steps you need in your verification workflow, you can eliminate any unnecessary add-ons from your package.
This includes liveness and face match checks to ensure an efficient onboarding process, as well as an ID verification system that supports identification documents from more than 220 countries.
Moreover, the verification system encompasses email verification and phone verification, while businesses working with cryptocurrency will be interested in its crypto transactions monitoring system.
- Custom user flow option means Sumsub’s verification process can be tailored to bespoke business requirements.
- Thorough AML system, with core features including behavioral analytics, case management, compliance reporting, investigation management, real-time PEP screening and watch lists.
- Blacklist of 1+ million known fraudsters to help mitigate attacks.
- Sumsub’s UI and features have been reviewed as unclear for some users.
- Doesn’t offer protection against fraud for the entire payment ecosystem.
- Liveness and video verification can become costly and time consuming for customers.
Book a demo and watch us in real time to see us in action
SEON vs Sumsub Features Comparison Table
|Email data enrichment||Yes||No|
|Phone data enrichment||Yes||No|
|Find user social media||Yes, checks 50+ platforms||No|
|Machine learning suggestions||Yes||Yes|
|Industry preset rules||Yes||Yes|
|Custom API fields||Yes||Yes|
|Integration with other tools||Yes||Yes|
|Cost per month||Flexible tiered pricing based on API requests starting from $99.||Basic starting at $79 per month, Compliance starting at $149 per month and Beyond starting at $299 per month.|
Where SEON Wins over Sumsub
- SEON offers phone and email data enrichment, which fraudsters are less likely to fake successfully compared to conventional methods of verification. User data is gathered in real-time and is thus more accurate compared to Sumsub’s blacklist, meaning you can learn even more about customers.
- SEON offers a complete end-to-end fraud fighting solution and is completely frictionless, with no impact on the onboarding process, meaning it can’t cause customer churn.
- SEON also wins out when it comes to clamping down on bot farms. That’s because it offers tools like bot detection and mitigation, which Sumsub lacks.
Where Sumsub Wins over SEON
- Sumsub allows you to fulfill your KYC/AML lists mandate in the form of e.g. document or selfie-based verification, which SEON does not.
- Identity verification focused features including case management, compliance reporting, investigation management and PEP screening. One-click ID verification possible without a need for documentation for countries that have introduced ID numbers.
- Sumsub can serve businesses better against offline scammers such as those running car rental schemes.
- Your main aim is to prevent fraudulent transactions and accounts by learning more about your users without asking them.
- You’re looking for end-to-end fraud prevention that supports your entire payment ecosystem and customer onboarding process.
- You value customization, transparency, and want to adjust flagging, scoring, and automation at will.
- You’re looking to implement a form of liveness or document verification.
- You need to stay compliant with data protection, AML and CFT rules.
- You’re looking to pick and choose identity verification steps, tailoring them to your specific requirements.
Book a demo of SEON’s offering and watch us in real time to see us in actionBook a Demo
Learn more about:
Try our free tools: