Bitget has announced a strategic partnership with Sumsub to enhance its AI-powered Know Your Customer (KYC) verification tools as it aims to tackle the growing issue of deep fake crimes.
This collaboration will reportedly improve Bitget’s ability to accurately identify and prevent deep fake scams by over 99%. Sumsub will provide Bitget with comprehensive verification tools, including Identity Verification, Liveness checks (with facial biometrics), Non-Document Verification, and Database Validation.
Bitget noted the partnership demonstrates its commitment to advancing the evolution of the cryptocurrency sector and tech and creating a secure financial landscape accessible to unbanked populations and industries.
By leveraging Sumsub’s expertise, Bitget claims it will be able to offer safe and efficient crypto transactions for users worldwide and protect them from AI-generated identity fraud.
Recent data from Sumsub shows a significant rise in deepfake incidents in the crypto sector, with a 217% increase from Q1 2023 to Q1 2024.
Notably, Sumsub’s services use advanced AI technologies for deep fake detection and fraud prevention. They come with a robust set of certifications and attestations, ensuring adherence to the highest security standards.
The partnership will enable Bitget and Sumsub to focus on identifying and mitigating vulnerabilities to enhance platform security, eliminate deep fake scams, and foster the development of a blockchain-based future free from fraud.
In another strategic move, Bitget announced a partnership with OnRamp, a leading crypto payment solution provider, earlier this year. This integration allows Bitget users to buy and sell crypto using various local currencies, including AED, NGN (Nigerian Naira) through bank transfers, and VND via VietQR. These options ensure easy and reliable methods to convert crypto to fiat and vice versa.
Gracy Chen, Managing Director at Bitget, highlighted that this step enhances Bitget’s fiat-to-crypto conversion capabilities, further driving the mass adoption of crypto globally.
“At Bitget, we’re constantly improving our platform’s abilities, including its fiat-to-crypto conversion capabilities. The integration is a step closer to our mission to drive the mass adoption of crypto, making it easy for people around the world to trade crypto,”
Chen reportedly stated.
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