ComplyCube: Convert more customers with next-gen KYC

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Dr Tarek Nechma, CEO, ComplyCubeDr Tarek Nechma, CEO
Nowadays, customers across many industries are serviced entirely through online platforms. However, an uptick in digital adoption and online presence translates into an increase in fraud—and it isn’t just growing, it’s rapidly evolving! Synthetic identity fraud, in particular, is on the rise due to the ubiquity of stolen personal data, which has become easier and cheaper to access than ever before. The recent hack of the US Census and the Experian data leak means that virtually every US adult's personal information is now available to buy for as little as $4. Moreover, businesses are increasingly bombarded with fake signups, which fraudsters use to claim customer bonuses or control mule accounts for money laundering purposes, pointing towards organized crime at scale. This means database checks, where personal data is corroborated against other sources, can no longer be an effective anti-fraud measure on its own. Despite this serious risk, many financial institutions still do not have adequate systems to deal with these fast-changing fraud threats. No approach is 100% foolproof. Nonetheless, building a consorted and holistic anti-fraud strategy can tackle many of the risks.

And that’s where ComplyCube comes in. Many businesses choose the innovative SaaS platform to layer biometric verification on top of document proofing and database checks to have the best chance of keeping identity fraud at bay. ComplyCube offers arguably one of the most complete and granular KYC solutions in the market, covering all the elements of a robust and holistic AML framework as mandated by the FATF, FinCen, and other competent bodies. “We’ve built ComplyCube from the ground-up with the singular objective of re-inventing the KYC user experience to improve identity assurance and empower businesses to acquire more customers while fighting fraud effortlessly” says Dr. Tarek Nechma, the CEO of ComplyCube.

"ComplyCube uniquely combines proprietary Artificial Intelligence (AI), thousands of data points, and expert human reviewers to deliver an unrivaled suite of products to solve identity verification and AML compliance” explains Mohamed Alsalehi, CTO at ComplyCube. “The ability to offer these powerful services, at mass scale, through simple integration channels, is what truly sets us apart from the rest of the market" adds Mr. Alsalehi. The AI firm also provides a plethora of Web and Mobile SDKs that provide UX-optimized UI that guides users via a simple verification process in less than 30 seconds.

The company’s slick SDKs offer several benefits, including ease and flexibility of integration, image quality validation, excellent and accessible UX, and fraud deterrence. Most importantly, they can be quickly dropped into businesses' existing apps with a custom look-and-feel and flow. For instance, they 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, which add more friction (as some clients may require) but guarantees to catch more spoofs.

ComplyCube has recently struck a global partnership with a multi-national conglomerate that operates in the telecoms, health, travel, and payments in over 45 countries. Prior to using ComplyCube, the client had a fragmented KYC framework and numerous legacy tools from previous acquisitions. Working closely with the customer’s management team, business operations, IT, compliance, and product managers, ComplyCube’s Forward Deployment Teams put together a digital KYC transformation program to streamline and harmonize KYC processes while meeting country-specific regulatory requirements. This has enabled the various business lines to reduce unnecessary user friction and decrease client dropouts by 32 percent, ultimately resulting in increased revenue.

  • We’ve built ComplyCube from the ground-up with the singular objective of re-inventing the KYC user experience to improve identity assurance and empower businesses to acquire more customers while fighting fraud effortlessly

This unique value proposition enabled ComplyCube to grow more than 500 percent in 2021, and it expects this upward growth to continue in 2022 and beyond. To remain at the forefront of KYC innovation, the AI-focused business is working toward tripling its research and development (R&D) activity across EMEA, APAC, and the Americas. "We continue to invest heavily into our adaptive AI platform to ensure we stay ahead of fraudsters and fight new sophisticated techniques employed by increasingly organized criminals” says Harry Varatharasan, Chief Data Scientist. “To this end, we will conduct a proof of concept into pathway-based biometrics, leveraging behavioral vectors such as Human-Computer Interaction (HCI) as well as vision and voice-based biometrics” adds Mr. Varatharasan.

ComplyCube also plans to enhance Know Your Business (KYB) layers by introducing Ultimate Beneficial Owners (UBOs) discovery using AI-based semantic entity recognition. The future looks bright for the company.

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About ComplyCube



Dr Tarek Nechma, CEO


ComplyCube is a leading SaaS & API platform for Identity Verification (IDV), Anti-Money Laundering (AML) & Know Your Customer (KYC) compliance, with customers across financial services, healthcare, cryptocurrency, FinTech, telecoms, and more. ComplyCube's ISO-certified platform boasts the fastest omnichannel integration turnaround in the market with Low/No-Code solutions, API, Mobile SDKs, Client Libraries, and CRM Integrations