With proactive technical and user support of their new provider, Kriptomat’s previous unfortunate experience was quickly forgotten, as together they have managed to rebuild a stronger fraud defense, protecting the personal data of their 500K+ users in over 57 countries.
Confident in their choice, Kriptomat has partnered with one of the KYC market leaders to be their first provider. That is, only after committing to their plan and investing their time did they realize that although the conversion was good, the company’s algorithms had feeble client processing that opened their exchange platform to fraud, imposters, and money launderers.
And not only that — when Kriptomat estimated the damage, they tried to fix the problem, and reached out to their provider support team. However, the latter made it clear that there was nothing they could do with the settings, since the processing was automated. Reconciled to the fact that the only way was out, as they couldn’t cope with the lack of support, incoming fraud, and the potential for lead applications being declined, Kriptomat left the partnership for a better solution.
“We decided to change our KYC service provider after we have worked with a company that is supposed to be an industry leader, but that resulted in fraudulent users passing the KYC process and causing us damage with fraudulent activities. We managed to stop that and limit the damage; however, our trust in the provider was gone after we saw how this case was handled.”
Kriptomat had to start from the beginning, taking the risks of entrusting in yet another provider who could take on the task of rebuilding their KYC and compliance flow from scratch, on their terms, and in line with their strict AML/CFT policy.
This time, they needed to be sure of their KYC/AML partner — the gatekeeper of the service — with 24 hours of technical and user support. They also needed more control over conversion, freedom to manage the client flow, access to the reasons for an application being approved or declined, and to be able to decide the fate of certain applicants themselves, if needed.
Due to the history of failed compliance choices, this one wasn’t easy, either. More than a provider, they needed an ally who was open to communicating, guiding them, and listening.
“We spoke with several providers and we decided to implement Sumsub, as they delivered what they promised and expressed an interest in building a success story together.“
Kriptomat chose to work with Sumsub—a provider that seems to match the exchange’s expectations in terms of comprehensive product, trustworthy service, and 24/7 support with their hand stretched out in case of need. Sumsub is constantly bringing out new features and upgrading the existing ones every month, which perfectly aligns with Kriptomat’s dynamic scaling.
Once the new provider was integrated, a window was opened to performance statistics, with clearly assigned roles, targets, and verification history data available to work with. Kriptomat was finally able to better rationalize their compliance team efficiency by looking at the amount of successful/failed checks, analyzing the reasons for them being accepted or declined, and choosing different timelines to compare the results.
With the Sumsub dashboard for Kriptomat compliance officers, they could now view the decisions made on each applicant, whether approved or declined, and manually change them, setting new rules to suit their policy.
An additional and very handy feature of the Sumsub solution that Kriptomat got to use were comprehensive reports that could be automatically generated from the dashboard and submitted for regulatory review.
As for other stats, the screening mechanisms on the inside so far haven’t let a single instance of fraud through, with the hit rate reaching 97%.
For four years now, Sumsub and Kriptomat have built a partnership they can trust and rely upon.
“Now we have a reliable partner we work and collaborate with. Transparency, trust, and security are our core company values. Because we are a licensed service, compliance and self-regulation are very important to protect both our users and our business. We are a part of an innovative and fast-evolving industry, and KYC needs to follow the fast development, but make no compromises on the quality of the service. With Sumsub, we are able to accomplish that.”