Sumsub has launched an online academy offering free, expert-led training for compliance, risk, and anti-fraud professionals.

The newly unveiled Sumsub Academy is positioned as the first of its kind in the verification and fraud prevention industry to provide external expert-led educational modules. The initiative comes at a time when fraud is rising sharply – a concern underscored by Sumsub’s Identity Fraud Report 2024, which revealed that 67% of companies have seen a spike in fraud, with nearly half noting increasing sophistication in fraudulent activity.

Over the past three years, the global identity fraud rate has more than doubled, jumping from 1.1% in 2021 to 2.6% in 2024. The average cost per fraud event has soared to US$300,000, putting immense pressure on businesses’ compliance and risk teams.

Even more concerning is the fourfold increase in deepfakes globally between 2023 and 2024. Deepfakes now represent 7% of all fraud cases, signalling how artificial intelligence is being weaponised to bypass conventional verification processes.

To respond to these escalating threats, Sumsub is offering practical, real-world courses at no cost. The Academy’s curriculum includes modules on business verification, transaction monitoring, the Travel Rule, and data collection for Know Your Customer (KYC) procedures.

Learners will receive certifications aimed at enhancing professional credentials and supporting career progression, particularly in industries grappling with fast-changing regulations and financial crime tactics.

“At Sumsub, our mission has always been to empower businesses and professionals to navigate the complex landscape of compliance, fraud prevention, and risk management with confidence,” said Andrew Novoselsky, Chief Product Officer at Sumsub. “With Sumsub Academy, we’re delivering on that promise by providing accessible, expert-led training that gives professionals the knowledge and skills to stay ahead of evolving regulations and combat financial crime effectively.”

Training will be led by regulatory experts and practitioners with real-world experience from top-tier companies, ensuring that professionals gain applicable insights and strategies they can use immediately.

The Academy is expected to appeal to companies aiming to upskill their teams without incurring additional costs, and to individuals seeking credentials in a highly competitive and increasingly essential sector.