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Nänsi Männik

Fraudulent activity is up 20% compared to the previous year, and given that 80% of fraud is financially driven, the music industry is feeling an impact as lost revenue to fraud adds up to billions of dollars. With this integration, SonoSuite customers will be more equipped to thwart bad actors from distributing fraudulent content and engaging in illicit activities within the independent music ecosystem. 


“Armed with new AI-powered techniques, malicious actors are becoming more sophisticated, causing friction and undermining credibility along the customer journey,” said Sebastián Mañana Lenzi, CEO of SonoSuite. “We’re excited to partner with Veriff to provide our customers with cutting-edge technology that solves these challenges by streamlining the identity verification process and preventing fraudsters from gaining access before a costly event occurs.”

“Our inaugural partner in the digital music services industry, SonoSuite is a frontrunner in this market and dedicated to leveling up users' safety,” said Hubert Behaghel, CTO at Veriff. “With fraud events escalating, including unauthorized music distribution, fake streaming, and fraudulent royalties, identity verification is more critical than ever. We’re eager to deliver support and foster more trust across the music industry, making the internet a safer place.”

SonoSuite is a global, white-label SaaS solution that caters catalog distribution and royalty collection technology to a wide array of music businesses, connecting them with the world’s Top Digital Music Services. Based in Barcelona, Spain SonoSuite is a digital company with more than 50 people located in Europe, the United States, and Latin America.

NEW YORK, May 21, 2024 -- Veriff today announced a strategic partnership with Sonosuite, the white-label SaaS digital technology provider for the music industry. The partnership will empower SonoSuite’s label and distributor customers with an IDV technology to mitigate ID fraud risks.

NEW YORK, May 21, 2024—Veriff, a global identity verification (IDV) provider, today announced a strategic partnership with Sonosuite, the white-label SaaS digital technology provider for the music industry. The partnership will empower SonoSuite’s label and distributor customers with an identity verification technology that mitigates the risks of ID fraud and helps keep their music assets secure, promoting trust and confidence across their platform.

Veriff Partners with SonoSuite to Mitigate Fraud Risks and Protect Music Assets

The survey highlights that almost 87% of respondents experienced an increase in online fraud over the past year, and nearly 90% suffered revenue losses between 1% and 9% a year. For a company with an annual revenue of $100 million, this could mean a loss of up to $9 million. 

“AI is a growing threat as it has been weaponized by fraudsters, but it is also an opportunity to fight against fraud,” said Ira Bondar, Senior Fraud Group Manager at Veriff. “About 78% of decision-makers noted an increase in AI-driven fraud, while 79% are using AI and ML to enhance their fraud prevention efforts, from identifying fraud patterns to automating the customer identity verification process for more robust checks.”

According to the survey, US businesses are actively improving their defenses, with nearly 96% planning to increase the use of Identity Verification (IDV) and biometrics in the coming year. 

Consumer awareness is also increasing, with over 86% of US fraud decision-makers reporting higher demands for robust fraud prevention measures. Supporting this trend, the Veriff Fraud Index 2024 found that 75% of consumers consider a company’s fraud prevention record before using its services.

For a more detailed analysis, see the full text on the Veriff blog.

New York, June 20, 2024 -- The US economy is facing a significant surge in online fraud, with nearly 90% of business leaders reporting it costs them up to 9% of their annual revenue. Veriff surveyed hundreds of senior decision-makers and fraud leaders across various sectors in the US.

New York, June 20, 2024 -- The US economy is facing a significant surge in online fraud, with nearly 90% of business leaders reporting it costs them up to 9% of their annual revenue. This is a key finding from the Veriff Fraud Industry Pulse Survey 2024, which surveyed hundreds of senior decision-makers and fraud leaders across various sectors in the US.

Veriff Survey: US Businesses Face Revenue Losses Due to Increasing Online Fraud

The updates come as Veriff continues to see strong adoption of its identity verification (IDV) and biometric authentication solutions to fight increasing online fraud.

Account Takeover Fraud (ATO) is a growing problem, with fraudsters employing more advanced and refined approaches to attack individuals and businesses. According to Veriff’s Fraud Industry Pulse Survey 2024, almost 78% of US decision-makers have seen an increase in the use of AI in fraudulent attacks over the past year. Veriff’s Biometric Authentication solution provides users with swift, secure and continuous authentication, granting a convenient and fully automated method for accessing digital products and services. Fraud checks, liveness detection, and anti-spoofing capabilities are included in the latest update to prevent unauthorized access or account takeover.

“In today’s evolving digital landscape, combating Account Takeover (ATO) Fraud and other threats is an ongoing challenge that requires modern security solutions,” said Christopher Adjei-Ampofo, CIO & CISO at Uphold, a digital asset trading platform serving more than 10 million customers worldwide. Veriff’s Biometric Authentication solution is critical to the effectiveness of preventative tools in fighting fraud by reducing ATO by 80% - 90% in 2024. The solution has proven mission-critical in helping us stop account takeovers and continues to safeguard us against high-risk activities.”

Key features of the Biometric Authentication solution update include:

Increased conversion – Improved image resolution for better face-matching accuracy and enhanced detail capture in biometric templates.

Improved fraud detection – Analysis of 30+ risk signals across behavioral, device and network parameters improve accuracy and the ability to combat more sophisticated fraud attempts.

Deepfake and synthetic media detection – Veriff improved face liveness checks for synthetic and AI-generated media detection.

User identity-based authentication – another step towards user-centric digital identity to ensure a secure and seamless user experience.

Actionable insights – With more detailed insights, customers are equipped with specifics about what took place during the authentication journey.

“User authentication can be a cumbersome process, with some fintech customers completing an average of five different authentication sessions, which introduces friction and negatively impacts the experience,” says Hubert Behaghel, Veriff CTO. "We've augmented our Biometric Authentication solution to make it more efficient, user-centric and secure. Our solution adapts to individual user behaviors, ensuring authentication for the users themselves rather than just a session. This level of biometric authentication is one step forward on our journey to one reusable digital identity.”

New York, July 23, 2024 -- Veriff unveiled the latest enhancements to its Biometric Authentication solution, expanding its product offering. With improved user experience and accuracy, strengthened security, and more seamless identity assurance, the Veriff Biometric solution provides a streamlined authentication process. 

New York, July 23, 2024 -- Veriff, a preferred global identity verification provider, today unveiled the latest enhancements to its Biometric Authentication solution, expanding its product offering. With improved user experience and accuracy, strengthened security and more seamless identity assurance, the Veriff Biometric solution provides a streamlined authentication process that mainly helps preventing unauthorized access and account takeovers, but can also be utilized for other use cases. 

Veriff Enhances Biometric Authentication Solution to Prevent Account Takeover Fraud

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Veriff Partners with SonoSuite to Mitigate Fraud Risks and Protect Music Assets

Veriff Survey: US Businesses Face Revenue Losses Due to Increasing Online Fraud

Veriff Enhances Biometric Authentication Solution to Prevent Account Takeover Fraud

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