Sumsub, a global identity verification and compliance platform, has joined forces with iMind to bolster fraud prevention and regulatory compliance across South Korea’s payments sector.
The partnership arrives at a critical moment for the country’s financial system. More than 7,000 accounts across nine major banks were tied to fraudulent activity in Q1 2026 — twice the volume recorded in the same period the previous year, according to the Financial Supervisory Service. South Korea also registered a 137% year-on-year rise in deepfake incidents in 2025, placing it 11th for deepfake growth across the Asia-Pacific region, per Sumsub’s Identity Fraud Report 2025-2026.
Although mature infrastructure contributed to a 22% reduction in overall fraud, sophisticated actors are increasingly targeting payment systems through advanced AI-powered methods. In response, the Korea Financial Intelligence Unit’s 2026 AML/CFT agenda has extended account freeze powers and broadened compliance obligations across payment providers.
By combining iMind’s knowledge of South Korea’s local regulatory environment with Sumsub’s AI-powered verification capabilities, the collaboration aims to provide payment companies with full-cycle compliance tools — spanning customer onboarding through to continuous monitoring — to address both regulatory demands and evolving fraud threats.
The announcement also coincides with Sumsub’s inaugural APAC Partner Roadshow in South Korea. Held in Seoul, the event brought together compliance practitioners, fraud prevention teams, regulators, and academics. Two sessions formed the core of the programme: an afternoon workshop offering an operational walkthrough of onboarding best practices, continuous monitoring techniques, and deepfake detection; and an Evening Leaders Exchange, where senior figures from across the financial services industry examined the Financial Services Commission’s approach to fraud prevention and real-time settlement under the updated Electronic Financial Transactions Act. The Seoul event is part of a wider regional roadshow series that has previously visited Hong Kong, Shenzhen, the Philippines, Malaysia, and Indonesia.
Sumsub vice president, APAC Penny Chai said, “As South Korea strengthens its AML framework and fraud grows more sophisticated, payment companies face a dual challenge: meeting regulatory compliance while defending against AI-driven attacks. Today’s fraudsters use deepfakes and synthetic identities to bypass onboarding, then exploit verified accounts—making continuous monitoring essential, not optional. By joining hands with iMind, we’re combining local regulatory expertise with full-cycle verification capabilities to help payment companies align with South Korea’s AML/CFT agenda and defend against threats throughout the customer journey.”
iMind Inc. director and chief executive officer Jay Cho said, “As South Korea’s payments sector continues to innovate and expand regionally, compliance and anti-fraud infrastructure must evolve in parallel. Our partnership with Sumsub combines our deep understanding of the local regulatory environment with their innovative AI-powered verification platform, enabling Korean financial institutions to build resilient, future-ready compliance frameworks that protect against increasingly sophisticated threats while strengthening digital trust across the payment ecosystem.”
Hanshin University professor Dr. Seng-Phil Hong said, “South Korea’s approach to balancing innovation with regulatory oversight provides valuable lessons for the region. The collaboration among regulators, technology providers, and financial institutions in real-time fraud detection and prevention exemplifies how public-private partnerships can forge more resilient payment ecosystems — not only within Korea, but on a global scale. Ultimately, this underscores a growing imperative: that establishing trust and credibility is becoming an increasingly critical driver of sustainable global competitiveness.”
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