Key benefits of Sumsub’s DVS Verification include: • Compliance with Australian regulatory requirements: Helps businesses meet identity verification obligations by providing a reliable, government-backed document validation solution • Broad document support: Verifies a wide range of Australian identity documents, including Passports, Driving Licenses, and Foreign Passports containing a Visa • Cost-effective solution: Reduces operational costs by automating document validation, minimizing the need for manual checks, and helping businesses avoid potential penalties for non-compliance • Quick and accurate results: Instantly provides clear, actionable verification results • Improved fraud prevention: Detects data inconsistencies and fraud, reducing the risk of identity theft or fraudulent account creation Australia has emerged as a significant hotspot for identity fraud in the Asia-Pacific (APAC) region. According to Sumsub’s Identity Fraud Report 2024, the country saw a staggering 138% increase in identity fraud from 2023 to 2024, making it the sixth-highest in the region for fraud growth. To combat this alarming trend, the Australian government has been actively driving for enhanced privacy and security in identity verification, urging companies to implement more robust systems to protect consumers. In a decisive move, the government recently introduced the Scam Prevention Framework, which will include penalties of up to $50 million for non-compliance.