We’re thrilled to announce that in the next few days, SWAPD will transition to a trusted third-party ID verification system powered by SumSub.com, a global leader in identity verification and KYC/AML compliance. This upgrade is a game-changer for our platform, and we’re excited to share why this change is happening and how it benefits you, our valued members.
Why Are We Making This Change?
1. Building Trust for New Members
Many new users hesitate to send personal IDs to an online marketplace. By partnering with SumSub, a globally recognized and trusted verification provider, we’re removing that barrier. SumSub’s secure, professional system will give hesitant members confidence that their data is handled with the highest standards of privacy and security, making SWAPD the go-to trusted marketplace.
2. Lightning-Fast Verifications
Our manual ID verification process took 2-4 days on average. With SumSub’s automated, AI-powered system, verifications are now nearly instant—often completed in seconds! This means you can start trading, buying, or selling faster than ever before.
3. Uncompromising KYC Compliance
SWAPD is proud to be the most secure and law-abiding marketplace in our industry. SumSub’s robust KYC (Know Your Customer) and AML (Anti-Money Laundering) solutions align perfectly with our commitment to maintaining a safe, compliant platform that adheres to global regulations.
4. Enhanced Security with Face ID & Liveness Checks
SumSub’s advanced verification includes face ID scans and liveness checks, ensuring that every user is who they claim to be. This added layer of security protects our community from fraud, fake accounts, and unauthorized access, making SWAPD safer for everyone.
Why SumSub? Is It Safe?
We know that entrusting your personal information to a third party is a big deal, so let’s talk about why SumSub is a trusted choice and how it keeps your data secure.
About SumSub
SumSub is a leading identity verification platform used by over 4,000 businesses worldwide, including major names like Binance, Bybit, TransferGo, and Duolingo. They specialize in KYC, AML, and fraud prevention, serving industries like fintech, crypto, e-commerce, gaming, and more. SumSub processes millions of verifications annually, with a focus on speed, accuracy, and compliance.
How Safe Is SumSub?
SumSub employs state-of-the-art security measures to protect your data:
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Data Encryption: All data, including your ID documents and biometric scans, is encrypted using industry-standard protocols, ensuring it cannot be intercepted or accessed by unauthorized parties.
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GDPR & Global Compliance: SumSub adheres to strict regulations like GDPR (General Data Protection Regulation), CCPA (California Consumer Privacy Act), and FATF (Financial Action Task Force) recommendations. This means your data is handled with the highest legal and ethical standards.
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AI-Powered Fraud Detection: SumSub uses advanced AI and machine learning to detect fraudulent documents, deepfakes, and suspicious behavior, ensuring only legitimate users pass verification. Their system catches issues like fake IDs or VPN misuse, keeping SWAPD secure.
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Secure Data Storage: SumSub stores data in highly secure, compliant environments. They operate local data processing infrastructure in regions like the Middle East and Africa to meet regional privacy laws, and their systems are regularly audited for security.
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No Data Sharing: SumSub does not share your personal information with third parties unless required by law. Their platform is designed to protect user privacy while meeting regulatory needs.
What to Expect
In the coming days, you’ll notice a seamless transition to SumSub’s verification system. When prompted to verify your ID:
- Upload your ID document (e.g., passport, driver’s license).
- Complete a quick face ID scan and liveness check via webcam or mobile device.
- Get verified in seconds and start using SWAPD with full access!
The process is intuitive, secure, and designed to protect your privacy while keeping SWAPD a safe marketplace.
Our Commitment to You
At SWAPD, our priority is creating a secure, trustworthy, and efficient platform for all users. Partnering with SumSub is a major step toward that goal. We’re confident this change will enhance your experience, speed up verifications, and make SWAPD the safest marketplace in the industry.
I am already ID-Verified, will I need to do it again?
No.
What if SumSub is unable to verify me?
Our @VERIFICATION bot will still be in place for problematic cases.
Will buyers have to ID verify also, now?
Only for transactions over 1000 USD.
Will Safety Concern badges still apply when users verify from problematic countries?
Yes, the system will auto-place a SC badge on users from problematic countries.
Can I request to have my info removed from SumSub?
Yes, and no. Depending on whether you’ve made a transaction on SWAPD. In any case, SWAPD will no longer process these requests, you will need to email SumSub for that: privacy@sumsub.com
Why do I need to verify, this sucks!
We don’t make the rules. If you don’t agree with these practices you have two choices, don’t use our platform or start a revolution, abolish the ruling party, and create a new set of international laws.
Where can I test the system?
We will update this topic when its live.
