Sumsub joins Payments Association EU to help stop ID fraud in digital transactions
Sumsub has joined the Payments Association EU to advocate for policy changes and stronger safety standards in the payments industry, aiming to combat identity fraud and the rising threat of deepfakes. The company joins major industry players, including Mastercard, Visa, PayPal, eBay, and Amazon, following its membership with the UK Payments Association in July 2023.
Sumsub’s 2024 Identity Fraud Report found that banking and fintech were the second and third fastest-growing targets for ID fraud, with increases of 162% and 156%, respectively, from 2023 to 2024. Fraud attempts have surged globally, with Europe seeing a 142% rise in deepfake fraud incidents over the past year. Sumsub’s data indicates that deepfakes are now present in 7% of all fraud cases worldwide.
Sumsub’s recent report combined survey data from consumers and ID verification professionals with millions of proprietary data points, revealing that nearly 67% of companies surveyed reported an increase in fraud attempts.
Julia Bonda, Business Development Director, UK & EU at Sumsub, said: “We are completely aligned with the Payments Association – and have joined the European organisation to be at the forefront of the defense against digital payments fraud. As we deepen our presence and continue with our bold ambitions across European markets, mitigating Identity fraud is paramount. It is a fast-evolving problem that risks consumers and businesses alike.
As fraudsters become increasingly efficient, firms must be a step ahead and implement multi-layered, AI-powered security approaches. Digital payments are the bedrock of global economies, and keeping them secure and reliable is essential, not only at the point of verification but throughout the rest of the user journey – where 76% of identity fraud occurs, according to internal data. Joining the EU Payments Association gives us a seat at another important table, and we look forward to being a valued part of this organisation to advocate for better ID fraud regulation.”
As a patron-level member of the Payments Association EU, Sumsub will work alongside industry leaders to strengthen regulatory efforts and enhance fraud prevention measures. With its growing presence in European markets, the company aims to leverage AI-powered security solutions to tackle digital identity fraud at scale.
Sumsub is also widely popular in the Middle East and North Africa region. The company even joined the MENA FinTech Association (MFTA) as a member to help propel business growth, raise awareness about the escalating threat of identity fraud, and foster innovation within the burgeoning fintech sector across the region.
The MENA FinTech Association, a prominent not-for-profit organization founded in 2018, stands as a global leader in connecting fintech companies, startups, investors, regulators, influencers, and academia. Recognized as one of the top four fintech groups worldwide, MFTA serves as a pivotal hub for fostering growth, innovation, and inclusivity within the fintech landscape in the Middle East and Africa.
Sumsub’s decision to join MFTA aligns with its recent accolade as the winner in the RegTech of the Year category at the 2023 MENA FinTech Awards. As an active participant in the association, Sumsub commits to sharing expertise in Know Your Customer (KYC), Know Your Business (KYB), and transaction monitoring to contribute to the development of the regional fintech ecosystem.
