Introduction
Sumsub has officially joined the Payments Association EU as a patron-level member, marking a significant step in its mission to combat identity fraud in digital payments. The Payments Association EU is a key industry body that brings together major stakeholders, including Mastercard, Visa, PayPal, Amazon, and eBay, to foster collaboration and advocate for improved regulatory policies in the payments ecosystem.
By joining this influential group, Sumsub will engage with policymakers and industry leaders to push for stronger fraud prevention measures. The urgency for such efforts is evident, as fraud rates continue to rise globally, particularly in Europe, where deepfake-related fraud surged by 142% between 2023 and 2024. Sumsub’s latest 2024 Identity Fraud Report highlights that fraud in the fintech and banking sectors grew by 156% and 162%, respectively, over the past year. With identity fraud evolving rapidly, Sumsub’s expertise in AI-powered security solutions will play a critical role in shaping policies and protecting digital transactions across European markets.
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Why Is This News Relevant?
Sumsub’s membership in the Payments Association EU comes at a crucial time when fraud is rising at an alarming rate. The company’s latest report reveals that 67% of surveyed firms experienced an increase in fraud attempts, with fintech and banking being among the hardest-hit industries. Deepfake fraud, in particular, has grown exponentially, impacting 7% of all fraud cases worldwide.
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By joining the Payments Association EU, Sumsub gains a platform to collaborate with financial giants and policymakers to strengthen fraud detection and prevention strategies. As digital payments become the backbone of the global economy, ensuring security and reliability is essential. Sumsub’s AI-driven approach will help shape industry regulations and improve fraud defenses across European markets.
FAQs
What is the significance of Sumsub joining the Payments Association EU?
Sumsub’s membership allows it to engage directly with leading financial institutions and policymakers to advocate for better fraud prevention policies. It also provides the company with opportunities to contribute to industry-wide discussions on digital payment security. As fraud continues to escalate, Sumsub’s expertise in AI-driven identity verification and fraud detection will help drive innovative solutions across European markets.
How severe is the rise in identity fraud, and why does it matter?
Identity fraud is escalating rapidly, particularly in Europe, where deepfake-related fraud incidents surged by 142% between 2023 and 2024. Sumsub’s internal research reveals that deepfakes account for 7% of all fraud cases globally. Additionally, fintech and banking fraud grew by 156% and 162%, respectively, within the same period. These figures underscore the urgent need for stronger fraud prevention strategies. As fraudsters leverage advanced technology to bypass security measures, businesses and consumers are at higher risk of financial losses and data breaches. Sumsub’s AI-powered solutions, combined with its role in the Payments Association EU, will help drive industry-wide improvements in fraud detection and prevention.
How will Sumsub’s participation benefit the broader financial ecosystem?
By working alongside industry leaders like Mastercard, Visa, and PayPal, Sumsub will help shape regulatory frameworks that enhance fraud prevention measures across the digital payments industry. Its expertise in AI-driven identity verification will contribute to the development of multi-layered security approaches. Strengthening fraud defenses not only safeguards businesses and consumers but also ensures the long-term stability and trustworthiness of the financial sector, particularly in the face of growing digital threats.
Conclusion
Sumsub’s entry into the Payments Association EU reinforces its commitment to strengthening digital payment security across European markets. With identity fraud escalating at an unprecedented rate—particularly due to deepfake technology—the need for advanced fraud prevention solutions has never been more critical. Sumsub’s AI-powered security approaches will help businesses stay ahead of fraudsters while contributing to essential industry-wide regulatory discussions.
As fraudsters continue to evolve their tactics, collaboration between businesses, financial institutions, and regulators is paramount. Sumsub’s membership in this influential association provides an opportunity to advocate for better fraud prevention policies and promote multi-layered security solutions. Moving forward, Sumsub aims to play a key role in shaping the future of digital payment security, ensuring safer financial transactions for all.
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