Regtech Sumsub announces its membership into the Payments Association EU, an industry group of stakeholders in the payments sector that fosters commercial connections between businesses and advocates for better policies.
It joins a group of members, including the following firms: Mastercard, Visa, and Paypal and retailers like eBay and Amazon.
As a patron-level member of the organization, Sumsub will have the opportunity to speak to policymakers and senior industry leaders to advocate for more “effective protections against the growing threat of identity fraud.”
Fraud rates have taken off globally, particularly in Europe, where deepfake fraud incidents have risen by “142% between 2023 and 2024. Sumsub’s internal data shows that deepfakes are present in 7% of all fraud cases globally.”
Sumsub’s recent 2024 Identity Fraud Report, which combined a survey of consumers and ID verification professionals “alongside millions of proprietary data points, found that nearly 67% of all companies surveyed reported an increase in fraud attempts.”
Fraud in the fintech and banking sectors grew by “156% and 162% between 2023 and 2024, respectively, making them the second and third fastest-growing sectoral targets for fraud.”
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 noted in the update:
“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.”
