Sumsub joins alongside Mastercard, Visa, Paypal, eBay, and Amazon, following membership of UK PA in July 2023

• Sumsub joins to advocate for policy changes and greater safety standards in the payments sector to tackle ID fraud and deepfakes.
• Sumsub’s 2024 Identity Fraud Report found that banking and fintech were the second and third fastest-growing targets for ID fraud, increasing by 162% and 156%, respectively, from 2023 to 2024.

Sumsub has joined 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 prestigious group of members, including Mastercard, Visa, and Paypal and major retailers such as eBay and Amazon.

As a patron-level member of the organisation, 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.

“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, commented Julia Bonda, Business Development Director, UK & EU at Sumsub.

“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.”

To find out more about the Payments Association EU here: https://www.thepaymentsassociation.eu  

Read our recent identity fraud report here: https://sumsub.com/fraud-report-2024/