Sumsub Joins EU Payments Association as Patron Member Amid Rising Identity Fraud

Identity verification company Sumsub has joined the Payments Association EU as a patron-level member, alongside major industry players including Mastercard, Visa, PayPal, eBay, and Amazon. This follows Sumsub’s membership in the UK Payments Association, which began in July 2023, and comes shortly after the company became the first identity verification provider to receive Global Digital Identity Certification under the UK’s AVID program.

As a patron-level member, Sumsub will participate in policy discussions with lawmakers and senior industry leaders, focusing on identity fraud protection measures in the payments sector. The company’s involvement comes as its 2024 Identity Fraud Report reveals significant increases in fraud targeting financial services, with banking and fintech experiencing rises of 162 percent and 156 percent respectively between 2023 and 2024.

The report, which combines consumer and professional surveys with proprietary data, indicates that 67 percent of surveyed companies observed an increase in fraud attempts. In Europe specifically, deepfake-related fraud incidents rose by 142 percent during the same period. The surge aligns with recent warnings from FinCEN about the growing threat of deepfake fraud in financial institutions. Sumsub’s internal data shows that deepfakes now account for 7 percent of global fraud cases, with 76 percent of identity fraud occurring after the initial verification stage.

Julia Bonda, Business Development Director, UK & EU at Sumsub, explained that the company joined the European organization to be “at the forefront of the defense against digital payments fraud.” She emphasized the importance of implementing “multi-layered, AI-powered security approaches” as fraudsters become more sophisticated, noting that digital payments serve as “the bedrock of global economies.” This multi-layered approach has become increasingly critical as financial institutions face more complex fraud attempts, particularly those leveraging artificial intelligence and deepfake technology.

Source: Sumsub

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January 30, 2025 – by Ali Nassar-Smith