“We are thrilled to be joining the Mastercard Engage Partner Program. It is essential for companies – particularly businesses responsible for high transaction volumes – to provide their partners with the tools needed to protect themselves and their customers, and enhance user experiences. They require continuous fraud prevention measures that extend beyond just the user onboarding phase.”
Sumsub has joined the Mastercard Engage Partner Program as a technological partner focused on Digital First solutions with the aim of providing its full suite of verification and anti-fraud solutions to secure customers’ onboarding and ongoing compliance journey.
The Engage Program makes it simple for partners to build, launch, and grow payment solutions for Mastercard’s global network of customers and accelerate time to market for product innovation while enabling seamless payment experiences.
As a Mastercard technological partner, Sumsub will focus on expediting customer onboarding processes, mitigating fraud risks, and fostering trust, ultimately driving growth by enhancing the digital experience for end-users.
“Fraud prevention measures that extend beyond just the user onboarding phase”
Sumsub’s Know-Your-Customer (KYC) products will be at the disposal of Mastercard customers implementing Digital First solutions to ensure quick, secure, and compliant onboarding experiences with the capabilities to track and monitor the subsequent user journey, mitigating illicit activity during sign-up and up until transaction completion.
Martin ten Houten, VP of Business Development, Europe at Sumsub, said: “We are thrilled to be joining the Mastercard Engage Partner Program. It is essential for companies – particularly businesses responsible for high transaction volumes – to provide their partners with the tools needed to protect themselves and their customers, and enhance user experiences. They require continuous fraud prevention measures that extend beyond just the user onboarding phase. This reaffirms our commitment to simplifying and facilitating the verification process for fintech businesses, while ensuring the highest level of compliance due to our comprehensive solutions.”
Payment fraud led to $1.59 billion losses in the US alone in 2022
Payment fraud led to 1.59 USD billion-dollar losses in the US alone in 2022, according to Statista. The payments sector continues to be fraudsters’ top target, accounting for 62% of all identity fraud attacks, according to the latest AU10TIX report “Q1 2024 Global Identity Fraud Report”, which draws insights from millions of transactions processed around the globe from January to March 2024
The payments sector has experienced a rise in fraud as it is viewed as a soft target due to its limited regulation. Since Q1 2023, its share of overall global identity fraud has grown from 39% to 62% — a 59% increase. Analysts expect this trend to continue until the sector becomes more regulated.
US passport ID cards continue to be the most forged documents because they are easy to synthesize with deepfake technology and bypass monitoring systems undetected. As in previous quarters, fraud involving selfie capture represented less than 5% of attacks, repeatedly proving to deter attempts at identity fraud.
