Sumsub brings KYC solution to Mastercard partner program

Rick Steves

“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.”

bitcoin, dollars and mastercard

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.

Read this next

Retail FX

Weekly Roundup: eToro links up with Elon Musk, US crackdown on Russian FX

Let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage. This week’s digest takes a deep dive into the most recent events and trends within the Forex, Fintech, and cryptocurrency.

blockdag

Must-Watch Top 5 Crypto Picks for Q2 2024 Featuring BlockDAG, Toncoin, Solana and More

Dive into BlockDAG’s meteoric rise and explore other promising altcoins like Pepe, Toncoin, Solana, and Render for superior returns.

Retail FX

Clone of Admiral Markets draws FCA attention

The United Kingdom’s financial markets watchdog today unmasked another fraudulent entity, this time bringing to light a clone firm that has been posing as FCA-‎authorised brand, Admiral Markets UK Ltd.

Digital Assets

Gemini Earn users to recover $2.18 billion in crypto payouts

Cryptocurrency exchange Gemini has agreed to pay $50 million worth of digital assets to investors in its Gemini Earn program as part of a settlement with the New York Attorney General (NYAG), announced on Friday.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: British Pound (GBP) Weakness, US Inflation, Euro, USD June 14 ,2024

British Pound weakens due to lower inflation expectations, potential policy changes from Reform Party, and broader economic concerns.

blockdag

Q2 2024’s Top 5 Cryptos to Buy: BlockDAG, Pepe, Toncoin, Solana and Render

Learn about 2024’s Q2 top 5 cryptos. Explore potential high-return and advancements of altcoins like BlockDAG, Pepe, Toncoin, Solana, and Render.

Fundamental Analysis, Tech and Fundamental, Technical Analysis

GBPCAD Technical Analysis Report 14 June, 2024

GBPCAD currency pair can be expected to fall further toward the next support level 1.7250, former strong resistance from last year.

Digital Assets

Binance acquitted of tax evasion in Nigeria, now faces AML charges

Nigeria has dropped tax evasion charges against two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, after the world’s largest cryptocurrency exchange appointed a local representative to handle court processes related to the allegations.

Digital Assets

Trezor launches new hardware wallet ‘Safe 5’ with fresh security features

Crypto hardware wallet manufacturer Trezor announced on Friday the launch of its latest flagship product, the Trezor Safe 5, featuring upgraded security to promote self-custody of digital assets.

<