ID-Pal joins The Payments Association to combat AI fraud

This strategic move underscores ID-Pal’s commitment to improving security, preventing fraud, and fostering innovation across the payments ecosystem.

The rise of generative AI has led to increasingly sophisticated fraud techniques, including deepfake images and synthetic identities. According to Deloitte’s Center for Financial Services, fraud losses driven by generative AI could reach USD 40 billion in the US alone by 2027. As cybercriminals leverage AI to bypass traditional security measures, the payments industry faces mounting challenges in detecting fraudulent activities.

By joining The Payments Association, ID-Pal aims to strengthen industry-wide efforts in combating AI-powered fraud through its identity verification technology. The company’s AI-driven platform enables businesses to verify customer identities securely while ensuring compliance with evolving regulatory requirements.

Collaboration with industry players and policymakers

The Payments Association, which has over 230 corporate members and a network of more than 12,000 professionals, provides ID-Pal with an opportunity to collaborate with industry leaders, policymakers, and regulatory bodies. As a member, ID-Pal will contribute to working groups focused on fraud prevention, data security, and regulatory compliance, shaping best practices and influencing industry-wide standards.

ID-Pal’s participation in industry initiatives will help drive innovation and reinforce the importance of secure identity verification processes within the payments sector.

Improving digital identity verification for the public sector

ID-Pal’s expertise in identity verification was recently recognised by the Irish Department of Justice, which selected the company to modernise Ireland’s digital immigration renewal system. By providing a secure and compliant verification process, ID-Pal is playing a critical role in strengthening identity authentication in both the public and private sectors.

As digital transactions continue to rise, ensuring trust and security in the payments ecosystem has never been more important. ID-Pal’s membership in The Payments Association reinforces its dedication to delivering fraud prevention solutions while advocating for stronger industry protections against AI-driven fraud.

By actively engaging with key stakeholders, ID-Pal is well-positioned to influence policy, promote secure identity verification standards, and contribute to a safer financial landscape for businesses and consumers alike.