News

Sumsub enters the Mastercard Engage Partner Program

Wednesday 5 June 2024 14:51 CET | News

Global full-cycle verification platform Sumsub has announced that it entered the Mastercard Engage Partner Program to mitigate fraudulent activities. 

By joining the Mastercard Engage Partner Program as a technological partner, Sumsub intends to focus on Digital First solutions and provide its full suite of verification and anti-fraud services. Through this, the company aims to secure customers’ onboarding and ongoing compliance journey. In addition, Sumsub plans to improve and accelerate customer onboarding processes, eliminate fraud risks, and facilitate trust, ultimately working towards supporting growth by enhancing the digital experience for end-users.

Sumsub has announced that it entered the Mastercard Engage Partner Program to mitigate fraudulent activities.

The Mastercard Engage Partner Program focuses on simplifying how partners develop, launch, and grow payment solutions for Mastercard’s global network of customers and speed up the time to market for products and services. Also, the program intends to allow simplified payment experiences for customers.

More information on the announcement

As part of the Mastercard Engage Partner Program, Sumsub is set to provide Know Your Customer (KYC) products to Mastercard customers implementing Digital First solutions, with them focusing on ensuring secure and compliant onboarding experiences. Moreover, these solutions plan to provide the ability to track and monitor the ensuing user journey, suppressing illicit activity during sign-up until transaction completion. The decision to join the program can be attributed to the company’s commitment to mitigate fraud, which currently is on the rise and requires reliable transaction monitoring and payment screening tools.

Furthermore, Sumsub’s platform integrates capabilities such as chargeback prevention and fraud detection, allowing companies to remove the risks associated with fraudulent activities and unauthorised transactions. Representatives from Sumsub expressed their enthusiasm over their company’s move to join the Mastercard Engage Partner Program. Considering the importance for companies to offer their partners the necessary tools to protect their customers and business, whilst enhancing the user experience, they need continuous fraud prevention measures that go beyond the user onboarding phase. Sumsub underlined its commitment to simplifying and facilitating the verification process for fintech businesses and ensuring a high level of compliance through its solutions.

The current announcement follows Sumsub’s collaboration with Bitget, with the latter planning to upgrade AI-enabled KYC verification tools to mitigate rampant deep fake crimes. As part of their partnership, the two companies were set to secure Bitget’s users globally with an increased accuracy rate in the process of identifying and combating deep fake scams.

More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: online security, fraud management, fraud detection, online fraud, cybersecurity, KYC
Categories: Fraud & Financial Crime
Companies: Mastercard, Sumsub
Countries: World
This article is part of category

Fraud & Financial Crime

Mastercard

|

Sumsub

|
Discover all the Company news on Mastercard and other articles related to Mastercard in The Paypers News, Reports, and insights on the payments and fintech industry: