Papaya Global Launches Fraud Prevention Pact With Sumsub
Payroll and payments platform Papaya Global has launched a partnership with verification and compliance solutions provider Sumsub.
The collaboration will see Sumsub offer Papaya artificial intelligence (AI)-powered fraud prevention and verification solutions, helping ensure compliant payment transfers for companies and their workers, according to a Wednesday (March 5) news release.
“When you enable global workforce payments, as we do at Papaya, thorough compliance and security is a top priority,” Amit Levi, senior vice president of product at Papaya Global, said in the release.
“Anything less than that simply isn’t acceptable when serving enterprise clients. With Sumsub, we can take our compliance engine to the next level and deliver at scale, supporting our clients and their employees.”
“Partnering with Papaya Global is yet another big milestone for Sumsub in our mission to create a safe, accessible and people-friendly digital future,” said Sumsub Co-founder and Chief Executive Andrew Sever.
“By providing seamless onboarding and compliant verification for users and businesses, we are supporting Papaya Global in its goal to make global payments fast, secure, and efficient.”
In other fraud prevention news, PYMNTS wrote Wednesday about efforts to tackle scams in light of the recent PYMNTS Intelligence report “The Impact of Financial Scams on Consumers’ Finances and Banking Habits.”
Research from that report found that two types of scams cause more financial damage than average: investment scams (median loss of $1,104) and romance scams ($1,996). Romance scams also string their victims along for an average of 3.6 transactions, which is nearly double the number for other types.
In an interview with PYMNTS, Featurespace founder David Excell and Gasan Awad, senior vice president of enterprise fraud product management at PNC, said successful defenses depend on a few different tactics.
These include pattern recognition, expanding the channels by which banks communicate to keep on top of emerging attack vectors, and educating customers. The right data, rendered in real time and studied with behavioral analytics, can pull a payment just as the request is being made, making sure all stakeholders are protected.
“[Scammers] have an ROI in mind — and they’re doing segment testing, trying to find out what’s most effective, where the weak links are in the institutions, and where they can attack,” Awad said. “There’s an evolution, and we need to be more on the offensive than the defensive that we have been.”
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