ID-Pal joins The Payments Association to lead the fight against AI-fraud in the payments industry
ID-Pal, a leading provider of AI-powered identity verification solutions, today announced its membership with The Payments Association, an influential community of industry leaders and innovators committed to shaping the future of payments. This partnership highlights the commitment of both organisations to enhance security and foster innovation within the payments industry.
The move comes as Deloitte’s Center for Financial Services warns that fraud losses driven by generative AI could reach $40 billion in the US alone by 2027. The rising sophistication of AI-generated deepfake images and videos poses an increasing risk to the payments industry, making advanced fraud detection more critical than ever.
By joining The Payments Association, which boasts over 230 corporate members and engages more than 12,000 professionals, ID-Pal will contribute its expertise to drive innovation and best practices across the payments value chain. This collaboration also allows ID-Pal to engage even further with policymakers and senior industry leaders, enhancing its role in advocating for effective protections against fraud.
As a member, ID-Pal will participate in dedicated working groups to drive meaningful change, contribute to industry-shaping initiatives, and expand its professional network. This engagement further positions ID-Pal as a thought leader in fraud prevention, particularly in combating AI-fraud.
ID-Pal’s reputation as a trusted partner in the identity verification market was recently affirmed when it was selected by the Irish Department of Justice to modernise the country’s digital immigration renewal system, ensuring fast, compliant, and fraud-proof identity verification processes.
The AI-driven identity verification platform supports enterprises across the payments space in combatting the rising threat of deepfakes, synthetic identities and identity fraud.
Tony Craddock, director general at The Payments Association, commented: “I am delighted to welcome ID-Pal into the Payments Association, the premier network of payment firms globally. Their innovative use of AI in identity verification is perfectly aligned with our initiatives and the upcoming policy changes encouraged by the new Data (Use and Access) Bill. I look forward to our collaboration to further solidify these advancements and I am confident that ID-Pal will greatly benefit from and contribute to our collective efforts.”
Sara West, commercial director at ID-Pal, added: “Joining The Payments Association allows us to extend our expertise to the payments industry, helping organisations detect deepfakes, prevent fraud, and build trust in the digital economy. As a long-time supporter and past member, I have seen first-hand the immense value The Payments Association brings at every level.”
“We are thrilled to join at such a pivotal moment in ID-Pal’s journey – to educate on the critical importance of data security, privacy preservation, and the latest in AI-driven fraud detection. With The Payments Association’s support, we look forward to driving awareness around how ID-Pal delivers the highest standards of identity verification while ensuring zero access to end-user data. In an era where data privacy is paramount, our technology proves that security and compliance don’t have to come at the cost of user experience. Our vision aligns perfectly with The Payments Association’s goals, focusing on enhancing security and customer trust at the heart of the sector.”
This membership enables ID-Pal to enhance its role in shaping industry best practices and engaging in critical dialogues with policymakers and industry leaders, thereby promoting a safer and more secure financial environment for all.