Sumsub Launches Bank Account Verification to Combat Fraud Across Europe

Sumsub, a global identity verification and KYC compliance provider, has announced the launch of its new Bank Account Verification solution, expanding its capabilities across Europe's financial and digital ecosystems.

The new solution will meet the increasing demand of more powerful fraud prevention and regulatory compliance tools in the increasingly prolific and sophisticated digital transactions. The 2025 fraud situation is expected to develop further: the global rate of identity verification fraud has decreased somewhat to 2.2% (as compared to the previous global rates of 2.6 in 2024), but the sophistication and intricacy of attacks have risen considerably, mostly because of AI-assisted techniques.

In 2025, multi-step attacks, artificial intelligence, and deepfake technologies have become the most popular methods of fraud. Recent industry statistics indicate that complicated fraud schemes increased by about 180 percent annually, and this is one of the most significant trends in the fraud 2025-2026. These attacks are becoming more and more integrated with:

• Synthetic identities
• Fake documents
• Social engineering

Traditional verification strategies will have less impact.

The fraud of deepfakes is also one of the main concerns of digital business. Around 7 percent of all attempts at fraud, in 2024, were deepfakes, an increase that is almost fourfold over 2023. According to the 2025 report, the percentage of fraud using deepfakes and synthetically generated identities keeps increasing, although the percentage can differ by region and industry, which supports the necessity of real-time financial and identity verification solutions.

Trends of fraud regionally in the UK and Europe

There are regional statistics that point to the magnitude of the problem in Europe:

• In the United Kingdom, in 2025, the number of attempts of deepfake-related frauds grew by almost 94 percent
• In Europe, one out of every five fraud attacks now incorporates counterfeit or fabricated documents
• In 2025, 64% of European firms have experienced financial losses as a result of fraud

Sumsub specialises in KYC, AML, and fraud prevention solutions for clients across sectors including FinTech, iGaming, and e-commerce. The platform of the company assists businesses to simplify the onboarding process, adhere to regulations like PSD2 and AML/CTF and limit exposure to financial crime with intelligent identity verification and continuous monitoring.

The newly launched Bank Account Verification tool allows businesses to:

• Confirm account ownership
• Verify balances
• Review transaction histories instantly

This gives a more detailed understanding of customer financial behaviour and enhances compliance with the regulator and prevents account takeover, payment fraud, and identity-related financial abuse.

Open banking technology and unified access to data

A strategic alliance with Enable Banking will drive the solution using Open Banking infrastructure to deliver real-time and safe access to authenticated financial information. The tool can be accessed by customers in the European Economic Area (EEA) in 29 countries, allowing them to send information related to banking with secure authentication, Strong Customer Authentication (SCA) as dictated by the PSD2 requirements.

Business integration and API

Beyond its core functionality, the Bank Account Verification solution offers:

• API and SDK integration
• Encrypted data transmission
• Enhanced fraud prevention by validating bank accounts already subject to strict due diligence

The tool has various commercial applications:

• Payment check
• Responsible lending
• Age-restricted services
• Due diligence
• High-risk transactions

Discussing the release, Sumsub chief product officer Andrew Novoselsky explained that with regulatory environments becoming increasingly complex, and methods of committing fraud becoming more sophisticated, the businesses need verification that was both compliant and friction free.