Sumsub Joins FDATA to Shape North American Open Finance Security

Event summary

  • Sumsub, a verification and fraud prevention firm, joined the Financial Data and Technology Association (FDATA) on February 5, 2026.
  • FDATA represents over 30 fintech companies and data access platforms in the US and Canada.
  • Sumsub reports a 180% increase in sophisticated fraud last year.
  • Sumsub will participate in FDATA's U.S. Policy, Canada, and Write-Access Working Groups.

The big picture

The partnership underscores the growing importance of robust identity verification and fraud prevention in the accelerating North American open finance market. Regulatory scrutiny surrounding data access and consumer protection, particularly from the CFPB, is creating a demand for secure and compliant solutions. Sumsub's involvement in FDATA positions it to influence these standards and capitalize on the expanding market for verification services.

What we're watching

Regulatory Headwinds
The influence of CFPB Section 1033 and other data portability initiatives on Sumsub's strategy warrants close monitoring, as these frameworks will dictate the scope of permissible data access and verification requirements.
Competitive Landscape
Increased collaboration within FDATA may intensify competition among verification providers, requiring Sumsub to demonstrate continued differentiation in its adaptive, no-code platform.
Fraud Evolution
The 180% rise in sophisticated fraud cited by Sumsub suggests that the company's fraud prevention capabilities will need to continually evolve to stay ahead of emerging threats within the open finance ecosystem.