This post was originally published on The FinTech Times
In a concerted effort to crack down on economic crime, some of the biggest names in finance and technology have joined forces under a new coalition led by the Centre for Finance, Innovation and Technology (CFIT).
This initiative, which first came to light in June, is focused on developing advanced digital verification systems to safeguard businesses and consumers from the rising threat of fraud.
Among the companies now participating are Amazon Web Services (AWS), Barclays, HSBC, Mastercard and Revolut. Key regulators, including the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR), have joined the coalition, signalling its wide-ranging influence and ambition.
CFIT action
The coalition aims to develop a standardised digital identity system for implementation across the financial sector, with the goal of significantly reducing fraud, especially in the increasingly sophisticated realm of online transactions. The urgency of this initiative is underscored by the staggering £1.2billion lost to economic crime in the UK last year, with a large proportion attributed to authorised push payment (APP) fraud.
CFIT’s coalition will conduct research and testing over the coming months, focusing on making digital verification more robust and interoperable across different financial institutions. It plans to publish the findings and recommendations in a comprehensive report by
— Read the rest of this post, which was originally published on The FinTech Times.
