TechUK Webinar Synopsis - Fighting Fraud: How Digital ID makes financial services safer

Chris Lewis, our head of solutions, joined a panel discussion with industry leaders on how Digital Identity can make financial services safer. You can read our synopsis below and watch the full webinar in this blog.

Hosted by techUK, Chris was joined by eminent panelists from GBG plc, One ID and Revolut.  The leading experts discussed current fraud trends, the benefits to using digital IDs and how cross industry collaboration can help in supporting the fight against fraud in financial services.

The panelists discussed a range of topics including:

• The current state of fraud
  •    Digital Identity fraud accounts for 40% of all fraudulent activities.
  •    85-90% of Synthetic IDs don’t get detected.
  •    40% of crime is fraud-related with only 1% of policing resource assigned to it.
• A robust digital ID system is required that brings together various data points to authenticate an individual's ID without the need to reveal any confidential information.
• Lessons from international countries' digital ID implementation can work as a model that works for the UK.
• Advanced technologies such as AI, Biometrics, and behavioural Biometrics are essential in preventing sophisticated fraud, but they must be coupled with educating consumers about safe practices.
  

Chris Lewis, Head of Solutions at Synectics commented: “I strongly believe that there is a need for robust systems and processes in digital ID verification that can be standardised across the board to ensure a smooth and consistent customer journey and reinforce public trust. The business case for digital ID is clear, and despite recent setbacks, I am optimistic for the future of the UK digital identity industry.”

Talk to our Digital ID experts about how you can fortify your defences with a robust and inclusive Digital ID verification solution.