The Centre for Finance, Innovation and Technology (CFIT) has revealed the banks, financial institutions and technology companies that are participating in its second industry coalition focused on tackling economic crime with enhanced verification.
Barclays, Santander, Lloyds Bank, Mastercard, HSBC and Revolut are among the banks that have confirmed their participation in the ‘Fighting Economic Crime Through Enhanced Verification’ coalition, alongside regulators the Financial Conduct Authority and Payment Systems Regulator.
The other companies taking part in the CFIT-led coalition are Amazon Web Services (AWS), A&O Shearman, CRIF, Dun & Bradstreet, Ernst & Young, Experian, GLEIF, LexisNexis Risk Solutions and Yoti.
The coalition, which launched in June this year, will work together on data-driven research and solutions with the intention of making digital verification a reality in the UK.
The work will be informed by Lloyds Bank, NatWest and Monzo, with those organisations collaborating to deliver a proof of concept that tests the impact of a digital corporate ID, including a reduced scope for accounts to be offered to potential criminals.
The final blueprint report with recommendations for how UK institutions could implement a digital verification solution is expected to be delivered in March 2025.
CFIT chief executive officer Ezechi Britton
Ezechi Britton MBE, CFIT’s chief executive officer, said: “I am delighted that so many leading companies will be uniting to combat fraud, which can have a devastating impact on businesses and place immense stress on individuals.
“Their technical knowledge and expertise will empower CFIT to produce effective solutions that will protect organisations and consumers and make the UK economy more resilient. We look forward to supporting the new Labour government in delivering on its manifesto pledge to combat economic crime and drive economic growth.”
CFIT’s first coalition focused on Open Finance and delivered its blueprint report in February, which identified commercially viable approaches to incentivise businesses to securely share their financial data to the benefit of businesses and consumers.
Elyn Corfield, Lloyds Banking Group chief executive officer, business and commercial banking, said: “We are eager participants in the new CFIT coalition, and I am delighted to see that fraud mitigation lies at the heart of its work.
“At Lloyds we recognise that digital verification has the potential to help protect businesses and consumers, and the important work to drive down fraud can only be tackled through cross-industry collaboration.”
In October 2023, Lloyds Bank-backed Yoti launched a digital identity app with the bank, called ‘Lloyds Bank Smart ID’.
Yoti’s chief executive officer Robin Tombs
“Economic growth and free trade is hampered by insufficient consumer or business digital identity processes,” Robin Tombs, chief executive officer of Yoti added.
“The work that CFIT is leading will help to address this key issue and Yoti will support this in all respects. We look forward to the new Government taking forward this vital reform agenda as part of its drive for greater economic growth.”
According to Sam Edge, AWS global head of fintech for startups, fraud makes up 40% of all crime in the UK.
“Given the pivotal role of digital commerce in the growth of the UK economy, fraud must be effectively countered with industry-led solutions,” Edge said.
“AWS is committed to delivering, together with the coalition, workable remedies that counter fraud and enable businesses and consumers to trade safely and with confidence.
CFIT’s Ezechi Britton is speaking at Open Banking Expo UK & Europe on 15-16 October in London, where he will be delivering a keynote on Day One of the Open Finance Show. Find out more about the agenda and speaker line-up here.
