The future of fraud and digital identity verification in the UK.
In the UK, fraud is rampant, accounting for 40% of all crime, with a massive 80% occurring online and costing nearly £3 billion yearly. Failures in document checks and less secure identity verification methods contribute to this vulnerability. Criminals exploit the country’s rapid adoption of technology, making fraud a substantial threat.
Fraudsters use advanced technology and psychological tactics, leveraging online anonymity to evade detection. Law enforcement’s limited resources—only 1% dedicated to combating this crime—pose challenges in tracing and arresting fraudsters, aided by the internet’s anonymity.
To combat this, the UK proposes a National Fraud Squad, more investigators, and tougher penalties. Yet, beyond tech, setting standards for authentication and building trust chains is vital. Collaboration with tech is crucial for customer protection, better reporting, and taking down fraudulent online platforms. Clear regulations and standards are crucial for a safer digital landscape.
Watch our panel discussion as our expert speakers provide insights into the current situation around fraud in the UK, how fraudsters are carrying out their nefarious activities at scale, and how tech and other measures can effectively help fight fraud.
- Reasons and root causes for identity fraud in the UK
- UK Fraud Strategy - limitations and possibilities
- The role of KYC and identity verification in fraud prevention efforts
|Francisco Martins, Regional Senior Sales Manager New Business at IDnow
|Paul Stratton, Founder and Lead Trainer at The Fraud Nerd
|Philipp Mind, Director Digital Technology and Innovation at UK Finance
|Tony Sales, Chief Product Officer at We Fight Fraud