The UK Centre for Finance, Innovation and Technology (CFIT) has formed an industry coalition aimed at combating economic crime through improved verification practices.
This coalition includes representatives from finance, technology, policy, and academia, and will focus on developing solutions to detect fraud, protect small and medium-sized enterprises (SMEs), and strengthen defenses against crimes such as Authorised Push Payment (APP) fraud, which cost the UK nearly half a billion pounds in 2023.
Participants in the coalition will conduct research and testing on technologies to confirm the legitimacy and identity of businesses that engage with financial services. CFIT highlights that this initiative will also assist banks and fintech companies in providing financial services to these businesses, helping them achieve efficiency savings, reduce liability, and enhance customer experiences.
Ezechi Britton, CEO of CFIT, stated, “Economic crime poses a significant threat to the UK’s financial security and can have a deeply distressing impact on both consumers and businesses. At CFIT, we are dedicated to addressing this issue and strengthening the financial services sector by bringing together the brightest minds across various fields to combat this urgent challenge. We will do this by verifying UK businesses to help fight economic crime.”