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CFIT launches coalition to fight economic crime through verification

CFIT launches coalition to fight economic crime through verification

The UK Centre for Finance, Innovation and Technology (CFIT) has put together an industry coalition to fight economic crime through enhanced verification.

Made up of players from finance, technology, policy and academia, the coalition will work on devising solutions for detecting fraud, protecting SMEs and bolstering defences against crime such as APP fraud, which cost the UK nearly half a billion pounds in 2023.

Participants will carry out research and testing on technology to verify the legitimacy and identity of businesses interacting with financial services.

CFIT says that the work will also enable banks and the fintech community who provide financial services to these groups to generate efficiency savings, reduce their liability, and optimise customer journeys.

Ezechi Britton, CEO, CFIT, says: "Economic crime is a major threat to the UK’s financial security, and it can have a profoundly distressing impact on consumers and businesses.

"At CFIT, we are committed to addressing this and making the financial services industry more robust by uniting the best minds across the sector and beyond to combat this pressing issue. This will be achieved through verifying UK businesses to fight economic crime."

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