Fraud now leads the way as the most common crime in England and Wales and accounts for 40% of all crimes in the UK.
At the heart of most of the fraud is fake or obscured identities. In the past, economic crime has often been characterised as victimless. People believe that it’s only banks and corporations that suffer and that they can afford to – it’s not our problem. As a result, it’s often not taken as seriously as other crimes.
Most people aren’t aware of the crimes that economic fraud funds and how it can have devasting effects on the most vulnerable people in society. The proceeds are often used for unthinkable crimes such as drug and human trafficking – the number of referrals for these crimes has increased by a third since last year.
From an economic perspective, it’s not a pretty picture either. Many corporations suffer huge financial implications as a result of economic crime which funds depraved criminal activity, meaning that a substantial portion of our country’s wealth is stolen as a result. This has a sizeable impact on the UK’s overall GDP.
As well as businesses, fraudsters are also increasingly targeting consumers. Fraud offences have increased by 25% to 4.5 million offences, the effects of which can manifest both physically and psychologically. As many as 79% of fraud victims have experienced severe emotional distress and their trust and confidence in other people have been destroyed as a result of financial scams.
OneID®’s technology is truly unique in that it can help to combat these issues and reduce online fraud, increase companies’ revenue lines and provide companies with verified data all whilst verifying identity in seconds without the need for uploads or document scanning – truly ground-breaking technology that is necessary for achieving a cohesive online environment for both businesses and consumers.
How OneID tackles fraud
OneID enables people to prove who they are online using data securely held by their bank that they can share securely through open banking technology. It can verify the identity of over 40 million adults in the UK in a few seconds and operates with a social purpose at the heart of what it does – to make the online world a safer place; for everyone.
By enabling people to identify themselves online and only interact with others that have done the same and only if they want to, OneID safeguards users and restricts the ability of criminals to commit fraud online.
Users can choose to use OneID as part of the user journey, simply by asking their bank to vouch for them. Their personal details are then authenticated by their bank.
OneID’s innovative technology can help to tackle major issues in the UK as well as protect tens of millions of UK citizens from fraud and reduce the billions of pounds that are being stolen through fraudulent activity and used to fund crimes.
Fraud is now officially the most prominent crime in the UK, costing the economy more than £130bn per year. OneID has created innovative new identity technology that can tackle this fraud epidemic.
You can find out more about OneID®, or book a call to find out how it can help your business, on the OneID® website: https://www.digiidnet.co.uk/home
Sponsored by OneID®.