Tech firms urged to help fight fraud

The City of London Corporation is asking tech firms to help it support the development of digital verification services to help financial institutions continue to fight fraud. The digital verification service is intended to be a voluntary system that will securely connect financial institutions with identity providers. Individuals would verify their identity once with a trusted provider, and then multiple financial institutions could use that verification.

The “verification orchestrator” will be a crucial player in detecting and preventing fraud – and if a fraud is flagged on the network, the system will flag it to other firms.

Firms have been asked to give their input by 14 May.