Reported by PYMNTS

The Centre for Finance, Innovation and Technology(CFIT) has formed an anti-financial crime group.

The U.K.-based group announced the effort Monday (Sept. 2), noting it had recruited several tech and finance giants to its cause, including Amazon Web Services, Mastercard,  Lloyds Bank, Revolut and Santander.

Also joining the group are regulators such as the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR), with the goal of finding new ways to protect businesses and consumers from fraud.

“Digital verification is considered a key step in mitigating economic crime,” CFIT said in a news release provided to PYMNTS. “An enhanced digital identity for businesses that can be shared and understood across institutions and sectors would help thwart fraudsters and create a more secure economy.”

The group aims to offer standardized, verified information about a business “that is interoperable with other financial systems for data cross-referencing, enhanced authenticity checks and additional fraud detection tools,” the release added. 

Meanwhile, Lloyds Bank, NatWest Bank and Monzo will work together on a proof of concept that tests the impact of a digital corporate ID, “including a reduced scope for accounts to be offered to potential criminals,” CFIT said. 

Read full report: https://www.pymnts.com/fraud-prevention/2024/cfit-teams-with-tech-banking-giants-to-fight-financial-crime/