Banks and tech firms team up to thwart fraud

The Centre for Finance, Innovation and Technology (CFIT) has teamed up with leading banks and technology firms to combat fraud. The coalition includes companies such as Barclays, Amazon Web Services, EY, A&O Shearman, Lloyds Bank, Mastercard, Revolut, Santander and others. The Financial Conduct Authority and the Payment Systems Regulator will also be involved. Their aim will be to develop a digital corporate ID to thwart fraudsters and create a more secure economy. Ezechi Britton MBE, CFIT CEO, says: “I am delighted that so many leading companies will be uniting to combat fraud, which can have a devastating impact on businesses and place immense stress on individuals. Their technical knowledge and expertise will empower CFIT to produce effective solutions that will protect organisations and consumers and make the UK economy more resilient.”