Revolut is working with GBG to tackle the rise of online fraud and promote the safe adoption of digital services through customer onboarding solutions, including Know Your Customer (KYC) and Anti Money Laundering (AML).
Recent findings from PwC claim that 1 in 5 consumers fell victim to identity fraud in 2020, as new audiences entered the digital-first economy. Specifically, GBG’s State of Digital Identity Report found that 59% of people opened some kind of new online account in 2020, including 31% who opened a new banking account. That, combined with the fact that half of consumers have said they’re becoming increasingly cashless as a result of COVID-19 has left consumers exposed to the perils of the online fraudscape in our increasingly digital society.
Eric Wu, Fincrime Product Owner at Revolut, said: “We’re always working hard both to protect our customers and to offer an effective onboarding experience. GBG will be an important part of how we verify and onboard new customers quickly, efficiently and safely. We are pleased to be working with the team of professionals at GBG, the identity data intelligence experts are at the top of their game when it comes to digital onboarding.”
Gus Tomlinson, General Manager of Identity Fraud at GBG, said: “The internet was built without ‘identity’ in mind, but as COVID-19 has pushed swathes of consumers online, businesses have had to adapt to keep pace, while also protecting users from scammers and fraudsters who continue to take advantage of the situation. Our recent research showed that not only is identity fraud already affecting one in five consumers, the ‘trust gap’ it creates poses a risk to industries which will depend on digital trust if they are to thrive in 2021 and beyond. Over a third of consumers are more worried about fraud in banking, as a result of COVID-19 (36%).
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