Last year in the UK unauthorized financial fraud losses totalled £824.8 million
EE has today (July 16) launched the Digital Identity Platform, a fraud prevention platform for its customers.
The service provides a series of checks to verify a customer’s identity in real-time.
It has been designed to tackle SIM swap fraud which happens where a customer’s phone number is transferred without the account holder’s knowledge.
This platform allows businesses to check when a customer’s SIM was last changed, which could indicate potential fraud.
For banking partners, information is then used to stop any financial transactions taking place until further identity checks are carried out.
A number of banks across the UK have used EE’s Digital Identity to protect their customers.
This platform also prevents fraudulent online account sign-ups though its ‘Know Your Customer’ product.
This product means that businesses can cross-check new customer data to ensure that customer’s identities are genuine.
UK Finance estimates that unauthorized financial fraud losses in the UK totalled £824.8 million last year.
BT consumer marketing managing director Christian Thrane said: “We are continuing to move into new sectors to help prevent even more fraudulent activity, so consumers across the UK can be confident in the safety of their online experiences.”
This article has been shared from our sister site Mobile News