Push Payment Fraud in the UK.
UK Finance recently revealed that push payment fraud losses totaled a staggering £455.8 million in 2019.
Risk Mitigation in the UK.
Confirmation of Payee (CoP) has been recently implemented in the UK. CoP enables consumers to see whether the name of the person they think they're paying matches the actual name on the account, making it hard for fraudsters to pose as someone else and trick unwitting individuals into sending them money. The problem is, for CoP to work, it requires both the sender and recipient banks to have implemented it. Still, a fraudster may send a push payment via fake invoice advising that they had changed their banking details, yet there is a slight tweak to the format of the company name and the provided routing code. Therefore we need a solution to discard a fake invoice.
General Problem of Identity Fraud.
If you want to collect money from others over the Internet – how do you prove who you are, what business you are in, and what is your bank account number?
You can ask your own Bank to provide you with an appropriate attestation later and send it to your customers, but this does not solve the problem since any letter can be easily forged. We need to verify the authenticity of this letter in real-time in such a way that, we will be able, simultaneously, to:
1. validate your Name or Business Name,
2. validate your Bank Account Number,
3. validate your Internet Presence (e.g. your Email address).
Thus, 3-factor real-time, identification to be achieved. But 3-factor identification alone is not enough: we need to ensure that the content of the attestation later will not be altered by the fraudsters after it was validated for the first time. From a practical point of view, we also need this "proof" to be reproducible anywhere on the Internet: on Social Media, in Email, in Instant Messaging app., on the Website, or as part of the invoice.
Our Solution-Using Sentrycs Data Software-as-a-Service (SaaS) for Real-Time Identity Verification.
Sentrycs Data SaaS is designed to enable Trusted Content Distribution over the Internet. This is how it works: the payee, willing to verify his identity online, is requested to digitally sign the Bank Attestation Letter and to upload it to Sentrycs Data SaaS. This SaaS provides the URL link of the signed file. The payee shares the URL link using any way he/she likes. The payer opens the link in the browser on any endpoint device. The browser displays the time-stamped digital certificate of the payee and then opens the Bank Attestation Letter image: validating simultaneously Name, Account #, and Email. For example https://saas.id-bound.com/z1/2_2482 . This link can be used as a real-time identity verification construct.
Comments