CFIT Forms Industry Coalition to Combat Economic Crime With Advanced Verification Solutions

The Centre for Finance, Innovation and Technology (CFIT) has announced a new coalition aimed at tackling economic crime, which cost the UK nearly £1.2 billion in 2023. This initiative will unite experts from finance, technology, and policy to combat rising threats like Authorized Push Payment (APP) fraud, which accounted for £459.7 million in losses. By enhancing verification processes and leveraging data-driven research, the coalition aims to protect SMEs, streamline financial services, and strengthen the UK's economic resilience.
 

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