Digital verification infrastructure is critical to invest in and deploy or the UK’s position as a prosperous digital and financial hub looks to be overtaken. Delays to install a digital verification system that is government approved and aligned with the appropriate framework could negate the immediate benefits for the economy.
Rather than deliver the reduction in millions lost to fraud and optimise all services, the UK will lose billions that would be generated or saved by implementing the system.
Enterprises and customers will be more exposed to fraud as AI advances without a digital verifications system planned to roll out en masse. The warning came from a study released by EY and the City of London Corporation. The EU and US have national digital ID frameworks; the UK has the Digital Identity and Attributes Trust Framework and Data Bill, however, the government is urged to implement a new regulation and digital ID system as soon as possible or risk falling behind.
