To offer an alternative & combat identity fraud
Most people in the UK use either a Passport or a Driving Licence for a valid proof of identity and/or age documentation. They however are not safe for everyday use and nightlife purposes as they have all the information that fraudsters would need to steal one’s identity and start setting up accounts in their name.
Fraudsters only need a few key bits of information to pose as you to take out a loan, mobile contract, credit card or current account with an overdraft facility. If they get hold of your driving licence, they could pretend to be you for up to 10 YEARS because your licence number is never cancelled, rather, if lost or stolen, it is simply replicated. Many bank accounts are now also opened online rather than in a physical branch, and only electronic checks are made to verify applicants.
- A staggering 400,000 British passports are reported lost or stolen each year.
- There were 189K identity fraud cases in the UK in 2018/19.
- A cost of £19M is wasted on replacing lost & stolen Driving Licenses.
With fraud and cyber-crime cases on the rise, protecting one’s identity is undoubtedly of increasing, utmost importance.
To tackle contactless card fraud
We make around 700 million contactless card transactions in the UK, with contactless payments now the most convenient way to ease queue stress. Just in the last year spending soared to above £52billion! However, around £108 million is said to be lost to fraud.
- Card fraud slightly decreased in 2019, falling to £94.8 million.
- The number of incidents increased by 6% during the same period.
- Fraudsters are stealing money from contactless payment cards at the rate of almost £27 every minute.
The problem is that bank & credit cards only display the cardholder’s gender so anyone of the same gender can commit fraud using a stolen payment card without any issue.