The City of London Corporation, through its digital verification initiative, is calling on tech firms to input into a blueprint to support the development of digital verification services that will lead the financial sector’s fightback against fraud and protect consumers.

The digital verification service is proposed as a voluntary system that securely connects identity providers with other financial services businesses requiring identity checks.

Under the proposed model, individuals would verify their identity once with a trusted provider. That verification could then be securely reused by other financial services organisations who would support secure data transmission to confirm their identity via the orchestrator, reducing the duplication and administrative burden for firms and consumers.

Once implemented, the verification orchestrator will play a crucial role in detecting and preventing fraud, including by leveraging cryptographically verified identities. Once suspected fraud is flagged on the network, the system will flag this to other firms, limiting fraudsters entry points into the financial system.