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Fraud is rife online
Online fraud aggregated £10bn in 2017 Fraud costs are increasing, due to technology sophistication Internet provides unrestricted access to a larger pool of potential victims
Onyx Fraud is rife online Online fraud aggregated 10bn in 2017 - - PowerPoint PPT Presentation
Onyx Fraud is rife online Online fraud aggregated 10bn in 2017 - - PowerPoint PPT Presentation
Onyx Fraud is rife online Online fraud aggregated 10bn in 2017 Fraud costs are increasing, due to technology sophistication Internet provides unrestricted access to a larger pool of potential victims Banks should arm themselves with
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“Banks should arm themselves with better technology to tackle crime such as phishing and identity theft, now the most widespread fraud risks being faced” Megan Butler, the FCA's executive director of supervision.
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The problem
Online fraud epidemic Banks invest heavily in verifying identity Online security is often a poor user experience Financial system Customers Banks ?? ??
- Identity theft
- Advance fee fraud
- Credit card fraud
- Fake website scams
GBP15.4bn UK Online card payments 2017 – UK Finance
$
Online transaction
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Trusted Digital Identity
$
Online transaction
Bank Issued Digital Certificates
71% of UK adult population banks online (38m people)
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Who am I transacting with?
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Clients request proof of identity
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Banks issue Digital Certificates
CA
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Exchange identity
CA
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Verify certificate
CA
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Successful authentication
CA
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Vision for the Future
- Blockchain is coming
– Digital certificates will be fundamental to enable adoption – A first step towards self-sovereign identity
- Opportunity for banks to drive the digital
identity agenda in UK
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- 1. Certificate issuance journey
- 2. Frictionless login journey
- 3. Certificates used in enterprise
blockchains
available in all OS, Browsers and Smart Phones.
Try it at http://bit.ly/onyxme
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Benefits of Digital Certificates
Online fraud is epidemic Banks invest heavily in verifying identity Online security is often a poor user experience Onyx (Bank Issued Digital Certificates) Financial system Customers Banks Online fraud is reduced Banks make a return on their investment in KYC Seamless online user experience
- Identity verified
- Increase security
- Removal of passwords
- Monetization of KYC
$
Online transaction
- Proactive approach
- Proven technology
- Can implement today
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Collaborating to make the web safer
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Onyx
Securing our digital world