Onyx Fraud is rife online Online fraud aggregated 10bn in 2017 - PowerPoint PPT Presentation

Aug 09, 2023 •110 likes •276 views

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

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 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.
The problem Financial system Customers Banks Online fraud Online security is often Banks invest heavily in epidemic a poor user experience verifying identity $ • Identity theft ?? ?? • Advance fee fraud • Credit card fraud • Fake website scams Online transaction GBP15.4bn UK Online card payments 2017 – UK Finance
Trusted Digital Identity $ 71% of UK adult population banks online (38m people) Online transaction Bank Issued Digital Certificates
Who am I transacting with?
Clients request proof of identity
Banks issue Digital Certificates CA
Exchange identity CA
Verify certificate CA
Successful authentication CA
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
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
Benefits of Digital Certificates Financial system Customers Banks Online fraud is Online security is often Seamless online user Banks make a return on Banks invest heavily in Online fraud is reduced epidemic a poor user experience experience their investment in KYC verifying identity $ • Identity verified • Proactive approach • Increase security • Proven technology • Removal of passwords • Can implement today • Monetization of KYC Online transaction Onyx (Bank Issued Digital Certificates)
Collaborating to make the web safer
Try me: http://bit.ly/onyxme Onyx Securing our digital world

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