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Digital IDs are the UK's best defence against financial fraud – here's why they protect national security

5 1
18.06.2025

16 June 2025, 06:59 | Updated: 16 June 2025, 14:00

By Nicole Sandler

Financial fraud makes up over 40% of all reported crime in England and Wales. This impacts every single one of us, not just those who are cheated out of their life savings or lose their businesses.

Each year, £6.8 billion is lost to the black market – money that could otherwise be spent legitimately with businesses in every corner of the UK, helping to grow our economy to the benefit of us all.

Fraud is a global issue, but its growing threat is also affecting the UK's competitiveness and ability to attract capital from abroad.

Breaches of our financial system are not just opportunistic. Some are simple, enabled by rapidly evolving AI technology that can work quickly and at scale, while others are sophisticated and coordinated.

Many are linked to organised crime and bad actors, posing a growing threat to our financial system and the UK’s national security.

Fraudsters - like any criminal - exploit weaknesses, and our digital infrastructure has plenty: outdated........

© LBC