London, UK – Vidos, a leading digital identity verification company, has been selected to participate in the UK Financial Conduct Authority’s (FCA) prestigious Digital Sandbox programme. This opportunity will enable Vidos to further develop its cutting-edge technology to combat authorised push payment (APP) fraud, a type of bank transfer scam that has cost UK consumers over £460 million in 2023 alone.
During its participation in the Digital Sandbox, Vidos will focus on three key areas: preventing purchase scams through strict online seller verification before authorising payments, validating transactions to ensure they reach the intended recipient, and enabling customers to only share essential personal data without compromising their privacy. These features, which utilise advanced cryptography and real-time data sharing, will provide banks with a powerful tool to combat APP fraud while safeguarding customer data.
Vidos’ platform utilises advanced cryptographic techniques, such as zero-knowledge proofs, to enable banks and payment providers to authenticate identities and transactions in real-time without exposing sensitive customer information. The platform is also seamlessly integrated with existing core payment systems, allowing for smooth identity verification during the payment process.
Tim Boeckmann, CEO of Vidos, stated, “Being a part of the FCA Digital Sandbox is an incredible opportunity for us to validate our approach in a real-world environment. APP fraud has had a devastating impact on victims, and we are committed to finding practical solutions to combat it. Our robust digital identity verification can protect individuals and businesses from scams while ensuring a seamless experience.”
To learn more about Vidos and its participation in the FCA Digital Sandbox, please visit https://vidos.id/blog/vidos-joins-fca-digital-sandbox-to-combat-app-fraud-through-digital-identity.
About Vidos
Vidos is a leading provider of enterprise-grade digital identity and credential verification solutions for financial institutions, fintechs, and other regulated businesses. The company’s platform, built on open standards such as mobile driving licenses and the upcoming EU Digital Identity Wallet, offers a single integration point for organisations to verify users, detect fraud, and comply with regulations while allowing individuals to maintain control over their personal data.
Utilising decentralised identity technology and privacy-preserving cryptography, Vidos’ platform delivers real-time, tamper-evident checks at scale. The company, founded in 2021 and based in London, is ISO 27001-certified and works closely with regulators and industry groups to advance secure digital ecosystems.
Press release distributed by https://pressat.co.uk/
