Revolut Expands Partnership with GBG to Tackle Fraud from COVID-19

Revolut, a British financial technology firm, announced that it is building on its previous partnership with global specialist in identity data intelligence, GB Group plc (GBG), as the category leaders work together to tackle the rise of online fraud and promote the safe adoption of digital services through customer onboarding solutions, including Know Your Customer (KYC) and Anti Money Laundering (AML).

Recent findings from PwC claim that 1 in 5 consumers fell victim to identity fraud in 2020, as new audiences entered the digital-first economy. Specifically, GBG's State of Digital Identity Report found that 59% of people opened some kind of new online account in 2020, including 31% who opened a new banking account. That, combined with the fact that half of consumers have said they're becoming increasingly cashless as a result of COVID-19, has left consumers exposed to the perils of the online fraudscape in our increasingly digital society.

Revolut has implemented solutions to better manage financial crime and threats to its customer accounts, and now Revolut is looking forward to also working with GBG to further develop its processes for KYC and AML checks. 

GBG is a leader in identity verification. Its ID3Global technology lends itself to regulatory adherence globally, references external data sets and leverages the power of automation technologies to provide an accurate, smooth customer journey. The company is the trusted strategic partner for 20,000 businesses globally, looking to transition into an era of digital acceleration, supporting fintechs and financial services businesses with onboarding and verifying new customers at the outset, and ensuring safety and security, without compromising UX.