Revolut and GBG expand partnership to tackle fraud from Covid

Revolut is building on its previous partnership with identity verification provider, GBG, to tackle the rise of online fraud. Specifically, GBG will help Revolut to promote the safe adoption of digital services through customer onboarding solutions, including Know Your Customer (KYC) and Anti Money Laundering (AML), writes Douglas Blakey 

Sobering stats from PwC reveal that 1 in 5 consumers fell victim to identity fraud in 2020, as new audiences entered the digital-first economy. Moreover, 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.

The pandemic has undoubtedly accelerated the digital economy and at the same time, coincides with more and more consumers becoming cashless. But this progress comes at the risk of consumers being exposed to the perils of the online fraudscape.

Since its launch in 2015, Revolut has implemented solutions to better manage financial crime and threats to its customer accounts, and Revolut is looking forward to also working with GBG to further develop its processes for KYC and AML checks.

Revolut deploys GBG’s ID3Global technology

Revolut is looking to amplify its onboarding solution and has chosen to deploy GBG’s ID3Global technology. GBG says that this references external data sets and leverages the power of automation technologies to provide an accurate, smooth customer journey.

GBG understands that to successfully onboard customers, organisations need a combination of the best data, tech, and people to provide solutions to complex problems, and do so in a way which promotes trust.

GBG 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.

GBG ID3Global enables customers to remain compliant by enabling them to select only the data they need access to, limiting data exposure and upholding GDPR requirements for their customers.

Onboarding with minimum friction

GBG’s Global Identity Engine (GIDE) technology automatically recognises and reaches out to external data sources for verification across these points, all of which happens instantaneously and – for the end user – seamlessly, ultimately allowing Revolut to onboard customers with as little friction as possible, or direct customers to an alternative journey, should more information be required.

Eric Wu, Fincrime Product Owner at Revolut, says: “We’re always working hard both to protect our customers and to offer an effective onboarding experience. GBG will be an important part of how we verify and onboard new customers quickly, efficiently and safely.

“We are pleased to be working with the team of professionals at GBG, the identity data intelligence experts are at the top of their game when it comes to digital onboarding.”

Gus Tomlinson, General Manager of Identity Fraud at GBG, tells Electronic Payments International: “The internet was built without 'identity' in mind, but as Covid has pushed swathes of consumers online, businesses have had to adapt to keep pace, while also protecting users from scammers and fraudsters who continue to take advantage of the situation. Our recent research showed that not only is identity fraud already affecting one in five consumers, the 'trust gap' it creates poses a risk to industries which will depend on digital trust if they are to thrive in 2021 and beyond. Over a third of consumers are more worried about fraud in banking, as a result of COVID-19 (36%).

“That’s why we’re thrilled to be working more closely with Revolut – one of the world’s largest challenger names – to make finance accessible and enjoyable for consumers, without compromising on security and safety. Working with such a trusted brand is key in rolling out anti-fraud solutions, and we’re honoured they’ve chosen GBG to help them provide these solutions across their back-end. We look forward to growing the partnership moving as people increasingly move toward a digitally-led way of living.”