UK government figures put a value of £149 billion a year on the country’s digital economy. Extensive World Economic Forum research has found that 70% of new value created over the next decade will be based on digitally enabled business models. We have a sneaky feeling that figure might just be revised upwards sooner rather than later as well.
The COVID-19 pandemic have forced businesses to transform how they operate almost overnight, driving extraordinary demand for digital service providers and a need for increased interconnection.
Organisations that lack a robust digital foundation have struggled with this rapid shift in demand and governments are not immune from this either; it’s not just private enterprises who need to plan to make it quicker and easier for people to verify themselves using modern technology, creating a process as trusted as using passports.
Government welfare spending (social security benefits, tax credits and more) in the UK alone is well north of £200 billion a year so the spoils to fraudsters are huge. Crypto scammers tend to attract the big headlines but through 2020 a total of less than £2 billion globally is estimated to have been defrauded from their virtual currencies’ rightful owners. Compare and contrast that with the UK government’s own figures for estimated fraud against them.
In 2019-20 the government’s benefit fraud figure was £2.3 billion (1.2%) for benefits administered by the Department of Work and Pensions. The tax credit system, administered by HMRC, has combined error and fraud figures (net over-payment) for 2015-16 of £1.35 billion or 4.8% of finalised tax credit entitlement. These are big numbers and who really knows what the total amount of cumulative fraud perpetrated against governments globally REALLY is? It has to be untold billions.
Digital identity solutions allow people to prove who they are, how old they are and where they live. Implemented properly, they are set to revolutionise not only transactions in the private sector (such as buying a house – when people are often required to prove their identity multiple times to a bank, conveyancer or estate agent) but also in the public, government, sector. Things will be made more difficult for the bad actors and TMT Analysis is playing an important role in this revolution, helping organisations protect both their own interests but those of their customers and citizens.
We gather data from over 80 countries worldwide every day and store the status of over 2.5 billion numbers. This data, together with our interconnections with the leading operators in the mobile industry, gives a wide range of intelligence on the status and history of a number in a fraction of a second.
TMT Analysis is the leading provider of global mobile numbering intelligence and our data powers many of the world’s leading identity providers, financial services organisations and indeed Business SMS messaging companies, delivering actionable insights that enhance and protect every stage of the customer experience.
Establishing trust online is absolutely essential if we are to unleash the future potential of our digital economies globally and it is imperative that stakeholders across the ecosystem work together to eliminate fraud in all sectors. No one organisation can ever profess to intend achieving this goal on its own with a magic, ‘silver bullet’ type solution but let’s just say that TMT Analysis is absolutely doing its bit towards attaining this goal.
Speak to us today about how TMT Analysis can help your business email@example.com