Latest news with #Credas
Finextra
09-07-2025
- Business
- Finextra
Credas debuts compliance wallet
Credas Technologies, the UK leader in identity verification, will launch the country's first compliance wallet – a reusable compliance solution designed to reduce friction in the homebuying process, eliminate repeat compliance checks, and combat rising fraud risks across regulated sectors. 0 Designed for use across all regulated sectors, the wallet will initially launch in the property market, where repeat checks are a persistent challenge. Each compliance wallet carries not just a verified identity but a complete compliance profile - including PEPs and sanctions screening, AML checks, digital address verification and ongoing monitoring - enabling faster, trusted onboarding with minimal friction that can be shared at the click of a button. The wallet marks a major step forward for the UK's digital identity ecosystem. Disrupting the entire ID space, it will revolutionalise onboarding processes, breaking previous bounds and building the most efficient ID and AML verification ever. It will integrate with the new UK digital driving licence and the Wallet, enabling seamless portability of verified credentials across both public and private sector services. 'Re-checking compliance data is a huge inefficiency that slows transactions and frustrates everyone involved,' said Tim Barnett, CEO at Credas. 'Our compliance wallet changes that. It puts control back in the hands of users, lets firms share and trust verified data instantly, and reduces the compliance burden without compromising security.' Unlike traditional solutions, the Credas Compliance Wallet will be instantly available, reusable, and allow users to easily share verified credentials with multiple parties such as Estate Agents, Conveyancers and Mortgage Brokers in just one click. The wallet will be an agnostic solution, making it accessible to both Credas clients and non-clients alike. The launch follows the Royal Assent of the Smart Data Bill, which sets a regulatory foundation for reusable digital identities in the UK - paving the way for mainstream adoption of verified, user-controlled identity. 'With the Smart Data Bill now in force, digital identity verification can finally live up to its name, providing convenient mobile access to identity data at a click of a button.' Tim Barnett, CEO at Credas. So far in 2025, Credas has verified over 2.5 million individuals, a 35% increase year on year. With a 52% share of the UK property market, the company expects to generate millions of their new Compliance Wallets by the end of 2026. The Credas Compliance Wallet will be officially unveiled at an exclusive event on Thursday 18th September 2025.
Business News Wales
05-06-2025
- Business
- Business News Wales
Identity Fraud Surges Across UK Real Estate Sector
New research has revealed that 70% of real estate professionals have witnessed a rise in identity fraud in the past year, as businesses grapple with the growing threat of sophisticated digital deception. Despite the surge, only 14% regularly escalate fraud cases to the authorities, raising concerns about accountability and enforcement. The study of 250 UK-based real estate workers was conducted by Credas Technologies, which specialises in identity verification technology, and highlights a growing reliance on technology to fight back. Nearly two-thirds (65%) of real estate companies now detect fraud through digital or automated methods, signalling a strong shift towards tech-led defences. More than half (52%) of respondents reported encountering fraudulent identity documents, with fraud cited as the most pressing concern in ID verification (34%), followed by customer experience (24%) and operational inefficiency (20%). 'Fraud is getting worse,' said Tim Barnett, CEO of Credas. 'But the good news is that technology is not just keeping pace, it's gaining ground. Digital ID verification is proving to be one of the most effective tools in detecting and preventing fraud, while also improving the experience for legitimate customers. The future of fraud prevention is automated, intelligent, and proactive.' However, the report also reveals a troubling gap in response. While fraud is on the rise, 56% of real estate professionals rarely or never escalate cases to the authorities, suggesting a potential weakness in the broader fraud response ecosystem. 'As fraudsters grow more sophisticated, the message is clear,' Tim continued. 'The real estate industry must adopt more advanced techniques to stay ahead.'
