Digital Verification and Anti-money Laundering Tool Achieves 2m+ Downloads

 

  • Five per cent of UK adult smartphone users have now used Thirdfort
  • The app based platform uses AI, biometric verification and Open Banking to simply and quickly carry out  ID and funds verification in high-value transactions such as home buying

 

Thirdfort, a client due diligence platform that integrates Know Your Client (KYC), Anti-Money Laundering (AML), and Source-of-Funds (SoF) verification, has surpassed two million downloads since launch. This number represents around 5% of UK adult smartphone users.* The rapidly growing app, launched in 2019, has seen downloads double in just over a year, amidst rising fraud and money laundering risks.

Supporting two million people 

Thirdfort’s mission is to protect society from fraud and money laundering. The platform offers simple and secure client due diligence checks for regulated professionals, through automated ID verification, anti-money laundering and Source of Funds checks  on individuals and businesses  conducting high value transactions such as buying property, drafting a will or instructing a financial advisor.

Overall, Thirdfort has now verified more than 2m people on behalf of more than 1,500 conveyancers, lawyers, estate agents, accountants and other regulated professional services firms. This accounts for around 5% of all adult smartphone users in the UK.*

Escalating fraud and money laundering risk 

Demand for Thirdfort has risen off the back of growing fraud and money laundering risk, a problem that continues to grow. Money laundering costs the UK economy £100bn annually, while the UK Government reportedly lost £21bn to fraud between 2020-2022 according to the National Audit Office. Analysis from accountancy firm BDO found that the value of reported fraud had more than doubled to £2.3bn in 2023.

Olly Thornton-Berry, co-founder and Managing Director at Thirdfort, said: “Reaching around 5% of adult smartphone users in the UK is a major achievement for Thirdfort, but it only scratches the surface of the problem we aim to address.

“The compliance burden on regulated professionals continues to increase, from lawyers and estate agents, through to accountants and finance professionals.  Our technology makes compliance simple and secure and, crucially, reduces fraud and money laundering risk.”

Digitising client due diligence in high value transactions  

During a typical transaction such as buying a home, consumers can be asked to repeat the same manual identity, AML and funds checks numerous times. This involves their professional advisers manually collecting and verifying ID documents such as passports, alongside bills and bank statements. This slows down transactions and creates a bad experience for all. It is also insecure and prone to human error.

Using AI, biometric verification and Open Banking, Thirdfort simplifies such verification, enabling clients to securely confirm their ID and source of funds via their mobile phone. As a result, Thirdfort has transformed a cumbersome process that has historically taken weeks into one that takes just minutes.

* Analysis by U Switch states: “As of March 2021, the UK digital population accounted for approximately 40 million unique users on smartphones, compared to 21.6 million tablet users, and 30.4 million desktop users.”

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website.

You May Also Enjoy

for sale sign london
Overseas Property

Exploring Homes for Sale in Spain: A Guide for International Buyers

Spain has long been a top destination for international buyers looking to invest in real estate. Its combination of sunny beaches, rich culture, delicious cuisine, and vibrant cities makes it a favorite for those seeking both a holiday retreat and a valuable investment. With a growing market and diverse options, homes for sale in Spain…
Read More
Home and Living

10 Tips for Moving Home

Moving home is an exciting yet challenging experience, requiring careful planning and organization. The moving process can be stressful if not handled properly, from sorting belongings to managing time. These 10 tips aim to make your move smooth and stress-free, helping you easily settle into your new space. 1. Start Planning Early The earlier you…
Read More
Breaking News

A third of UK homes for sale are ‘chain-free’ reports Zoopla

Recent tax changes and incoming council tax premiums for second homes have unsettled property investors and second homeowners with some now looking to sell One week on from the Autumn budget, buyer enquiries for homes that are chain-free are 33 per cent higher compared to those not advertised as chain-free 41 per cent of two…
Read More
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker 06/11/24

The average 5-year fixed mortgage rate is now 4.66%, down from 5.33% a year ago The average 2-year fixed mortgage rate is now 4.92%, down from 5.76% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.69%, down from 5.40% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.05%, down from 4.91% a year ago The average monthly mortgage payment on a…
Read More
Overseas Property

Top reasons to consider buying a luxury villa in Phuket Thailand

Those who have worked hard for many years are often looking for ways to invest their cash so that they can enjoy life to the max in their advancing years. Some might decide to dabble in the stock market or insurance policies to enhance their savings, while others might look to purchase something more physical…
Read More
How to add value to your home
Estate Agent Talk

5 Top Tips for Running a Business From Home

Have you ever wanted to start and run your own business from home? Although it’s an incredibly rewarding experience, it can be tough to set up and know where to start, especially if you have no business experience or background! Whether you want to run a small business, or have grand ambitions for eventual expansion,…
Read More