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. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Damaged timber from Dry Rot
Estate Agent Talk

Mould and damp – what you need to know ahead of winter

With the winter months just round the corner, problems with damp and mould can become far more prominent. Autumntime is when many people turn on central heating systems and choose to close windows, preventing fresh air ventilation needed to allow damp air to leave a property. Unfortunately, the combination of warm and damp air can…
Read More
Breaking News

Rental price and average salary tracker – September 2025

London and South East see biggest dips in required rental salary year-on-year London and the South East saw the sharpest dips year-on-year in the average salary needed in order to rent the average home in that area. London saw a 4.2% drop, whilst the South East saw a decline of 2.9%. Yorkshire and Humberside saw…
Read More
buying at auction uk
Breaking News

The cities where buying beats renting – with just a 5% deposit

British first-time buyer mortgage payments are typically 17% cheaper than renting, even with a low 5% deposit The average 5% deposit is £11,412 based on a typical first-time buyer property price of £228,233 Among major cities outside London, the biggest gap between owning and renting is in Glasgow, where buyers could save more than £4,750…
Read More
Rightmove logo
Breaking News

Rightmove’s Weekly Mortgage Rates Tracker

Average rates for 2-year and 5-year fixed-rate mortgages   Term Average rate Weekly change Yearly change 2-year fixed 4.51% +0.00% -0.37% 5-year fixed 4.55% +0.01% +0.01%   Lowest rates for 2-year and 5-year fixed-rate mortgages   Term Lowest rate Weekly change Yearly change 2-year fixed 3.77% +0.05% -0.07% 5-year fixed 3.97% +0.10% +0.29%   Average…
Read More
Rightmove logo
Breaking News

Data and commentary from Rightmove on stamp duty reforms

Colleen Babcock, Rightmove’s property expert said: “We’ve been calling for stamp duty reform for some time now, as it’s a significant barrier for many people moving home. Abolishing it completely would remove one of the biggest barriers to moving, unlocking more moves at all stages of the property ladder. “Our data shows that only 5%…
Read More
Breaking News

Second-time buyers dominate demand for longer term fixed mortgage deals

Second-time buyers are dominating demand for longer term fixed mortgage deals, fresh data from Moneyfacts Analyser can reveal. Of those looking for fixed term deals on moneyfactscompare.co.uk: Almost two-thirds (58%) of second-time buyers who compared mortgage deals using the moneyfactscompare.co.uk website were considering terms of three years or longer in the 30 days to 1…
Read More