# Fintechs want fraud prevention taught in schools as Britain becomes a passwordless society Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-07-03 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: Fintechs Call for Fraud Prevention Education in Schools Meta Description: 94% of financial services providers, including fintechs, believe fraud prevention should be taught in schools to protect consumers from scams, as UK moves URL: https://financedigest.com/fintechs-want-fraud-prevention-taught-in-schools-as-britain-becomes-a-passwordless-societyhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1402452237-1736813805945-compressed.jpg) # **Fintechs want fraud prevention taught in schools as Britain becomes a passwordless society** - 94% of financial services providers including fintechs think fraud prevention should be taught as part of the National Curriculum to help consumers protect their money from scammers. - 72% of firms support the introduction of an official digital identity for each individual aged 16+, funded by the government. - By 2030 consumers will no longer use passwords to access online services. - ‘Authentaverse’ era will see the end of entering payment details and [personal information during internet transactions such as shopping and banking](https://www.financedigest.com/gen-z-finance-banking-on-success-with-personalized-outreach.html "Gen Z & Finance – Banking on success with personalized outreach "). New [research](https://www.financedigest.com/new-research-indicates-confusing-bank-jargon-could-be-fuelling-financial-vulnerability.html "New research indicates confusing bank jargon could be fuelling financial vulnerability") from LexisNexis Risk Solutions reveals that 94% of financial services providers think teaching fraud prevention in schools will better protect the UK public against the risks of fraud and financial crime. 88% of firms also said they believe that teaching online safety and [digital literacy skills in school are now as important](https://www.financedigest.com/why-digital-transformation-is-important.html "Why digital transformation is important") as maths and English. A majority of the 200 senior UK [financial services](https://www.financedigest.com/striking-the-balance-between-consistent-creative-and-compliant-content-for-financial-services-on-social.html "Striking the balance between consistent, creative, and compliant content for financial services on social ") firms polled also expressed concern around online safety in relation to the new generation of immersive online environments – metaverses – which will enable people to connect and transact like never before. Over half (52%) are concerned that the metaverse will lead to a high risk of [fraud and financial](https://www.financedigest.com/harnessing-ai-and-machine-learning-for-fraud-detection-in-trade-finance.html "Harnessing AI and machine learning for fraud detection in trade finance") crime, with a further 40% expecting them to lead to some risks. The latest figures from UK Finance\[1\] show almost three million cases of fraud [occurred last year](https://www.financedigest.com/naturgys-profit-rises-on-lng-gains-soothing-shareholders-by-pietro-lombardi-madrid-reuters-spanish-power-utility-naturgy-reported-on-monday-an-88-jump-in-profit-for-the-first-six-months-of.html "Naturgy’s profit rises on LNG gains, soothing shareholders By Pietro Lombardi MADRID (Reuters) – Spanish power utility Naturgy reported on Monday an 88% jump in profit for the first six months of the year, boosted by strong earnings at its liquefied natural gas (LNG) business, which could help it to win over restive investors. Earlier this month, the company said it would increase its dividend floor through 2025 while trimming expected investment, as it sought to make rewarding shareholders a priority. Pleasing them has become a focus as Naturgy considers changes that could reshape the company and after arguments over the potential appointment of a chief executive. Naturgy’s first-half net profit jumped to 1.05 billion euros (.16 billion), boosted by its liquefied natural gas (LNG) business. Shares were down 0.2% in mid-morning trading, bucking deeper declines, in particular for Spain’s blue-chip banks and utilities after a general election on Sunday produced no clear winner. Renta 4 Banco analyst Angel Perez Llamazares said Naturgy performed better than expected, adding “cash flows also beat our expectation,” and debt fell more than expected. After natural gas prices hit record levels last year, Naturgy said a fall in procurement costs this year and hedging gains had boosed profits. In the first half of the year, the company “exceeded the objectives of operating efficiency, cash generation, investment materialisation and debt reduction,” Executive Chairman and CEO Francisco Reynes said. After rival Iberdrola named a separate CEO last year, Naturgy is the only large energy company in Spain to combine the roles of executive chairman and CEO. Earlier this month, the company raised the dividend floor to 1.40 euros a share, from 1.20 euros. Operating profit (earnings before interest, tax, depreciation and amortisation) is expected to reach 5.1 billion euros, compared with a previous guidance of 4.8 billion euros. It said it was targeting net profit of 1.8 billion euros in 2025. Naturgy also relaunched its plan to split regulated infrastructure operations and liberalised energy businesses into two listed companies. The project had been suspended after the Ukraine war disrupted energy markets and analysts are still sceptical. “We believe it is unlikely that Naturgy will be able to implement its asset split in the short term and it is also unlikely that a big change in the shareholding of the company would occur,” said RBC analyst Fernando Garcia. ( = 0.8986 euros) (Reporting by Pietro Lombardi, editing by Inti Landauro and Barbara Lewis)") alone, with over £1.2billion being stolen. Consequently, the research by LexisNexis Risk Solutions also showed strong industry support amongst [financial services](https://www.financedigest.com/why-mlops-will-boost-the-wider-adoption-of-ai-in-financial-services.html "Why MLOps will boost the wider adoption of AI in financial services") firms for the introduction of an official digital identity for each individual aged 16+ to be able to complete online transactions such as banking or applying for credit or insurance, with a majority saying the government should cover the costs of such a scheme. Around half of those in favour of a digital identity scheme would like to [see it used to encourage consumers to](https://www.financedigest.com/unilever-sees-chinese-consumer-confidence-at-historical-low-point.html "Unilever sees Chinese consumer confidence at ‘historical low point’") better manage and protect their own personal information. These survey findings follow the release of a new report from The [Future Laboratory and LexisNexis Risk Solutions](https://www.financedigest.com/staying-ahead-in-the-digital-era-a-cfos-roadmap-to-future-proof-solutions.html "Staying Ahead in the Digital Era: a CFO’s Roadmap to Future-Proof Solutions") that predicts people will no longer need to use passwords online by 2030, while entering payment details and personal information during online transactions will also become a thing of the past. This new frictionless way to navigate internet services and eCommerce – dubbed an Authentaverse – will see online activities including shopping, banking, applying for loans and insurance policies, and managing [subscription services](https://www.financedigest.com/how-to-press-cancel-on-the-threat-of-subscription-style-ransomware-services.html "How to press cancel on the threat of subscription-style ransomware services") completed in seconds, with no clicks or forms to fill in. Instead, consumers will be automatically recognised and invisibly checked based on their human characteristics, such as how fast they type, the pressure their fingers exert on [device screens](https://www.financedigest.com/the-neonatal-hearing-screening-devices-market-to-ride-on-procedure-simulations.html "The Neonatal Hearing Screening Devices Market to ride on procedure simulations"), the tilt of their phone, and even their heart rate. [Digital money](https://www.financedigest.com/digitisation-of-banking-the-impact-of-digital-money.html "Digitisation of Banking: the impact of digital money") and identity author and expert, David Birch, explains: “In contrast to the world of the super app in which you share your identity across many different services, an Authentaverse is the world of the ‘smart ID wallet’ where different services each with their own relationship identities share strong authentication. In other words, once you are logged in to the wallet on your [phone with your face](https://www.financedigest.com/in-apples-shadow-google-takes-new-route-to-face-recognition-on-pixel-phones.html "In Apple’s shadow, Google takes new route to face recognition on Pixel phones") or fingerprint, your wallet can provide relevant and appropriate information to service providers without bothering you again.” Survey findings also show that 82% of finance firms think the way people are checked, verified, and authenticated during online transactions needs to improve as the UK moves more towards more immersive, virtual, and augmented ways of using the internet – such as Web3 environments and metaverses. Steve Elliot, Managing Director at LexisNexis Risk Solutions, added: “In the [next decade](https://www.financedigest.com/the-next-decade-to-see-the-humanized-liver-mice-model-market-detonate-innovation.html "The Next Decade To See The Humanized Liver Mice Model Market Detonate Innovation"), remembering countless passwords, security codes and clicking a boxed-image featuring cars, traffic lights or buildings with steps will be confined to history. In an Authentaverse, consumers will enjoy quicker and hassle-free online transactions, but this requires strong, assured, and seamless [digital trust to become](https://www.financedigest.com/smart-becomes-the-first-ssp-to-collaborate-with-white-bullet-to-safeguard-quality-in-the-digital-media-landscape.html "Smart becomes the first SSP to collaborate with White Bullet to safeguard quality in the digital media landscape") a reality across the entire online ecosystem. “People need to be able to trust organisations with their personal data and organisations need to be able to trust that [consumers](https://www.financedigest.com/why-challenger-banks-need-to-capture-the-hearts-and-minds-of-todays-consumers-to-become-the-number-one-choice-in-the-retail-banking-sector.html "Why challenger banks need to capture the hearts and minds of today’s consumers to become the number one choice in the retail banking sector") understand the role they play in protecting themselves, something that will require education. This mutual trust can then create greater knowledge of genuine [customers](https://www.financedigest.com/how-to-detect-and-defend-from-seo-attacks-and-customer-complaints.html "How to Detect and Defend from SEO Attacks and Customer Complaints") and reduce the chances for criminal exploitation and fraud attacks. “To [achieve these high levels](https://www.financedigest.com/fime-india-achieves-emvco-contact-level-2-accreditation.html "FIME India achieves EMVCo Contact Level 2 accreditation  ") of mutual digital trust and confidence required to enable the next generation of online immersive experiences, businesses must evolve their identity and fraud checks through integrating both physical and digital identity attributes – common digital identifiers, and physical and digital biometrics – into a single, seamless, end-to-end verification and authentication process.” In the absence of formal fraud prevention education in schools, organisations are prioritising [digital trust as a strategically important factor](https://www.financedigest.com/the-growth-factors-market-to-witness-a-digitized-steeple.html "The Growth Factors Market to witness a digitized steeple"). Survey data found that 76% of [financial services firms](https://www.financedigest.com/why-financial-services-firms-are-banking-on-behavioural-biometrics-to-beat-fraud.html "Why financial services firms are banking on behavioural biometrics to beat fraud") are focusing on creating and strengthening levels of digital trust amongst customers, while 8-in-10 firms think a lack of knowledge amongst UK consumers impacts their willingness to share personal information that could otherwise help protect them. Click here to read the full report, [The Future of Digital Trust: The Authentaverse](https://risk.lexisnexis.co.uk/insights-resources/research/future-of-digital-trust-authentaverse?trmid=BSUKGN23.BSUKBR23.DgtTrust.LPLN-951801&utm_source=Website&utm_medium=press-release&utm_campaign=BSUKGN23.BSUKBR23.DgtTrust). About the survey. Senior leaders from 200 UK financial [services firms were surveyed by Sapio Research](https://www.financedigest.com/research-report-on-food-service-equipment-market-for-exploring-various-growth-dimensions.html "Research Report on Food Service Equipment Market for Exploring Various Growth Dimensions") in May 2023. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---