A unified approach to combating economic crime and enhancing trust is needed, according to Umazi.
As financial and economic crime continue to rise, the UK must take decisive action to enhance business transparency and security. This is according to Umazi, a leader in digital identity and verification solutions, which is calling on policymakers and businesses to prioritise the implementation of digital company IDs to strengthen the UK’s economic integrity.
The call comes following the publishing of a new whitepaper from the Centre for Finance, Innovation and Technology (CFIT), Fighting Economic Crime Through Enhanced Verification, which highlights a critical solution: digital company identification.
“Economic crime is costing the UK billions annually, yet we continue to rely on outdated verification methods,” said Cindy van Niekerk, CEO at Umazi. “A standardised digital company ID will not only enhance security but also streamline business operations, making due diligence and regulatory compliance more efficient. Digital identities will also enable businesses to start trading faster and that in turn means revenue generation and the economic growth so lauded by the UK Chancellor, Rachael Reeves MP.
“Unlike the EU, the UK is behind on the innovation, lacking an effective strategy for – and roadmap to – company ID and it is our belief that if the UK is to remain a competitive and an attractive place to set up a business, then this must be addressed, and at speed.”
CFIT itself has established a working coalition bringing together over 70 leading financial, technology and regulatory institutions including Umazi to develop a definitive verification solution for businesses that will enhance trust, empower SMEs and deliver growth.
The CFIT whitepaper underscores the growing threat of economic crime, with fraud now accounting for nearly 40% of all reported crimes in the UK. The lack of robust and universally accepted business verification mechanisms makes it easier for fraudulent entities to operate undetected. Digital company identification offers a scalable and efficient way to verify businesses in real time, reducing the risk of fraud and financial crime.
“We need a system that works across industries, enabling businesses of all sizes to establish trust quickly and efficiently. Right now, the verification process is fragmented and inconsistent, creating unnecessary delays and exposing businesses to risk. A digital company ID would be a game-changer in improving accountability and ensuring only legitimate companies can operate within the UK’s business ecosystem,” van Niekerk continued.
A digital company ID would provide businesses, financial institutions, and regulators with a unified and tamper-proof method of verification. According to CFIT’s findings, a well-implemented digital identification system could:
- Reduce financial crime by ensuring businesses are verified in real time.
- Increase trust and transparency in the UK’s corporate ecosystem.
- Improve efficiency in regulatory compliance and Know Your Business (KYB) processes.
- Support international trade by aligning with global digital identity standards.
“For too long, businesses have struggled with outdated verification systems that slow down operations and increase exposure to fraud,” said van Niekerk. “By implementing digital company identification, we can create a more secure and efficient environment for UK businesses, ensuring compliance becomes an enabler rather than a burden.”
“We have been pioneering next-generation digital identity solutions that enable seamless, verifiable, and secure company authentication. We work closely with industry leaders and regulatory bodies to accelerate the adoption of digital verification frameworks.”
For digital company identification to become a reality, cross-sector collaboration is essential. Umazi is urging government bodies, financial institutions, and businesses to support the development and implementation of a national digital company ID system.
“The UK has the opportunity to be a global leader in digital business verification. By embracing digital company identification, we can protect businesses, enhance financial security, and foster economic growth,” added van Niekerk.
“This is not just about reducing fraud—it’s about creating a modern, efficient economy where businesses can operate with confidence and ease. The faster we adopt these changes, the better positioned we will be to compete on a global scale.”
“The time for action is now,” van Niekerk concluded. “With the right collaboration and commitment, we can revolutionise how businesses are verified, ensuring a more secure and prosperous future for the UK.”