Yoti’s innovative app combats rising identity fraud, offering secure and discreet digital identity verification.
In the UK, identity fraud has sharply increased. Indeed, according to data from the National Crime Agency, it affected more than 3.7 million people in 2022. The digital identity tech company Yoti has developed a new Digital ID app called Lloyds Bank Smart ID in partnership with the bank to counter this. With a £10 million investment from Lloyds Bank, Yoti, a digital identification technology startup, was able to develop an app that allows its users to verify their identity or age more discreetly and securely using their phone.
Reusable digital identification, the Lloyds Bank Smart ID revolutionizes how people authenticate their identity and age. It enables people to give particular information to companies upon request. Name, birthdate, and a “over 18” proof of age are examples of this. The client is not required to present any actual identification documents at any point. They also don’t have to exchange a lot of personal information.
That app was developed with Yoti’s technology. This has been certified to comply with SOC2 Type II, ISO 27001, and 27701 security and privacy standards. In the UK, people can download the app for free.
Yoti has already released several popular Digital ID applications. Yoti ID and Post Office EasyID applications are already accepted in the UK for parcel pickup at the Post Office and as identification at convenience stores and movie theaters (alcohol sales excluded). Additionally, the UK government certified them last year as identification documentation for employment, housing, and criminal history checks.
Lloyds Bank’s investment in Yoti marks a milestone, providing UK consumers secure access to digital identity verification through Smart ID. We’re excited to keep working with Yoti to improve this proposal.
Establishing ID Connect Digitally
The Post Office, Yoti, and Lloyds Bank are dedicated to providing Digital ID to as many individuals in the UK as they can. More individuals now have the chance to establish a safe, reusable digital ID thanks to the launch of Lloyds Bank Smart ID.
Lloyds Bank Smart ID, which is accessible in app stores, is now accepted by businesses that already use Yoti ID and EasyID. Because all three of the Digital ID apps are compatible, they can be used in the same locations. “Digital ID Connect” is made up of Yoti ID, Post Office EasyID, and Lloyds Bank Smart ID together. With more than four million downloads to date, this is one of the biggest networks of reusable Digital ID apps in the UK.
In the upcoming months, the three companies will release new features for their Digital ID apps.
Fostering trust between clients and companies
According to Yoti CEO Robin Tombs, “Lloyds Bank Smart ID will make it easier and safer for more people in the UK to prove who they are. It was built using our leading identity verification technology.”
“Digital IDs change how we exchange personal information. As a result, we are able to disclose only the data that a firm need, as opposed to displaying the entire identification document. Digital identification can improve personal data security and lessen identity theft. In the meantime, it fosters greater mutual trust between consumers and companies.
“I’m happy to see the network of reusable Digital ID apps accelerate thanks to the largest bank in the UK. With the current opportunity, even more people may take charge of their digital identities.
Elinor Hull, Post Office’s Identity Services Director, expects the app to boost data sharing confidence, encouraging Digital ID use.
By 2027, the reusable Digital ID market is projected to reach a valuation of $266 billion. This is the outcome of more services being provided online. A role will also be played by laws changing to recognize Digital IDs and people calling for more privacy-preserving alternatives.
