The network would set up a system of shared security among providers, in that once a trusted provider verified a person’s identity once, then those credentials could be used across financial institutions.

Such a system is estimated to unlock £5 billion in five years due to cuts in fraud losses and faster security infrastructure, according to the City Corporation, Finextra reports.

Chris Hayward, policy chairman at the City Corporation, revealed that fraud was costing banks over £1bn every year. 

In the first half of 2025, there were two million confirmed cases of fraud, according to UK Finance. Similarly, The Home Office revealed that the social and economic cost of fraud soared to £14.4bn in the year ending March 2024. Of those figures, £9.2bn came from fraud against individuals and £5.2bn was against businesses. 

In January this year, the City of London Police established a fraud reporting service.