Lloyds Bank has partnered with Yoti to introduce a reusable digital identity app, Lloyds Bank Smart ID, aimed at enabling UK consumers to securely share personal information with businesses to combat identity fraud.
Facts
- Lloyds Bank collaborates with Yoti to launch Lloyds Bank Smart ID, a consumer digital identity app.
- The app allows UK consumers to share personal information with requesting businesses.
- Supported by Yoti’s ISO 27001, 27701, and SOC2 Type II-compliant technology to combat identity fraud, a significant threat to the UK public.
- Lloyds Banking Group invested £10 million in Yoti, leading to the development of this reusable digital identity solution.
- James Fulker, Lloyds Banking Group’s Chief Digital Officer, highlights the app’s role in providing secure digital identity verification.
- Yoti’s CEO, Robin Tombs, emphasizes how digital IDs enhance security, reduce identity theft, and build trust without the need for full identity documents.
