Thirdfort adopts iProov identity checks in move to cut property fraud risk

Thirdfort has integrated iProov’s biometric verification technology into its due diligence platform as the sector faces rising identity fraud linked to UK property transactions.

Published on

Thirdfort has deployed iProov Dynamic Liveness across its compliance platform to combat identity fraud in legal and property transactions, as new figures highlight the scale of losses across the UK market.

The move comes amid continued concern over fragmented identity checks during property purchases and lettings, which can involve repeated verification by lawyers, estate agents, accountants and letting agents.

According to data cited by the Institute of Chartered Accountants in England and Wales, identity fraud now accounts for more than £1.6 billion of the UK’s total £2.3 billion fraud losses.

Thirdfort, which supports more than 1,500 regulated firms, said the integration marks a shift away from traditional identity proofing towards a more comprehensive risk assessment process.

The business argues that this is a key distinction from the proposed government digital ID app, which may confirm an individual’s identity but is not designed to carry out the wider due diligence and anti-money laundering assessments firms are legally required to perform.

The platform brings together high-assurance identity verification with anti-money laundering checks, including Source of Funds analysis, PEPs and sanctions screening, and Know-Your-Business verification.

Thirdfort said this enables firms to onboard clients in minutes rather than weeks, while reducing the need for multiple point solutions.

Jack Bidgood, co-founder and chief product officer at Thirdfort, said: “Whether buying or renting a home, the process is stressful enough – proving your identity shouldn’t add to it.

“Our professional platform and consumer app are designed together to remove the friction and critical security vulnerabilities inherent in traditional property transaction identity checks.

“Using iProov’s Dynamic Liveness enables us to deliver the necessary assurance and build trust within the ecosystem.

“Furthermore, the ability for clients to complete these vital ID checks quickly has become a key differentiating factor in an increasingly competitive marketplace.”

Andrew Bud, founder and chief executive of iProov, said: “We are in an AI arms race against fraudsters. As in many parts of the world, the UK’s property market is being endangered by AI-driven deepfakes and synthetic identities.

“By using iProovDynamic Liveness, Thirdfort is a science-based defence proven to stop these sophisticated attacks, while providing its 1,500+ partners and millions of usersspeed and convenience alongside the high-assurance protection they deserve.”

The technology is being deployed within Thirdfort’s digital identity app, offering users a one-time identity setup that can be reused across an entire property purchase or rental journey. The integration is designed to meet HM Land Registry’s Digital ID Standard and support compliance with anti-money laundering regulations.

Dynamic Liveness verifies that the person enrolling their identity is real, present and not a deepfake or synthetic impersonation. Thirdfort said this assurance is increasingly important in high-value transactions as fraudsters adopt more sophisticated AI-driven tools.

The firm now works with more than 1,500 professional services businesses and supports hundreds of thousands of users across around one million annual UK property transactions, along with a significant number of rental agreements.

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

UK house prices hold steady as annual growth slows

UK house prices were flat in November, pausing after a 0.5% rise in October,...

Coventry for intermediaries reduces selected residential rates

Coventry for intermediaries has cut selected residential rates, with reduced options available for new...

Regulators outline new measures to accelerate growth of the mutuals sector

The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a joint...

Kensington Mortgages lowers buy-to-let rates

Kensington Mortgages has cut rates across its buy-to-let products with 2- and 5-year deals...

Together closes £200m Genesis asset-backed securitisation

Together Financial Services has completed a £200 million private warehouse securitisation as the specialist...

Latest publication

Other news

Getting to know you: Nicola Ashby, Shawbrook

Name: Nicola Ashby Age: 29 Location: Midlands Firm: Shawbrook Retail – The Mortgage Lender (TML) and Bluestone...

UK house prices hold steady as annual growth slows

UK house prices were flat in November, pausing after a 0.5% rise in October,...

Coventry for intermediaries reduces selected residential rates

Coventry for intermediaries has cut selected residential rates, with reduced options available for new...