As we approach the end of 2024, it’s a good time to look back at the highlights from a transformative year in the world of digital signing and witnessing.
Here’s a whistle-stop tour of the year at Videosign…
January: New partnership launched with OneID®
Videosign announced a new partnership with identity verification specialists OneID® to further improve security options and convenience for users.
The new partnership allowed Videosign users to verify identities using bank-verified data before signing contracts and documents.
Our Chief Executive Steven Tallant said: “Our new partnership with OneID® means our users can quickly and easily prove their identity using reliable pre-verified information linked to their bank accounts.
“With 50 million adults in the UK already enabled for real-time identity checks, working with OneID® offers a reliable and secure user experience with no form-filling, downloading or documents needed.
“We are very excited about the benefits this will bring to our users, enabling even more efficient workflows without compromising on security.”
February: High-profile cases revealed fraud risk
Two high-profile stories in the news highlighted how using Videosign could have prevented fraud worth more than $31m.
A finance worker in Hong Kong was tricked into transferring $25m to criminals who used deepfake technology to pose as the company’s chief financial officer and various other colleagues during a video call.
Meanwhile an investigation was launched after the forged signature of former Nigerian president Muhammadu Buhari was allegedly used to illegally transfer more than $6m from the country’s central bank.
Both incidents could have been avoided if the organisations involved were in the routine of using Videosign’s meeting software to sign and witness documents.
March: Law changes protected remote working
We advised businesses to prepare for upcoming changes to flexible working law which meant new rights for UK workers.
Previous regulations meant new staff had to wait 26 weeks before they could request flexible working arrangements, including remote or hybrid working.
The introduction of the Employment Rights (Flexible Working) Act 2023 from April meant new recruits could request remote or hybrid working from the very first day of their employment.
Here at Videosign we believe remote working is here to stay – and businesses need to make sure they have robust arrangements for securely signing, witnessing and storing documents.
April: International advances in digital signatures
We published a round-up of digital signature developments around the world, showing how adoption of the technology is gathering pace.
The UK’s Law Commission was exploring the potential to amend the law to extend the use of digital signatures to cover wills, after the change was enacted temporarily during the Covid-19 pandemic.
Meanwhile we reported on numerous developments around the world, including the rise of ‘remote online notarization’ in the US, new laws in Vietnam to broaden the scope of transactions that could be completed electronically, and the Commission of the Economic Community of West African States has been working to develop a common approach to digital signature adoption with support from the EU’s Digital for Development (D4D) Hub.
May: An award-winning month for Videosign
Videosign CEO Steven Tallant spoke to business leaders about the latest in compliance, eSignature, and identity verification software at London’s Future of Cyber Security Europe conference.
He later attended the Business Champion Awards, where Videosign received the Silver Award in the Business Innovation of the Year category.
Steven said: “What was clear from the discussions and presentations was that platforms like Videosign bring two key benefits to organisations.
“The obvious one is the reduction in risk that comes with having robust and innovative security arrangements when doing business online. Just as importantly, well-designed software increases efficiency, reduces waste and provides an improved customer experience.
“These are things we have been saying at Videosign for years, so it was great to hear that view shared by others in the industry.”
June: Lord Cameron scam exposed the rise of deepfakes
Foreign Secretary Lord Cameron was the victim of a hoax video call with someone pretending to be former Ukrainian President Petro Poroshenko.
The high-profile incident highlighted the importance of maintaining robust levels of security when using video call technology, especially when handling sensitive topics or confidential information.
We warned that If a high-ranking government minister can fall victim to a video hoax, it could happen to anyone.
July: Videosign partners with intelliflo
We announced a new partnership with financial advice software provider intelliflo to offer an enhanced experience to advisors and their clients.
The new integration allowed intelliflo users to seamlessly meet clients and securely sign and witness documents within a single software platform.
Videosign Chief Executive Steven Tallant said: “This integration with intelliflo means that advisors can offer their clients an enhanced experience when meeting remotely.
“This partnership offers advisors simplified workflows and improved efficiency, while clients benefit from a slicker and more user-friendly experience.”
August: ID fraud cases on the rise
We advised businesses to take steps to improve their security arrangements following reports of an increase in ID fraud.
More than 214,000 cases were reported to the Cifas National Fraud Database in the first half of 2024 – an increase of 15% over the same period in 2023.
Improved security systems operated by banks and other large organisations meant scammers were increasingly aiming for other victims – targeting individual users by tricking them into giving away sensitive information or transferring funds into fake accounts.
We advised smaller businesses and individuals to be more vigilant than ever when dealing with sensitive information.
September: Economists predicted rise in digital signature use
Economists predicted massive growth in the global digital signature market by 2032.
Growth in the use of digital signatures is predicted to be driven by increased adoption by governments, healthcare providers, and the legal profession, alongside a wide range of other industries.
The trend highlighted a need for all organisations to adapt to changes in best practice for signing and witnessing documents.
October: Beating traffic jams with Videosign’s efficient workflows
Research revealed that the typical London driver loses 99 hours a year to traffic jams, while in Birmingham it was 60 hours, Leeds 59 and Manchester 54.
We highlighted the benefits of using Videosign to sign, witness and store important documents – saving you from being stuck in traffic and making your business more efficient.
Using our platform means that processes that used to require a face-to-face meeting can now be done from wherever you are.
November: Digital forgeries overtook paper counterfeits
The Entrust 2025 Identity Fraud Report exposed a huge increase in deepfake scams and digital document fraud during 2024.
One key finding was that criminals created more digital forgeries than paper counterfeits for the first time. We warned that this worrying statistic means businesses need to pay more attention than ever to security and compliance when signing digital documents.
Report findings included:
- Digital forgeries accounted for 57% of all document fraud – a 244% increase from 2023 and a 1,600% increase since 2021
- Deepfake attacks occurred at a rate of one every five minutes in 2024
- Fraud became more sophisticated and more accessible via online networks
December: Looking ahead
After an amazing year, we’re looking forward to a restful Christmas break. But we’re also looking ahead to 2025.
Key items on the agenda for Videosign in 2025 include:
- Publication of a draft bill in early 2025 that could mean wills made in England and Wales can be signed and witnessed electronically
- Further growth in digital document fraud and deepfake scams – meaning businesses and individuals will need to protect themselves from criminals
- Increased adoption of digital signatures as more users discover the security and convenience of our technology
Merry Christmas and Happy New Year from everyone at Videosign!
