Account Opening (Depository Products) – Identifying whether a consumer is truly a real person and not a fake identity when opening a new account has become a very complicated task, the days of just checking a driver’s license have long past. Legacy rules-based systems just cannot keep up, generating many pending accounts that require hours of manual intervention to resolve. FiVerity has proven solutions that not only assist in proving real identities, but reduce friction and increase throughput for new account applications.
Consumer Loans (Auto Loans, Equity Loans, Personal Loans, etc.) – A loan application submitted by an individual fraudster or a cyber fraud ring creates significant havoc within a Consumer Lending Department trying to validate the legitimacy of applicant identities, not to mention the financial losses to an institution’s bottom line when those loans “bust out.” Authorities have projected losses of $12B across the industry in 2020. FiVerity’s proprietary AI technology can identify more than 30% of previously undetected Synthetic ID Fraud (SIF).
Credit Cards – A fraudster’s favorite target. Today’s world of easy credit when it comes to credit cards is a Synthetic’s dream to building their persona. Catch these individuals early, at the time of application, or review your card portfolio to see how many fake accounts exist today, just waiting to default. FiVerity’s AI solution is designed to identify SIF easily within consumer credit card portfolios.
Credit Collections – What amount of SIF exists is in your current Collection portfolio? Do not waste your time collecting unrecoverable accounts; focus your resources on legitimate accounts that you can collect. FiVerity’s Portfolio Analyzer can assist with prioritizing your resources and hours of work that go in to collecting on bad debts.
Investment Accounts – One unique aspect of money laundering in the investment industry is that a Fraudster can actually generate illicit proceeds directly in an account through things like insider trading, market manipulation, Ponzi schemes or other securities frauds. Once something illegal is done in an investment account, as soon as the money is moved, it’s also been laundered. Fraudsters take advantage of the open markets and the open systems. Let the FiVerity solution look for red flags and monitor the activity.
Unemployment Claims – The stresses on consumers, businesses, and the economy from the a Global Pandemic has resulted in an eruption in fraudulent Unemployment Claims. Identifying up-front when fraudsters have opened illegitimate accounts to receive Unemployment Funds is a major step in mitigating a problem that impacts so many facets of our Society. FiVerity’s proprietary AI platform can detect the fake patterns of fraudster identities, saving hours of work and potential liability from false claims.
Wire Payments – Fraud continues to be an extensive problem in the area of Wire Payments. At the root of this problem is the fraudsters’ knowledge and understanding of current processes. Utilizing AI to determine the legitimacy of the identities, patterns and behaviors associated with electronic payments, FiVerity can assist to reduce the losses and the amount of resources currently dedicated to these types of transactions.