SynthID® Detect General Availability Announced for Financial Services Firms
October 22, 2020 05:30 AM Eastern Daylight Time
BOSTON–(BUSINESS WIRE)–FiVerity, Inc., a provider of AI-powered detection and prevention solutions for new forms of cyber fraud, today announced both the official launch of the company and the commercial availability of its latest AI-powered anti-cyber fraud product, SynthID® Detect. FiVerity made the announcements in conjunction with sponsorship of the ACFE Anti-Fraud Leadership Summit, the premier event for fraud leaders hosted by the industry’s largest anti-fraud organization.
@FiVerity’s new product, #SynthID Detect, helps banks, credit unions, credit card providers and other financial service providers fight #synthetic identity fraud (#SIF), by recovering 35% of previously undetected #fraudTweet this
The announcement reflects FiVerity’s growing market momentum, with customer adoption, leading-edge innovation, and executive thought leadership in the anti-cyber fraud solutions segment. The company’s new product, SynthID® Detect, helps banks, credit unions, credit card providers and other financial institutions fight synthetic identity fraud (SIF), the fastest-growing type of financial fraud there is today. FiVerity’s platform reduces cyber fraud losses while simultaneously streamlining customer onboarding processes to accelerate customer growth.
“FiVerity’s approach to fraud prevention through machine learning is unlike other industry solutions, by leveraging FiVerity’s feedback mechanism, we are able to train the models in real time to adapt to the continuously evolving nature of fraud,” said Justin Davis, Manager of Fraud and BSA Reporting at Digital Federal Credit Union, a national consumer lending institution. “Synthetic identities are not a new problem, but they are one lacking a real solution and FiVerity’s SynthID® is just that. In our first six months using SynthID®, it identified $2 million worth of fraud, of which 35% was overlooked by existing systems and processes. This has resulted in an overall lift in fraud prevention rates of more than ten percent.”
SynthID® Detect uses FiVerity’s proprietary AI and machine learning technologies to “scale the analyst” by leveraging human experience for continuous improvement. It observes and captures strategies and tactics from expert business users to detect fraud and uncover a telltale pattern of financial crimes. The company’s products give customers the proactive and predictive fraud detection and prevention capabilities they need to keep up with fast-moving fraudsters.
“The enormous cyber fraud problem has become even worse during this COVID-19 pandemic,” said Greg Woolf, founder, and CEO of FiVerity. “The massive shift to online business operations in financial services has created a wider threat vector for cyber fraudsters. With SynthID® Detect, our customers are finding and thwarting these criminals before they can do damage. While SIF is a great use case, it’s only the first of many cyber fraud challenges facing financial institutions, and we’re just getting started.”
The high incidence of cyber fraud causes significant friction for financial institutions while onboarding new customers as they execute their digital marketing strategies. FiVerity’s products also provide an indication of very low risk activity to reduce manual intervention for consumer applications, which significantly accelerates new account processing and customer growth.
Headquartered in Boston, FiVerity, Inc. develops and markets AI- and machine learning software solutions that detect new and emerging forms of cyber fraud and deliver actionable, proactive threat intelligence. The company’s products meet the unique requirements of financial institutions, including banks, credit unions, and credit card providers. The company’s solutions help financial institutions strengthen, streamline and scale their consumer-facing business processes, such as application processing, credit verification, and customer onboarding. With its predictive and proactive approach, FiVerity’s solutions help customers to improve their internal processes to reduce losses from fraud and drive faster, and more profitable and sustainable growth.
For more information on FiVerity, and its AI and machine learning-powered cyber fraud detection and prevention solutions, visit www.fiverity.com.
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