FiVerity is designed to address the security and privacy needs of a range of financial institutions, e-commerce, and fintech companies. The platform helps businesses strengthen and scale their consumer-facing processes, including application review, credit verification, and customer onboarding.
Consumer Loans
Whether it is an auto, equity, or personal loan, fraudulent applications wreak havoc within consumer lending departments.
A loan application submitted by an individual fraudster or fraud ring creates disruption within a consumer lending department trying to validate the legitimacy of applicant identities. This worsens as institutions experience financial losses to their bottom line when those loans “bust out.” FiVerity’s proprietary AI technology identifies a significant amount of previously undetected fraud.
Credit Cards
The ease of acquiring new cards provides an ideal target for fraud rings. Luckily, FiVerity is designed to quickly identify fraudulent accounts within consumer credit card portfolios. The platform focuses on catching fraudsters during the new account application process, as well as review existing portfolios to identify accounts that are waiting to “bust out.”
Account Opening
According to the Federal Reserve, banks have the best chance of catching fraud during the account opening process.
During the pandemic, customers shifted to digital banking and banks rushed to keep up. This quick transition didn’t allow financial institutions to implement sufficient security measures, opening the door for fraud. Further, current legacy fraud identification systems are ineffective, resulting in undetected fraud and false positives. FiVerity not only detects fraudulent accounts, but also quickly confirms real identities – reducing friction and increasing throughput for new account applications.
Credit Collections
How much fraud exists is in your current collection portfolio? Instead of wasting time pursuing unrecoverable accounts, focus your resources on legitimate accounts that you can collect. FiVerity’s Portfolio Analyzer quickly identifies fictitious accounts that will never repay, saving your team hours they can spend on collecting debts from real people.
“The ease and low cost of creating synthetic identities contributes to the widespread impact of this type of fraud on financial institutions, private industry, government agencies and individuals.”
The Federal Reserve "Payments Fraud Insights", July 2020
