Why Identity Trust Management

Ensuring Safe Growth for Community Banks and Credit Unions 

In today’s complex financial landscape, traditional Know Your Customer (KYC) and identity verification measures fall short for Community Banks and Credit Unions. A comprehensive view of identity trust behavior, backed by actionable insights, is essential for accurate and ongoing decision-making across your organization. This approach spans the full customer lifecycle—from onboarding and transactions to compliance and fraud prevention—across the entire organization, ensuring that every interaction is evaluated with a complete understanding of identity trust. Enhancing security, and supporting strategic growth, operational efficiency, and improved customer experience.

What is Identity Trust Management? 

Identity Trust Management is a comprehensive approach to evaluating, monitoring and managing the trustworthiness and risk associated with an individual's identity throughout their engagement with a financial institution. This approach extends beyond initial identity verification to include continuous analysis of behavior and transactional patterns using advanced technologies such as AI and ML. 

Why is Identity Trust Management important? 

Identity Trust Management is crucial for enhancing security, reducing fraud, and ensuring compliance with regulatory standards. It provides financial institutions with a 360-degree view of identity risk from across the industry, enabling better decision-making and fostering safe growth. 

What are the benefits of Identity Trust Management?

• Safe Growth: Ensures secure and sustainable growth from new and existing channels for your institution. 

• Operational Efficiency: Streamlines processes, reducing operational bottlenecks. 

• Strategic Insights: Provides actionable insights for better decision-making and policy creation. 

• Cost-Effective Solutions: Offers significant results with a low-cost engagement process. 

• Improved Customer Experience: Balances security measures with a seamless customer journey. 

Identity Challenges for Community Banks and Credit Unions

Increasing Fraud

• Synthetic Identity Fraud: Fraudsters create fake identities using a mix of real and fabricated information, making detection difficult. 

• Account Takeover (ATO): Cybercriminals gain access to legitimate customer accounts using stolen credentials, resulting in unauthorized transactions. 

• Check Fraud: Fraudulent checks are deposited, often leading to significant financial losses. 

Operational Inefficiencies 

• Customer Onboarding: Lengthy and inefficient processes can slow down customer acquisition. 

• Fraud Investigation: Manual and disjointed processes hinder quick and accurate fraud detection. 

• Compliance Reporting: Staying compliant with evolving regulations requires significant resources and can be error-prone. 

Risk Understanding

• Strategy Development: Developing effective risk management strategies is challenging without accurate and comprehensive identity trust data. 

• Policy Creation: Incomplete or inaccurate insights can lead to ineffective policies. 

• Decision-Making: A lack of real-time, actionable insights can hinder effective decision-making. 

Customer Experience

• Security Protocols: Rigorous measures can lead to a cumbersome and frustrating customer experience. 

• Operational Delays: Delays in identity verification or fraud detection processes can negatively impact customer satisfaction. 

Identity Trust Management Features

Enhanced KYC (Know Your Customer)

• Robust Verification: Combines KYC, ECYBL, eCBSV, OFAC checks, and fraud detection. 

• Advanced AI and Machine Learning: Leverages cutting-edge technology to stay ahead of emerging threats. 

• Comprehensive Fraud Prevention: Effectively combats synthetic identity fraud, account takeover, and check fraud. 

FiVerity's platform integrates multiple verification checks, including KYC, ECYBL, eCBSV, and OFAC checks, and leverages advanced AI and ML to provide robust and comprehensive fraud prevention. 

Continuous Monitoring

• Real-Time Surveillance: Provides ongoing monitoring of digital identities. 

• Proactive Alerts: Sends alerts for changes in risk profiles, enhancing security and identifying new opportunities. 

• Building Trust: Ensures that potential threats are identified and addressed promptly, building trust with customers. 

FiVerity's Continuous Monitoring provides real-time surveillance and proactive alerts for changes in risk profiles, helping institutions quickly identify and address potential threats while building customer trust.

Fraud Investigation

• Streamlined Process: Aggregates data from multiple sources, simplifying fraud investigations. 

• Plain-Text Summarizations: Provides clear and transparent scoring for quick and accurate assessments. 

• Reduced Investigation Time: Dramatically decreases the time needed to investigate fraud, as seen with DCU’s reduced investigation time from 30 days to just 30 minutes. 

FiVerity aggregates data from multiple sources and provides plain-text summarizations and transparent scoring, enabling quick and accurate fraud investigations. This approach significantly reduces investigation times and enhances fraud detection.

Actionable Insights and Reporting

• Detailed Reporting: Offers easy-to-read reports that help institutions make informed decisions. 

• Single Source of Truth: Facilitates clear and comprehensive risk assessments.

• Enhanced Compliance: Simplifies compliance reporting, reducing the burden on your team. 

FiVerity's detailed and easy-to-read reports provide a single source of truth for identity risk, facilitating clear and comprehensive risk assessments and simplifying compliance reporting.

Extensibility into Custom Data Sources and Workflows

• Flexible Integration: Integrates with custom data sources and decisioning platforms. 

• Adaptable Solutions: Ensures your systems can evolve with changing demands and regulatory requirements. 

• Unique Needs: Meets the specific requirements of your financial institution, ensuring optimal results. 

FiVerity's platform is designed to be extensible, allowing integration with custom data sources and workflows. This flexibility ensures that your specific requirements are met and your systems can evolve with changing demands and regulatory requirements.

Ready to Transform Your Identity Trust Management?

Contact us today to learn how FiVerity can help your institution enhance security, streamline operations, and achieve safe growth. Schedule a demo to see our platform in action and discover the benefits of comprehensive Identity Trust Management.