ID-Pal’s Post

FiVerity Unveils Identity Trust Management Platform to Modernize Security for Community Banks and Credit Unions — PRBuzz.co — New enhancements #create a single #electronic #location for consumer #identity #trust enhanced decision-making, and strategic #growth for #Banks and #Credit Unions. #Boston #MA – #June #25th #2024 – FiVerity, a leading innovator in #AI Identity Verification and Fraud #Prevention is #proud to announce the #launch of its Identity Trust #Management #platform This groundbreaking #solution is #designed to #empower #community banks and credit unions by #creating a single electronic location for consumer trust, enhancing #security preventing fraud, and streamlining compliance processes. BOSTON, June 25, 2024 Addressing Challenges within the KYC and CIP Landscape In today's rapidly evolving financial landscape, community banks and credit unions face significant challenges in managing identity trust, verification and fraud prevention. Traditional KYC

Identity fraud poses a significant risk to the banking industry, necessitating strong measures to combat it. 🛡️ As incidents of fraud continue to increase, precise verification of each customer becomes crucial to uphold security and foster trust. ⚠️✅ Banks can enhance customer experiences by implementing advanced AML/KYC solutions. 🌐💼 By streamlining the customer onboarding process, customers can have confidence in their relationships with banks, while effectively mitigating fraud. 📲💪 Stay ahead of the curve and ensure the integrity of your banking operations . Invest in dependable identity verification solutions to safeguard your customers and your business! Get started with adaptive.identity.verification 👉 https://lnkd.in/d_R4FYKv #securedonboarding #AIsolutions

Most Fintechs make this mistake 👇🏻 They think fraudsters are dumb. But a recent report by RBI suggests otherwise- Online Fraud Cases Surged 334% YoY In FY24 🥲 An analysis of the frauds reported during FY23 and FY24 shows a "significant time lag" between the date of occurrence of a fraud and its detection" READ THAT AGAIN 👆🏻 It takes us a lot of time to even "detect a fraud". - The amount involved in these cases surged to INR 1,457 Cr in FY24 from just INR 227 Cr in the previous year.  That is massive 🤯 - In terms of number- Most Frauds have occurred in the category of digital payments! - In terms of value, most frauds have been reported primarily in the loans & advances portfolio! This is the main reason I started Beyond Financial Score (BeFiSc) We go beyond the traditional KYC process and provide unique API’s that help fintechs & leading financial institutions check the authenticity of a person or a human in real time. We process 1mn+ API requests per day and have already saved millions of dollars for companies. Our mission is to “Fight fraud, One API at a time”. If you are Fintech, do reach out and we will try to help you 🙏🏻 Source- INC42, RBI report. #fintech #fraud #rbi

FiVerity Unveils Identity Trust Management Platform to Modernize Security for Community Banks and Credit Unions — MediaContacts.co — New enhancements #create a single #electronic #location for consumer #identity #trust enhanced decision-making, and strategic #growth for #Banks and #Credit Unions. #Boston #MA – #June #25th #2024 – FiVerity, a leading innovator in #AI Identity Verification and Fraud #Prevention is #proud to announce the #launch of its Identity Trust #Management #platform This groundbreaking #solution is #designed to #empower #community banks and credit unions by #creating a single electronic location for consumer trust, enhancing #security preventing fraud, and streamlining compliance processes. BOSTON, June 25, 2024 Addressing Challenges within the KYC and CIP Landscape In today's rapidly evolving financial landscape, community banks and credit unions face significant challenges in managing identity trust, verification and fraud prevention. Traditional KYC

KYC Fraud Alert!⚠ The recent report on Voter ID forgery rates in KYC fraud is a wake-up call! This vulnerability can leave lenders exposed. 😮 Are you alerted by Voter ID #KYCFraud? Our advanced ID verification goes beyond basic checks. ✅ We use AI to detect inconsistencies, analyze visual cues & perform liveness checks. This multi-layered approach goes beyond simple document verification, effectively identifying fake or tampered IDs used for KYC fraud. #OnboardingSecurity Let's chat! 💬 #FinancialSecurity #OnboardingSecurity #VoterIDFraud #KYC

We’re very excited to welcome Brenda Banks to the DataVisor team as our VP of BaaS & BSA! An 11-year veteran in the digital identity sector of fraud prevention, Brenda is uniquely qualified to help launch and grow the DataVisor Sponsor Bank and Fintech Compliance program. Read all about her past experience, advice for fintechs and sponsor banks, and how she sees the BaaS industry evolving as new regulations arrive in the Q&A we shared with Brenda on our blog. #baas #bsa #sponsorbanks #fintechs #ai #artificialintelligence #fraudprevention #machinelearning

Axis Bank’s so-called “relationship manager” has redefined customer service by orchestrating a Rs. 12 crore heist from Dreamplug Paytech’s accounts, the company behind Cred. Armed with forged documents, fake signatures, and dubious email IDs, the fraudsters manipulated account details with the ease of seasoned professionals. The negligence is astounding. Mobile numbers and email IDs linked to Dreamplug’s bank accounts were changed without even basic verification. Despite glaring red flags, personal email IDs and requests originating far from the company’s Bengaluru headquarters. Axis Bank processed these changes, effectively handing over control of the accounts to scammers. Over 14 days, 37 fraudulent transactions siphoned off Rs. 12.2 crore. The audacity of the criminals is matched only by the incompetence of the safeguards meant to prevent such breaches. This wasn’t a spur of the moment crime; it was a meticulously planned operation exploiting the bank’s lax oversight. Dreamplug Paytech relied on Axis Bank to protect its funds, but instead, the bank’s negligence became the fraudsters’ ally. This isn’t just about money, it’s a colossal failure of trust. When financial institutions fail to enforce basic security protocols, it’s not just corporate clients who are at risk. Such breaches set a dangerous precedent for the entire banking ecosystem. If crores can vanish so easily, what does it say about the safety of our own accounts? Probably it’s a wake-up call for the banking industry. Trust is hard-earned but easily lost, and in this case, Axis Bank has some serious explaining to do. #AxisBank #fraud #moneyheist #crime #cred

ComplyAdvantage Takes on Payment Fraud with New AI-powered Solution “Fraudsters are fast and creative, always looking for new vulnerabilities they can exploit. That’s why fraud is one of the most commonly experienced crimes affecting people every day, causing billions in losses to consumers and businesses,” says Oliver Furniss, Chief Product Officer for ComplyAdvantage. “Banks and other financial institutions are constantly playing catch-up. Fraud Detection gives them an effective new way to monitor the millions of transactions they process every day and stop criminal activity in its tracks.” https://lnkd.in/e8rxxv5V Holvi Valentina B. #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

✌️Knowledgeing IPV in KYC: Catagories and its significance🧑💻. In the KYC (Know Your Client), Identity Verification (IPV) is necessary to confirm the customers’ information. But what is IPV and why is it important? What do we mean by IPV? IPV is a process through which an individual’s identity can be confirmed by various means to ensure that they are indeed who they claim to be. Different types of IPV: 1. Document-based IPV: This involves verifying the identity using government-issued documents like passports, driver’s licenses or ID cards. 2. Biometric IPV: It involves using facial recognition technology, fingerprints or iris scans for identity verification. 3. Database IPV: This checks customer data against external databases such as credit bureaus or governmental records. 4. Behavioral IPV: It analyzes patterns and behaviors of customers in order to establish possible frauds. Why is IPV important in KYC? IPV helps prevent identity theft, observe rules and establish confidence with clients. By accurately verifying identities, firms can: - Do away with financial crime risk - Improve customer experience - Meet regulatory requirements Stay ahead of fraudsters and make sure that there are strict IPV solutions for compliance! #KYC #IPV #IdentityVerification #KnowYourCustomer #AML #Compliance #RegulatoryC

Thrilled to announce our launch of our Third Annual "The State of Fraud and AML Report" 🎉 We surveyed 369 professionals in the world of fraud and AML teams across fintechs, banks, and credit unions. One of the trends I found interesting in the report is the rise of the scamdemic. What I found most fascinating is that while scams are not subject to the same degree of consumer protection that ACH, card, and check transactions have, many financial institutions reimburse victims of scams. The pressure to maintain customer satisfaction and the reputation risk is just not worth it for most institutions. But it's not uniform across the board. Fintech companies reimburse customers far less than banks and credit unions. And smaller banks and credit unions disproportionately reimburse customers 💰 In the world of increasing competition in financial services, being customer-first is needed to win. And if reimbursing customers for scams becomes more and more normalized, FIs have to take combatting scams more seriously. We're seeing a ton of scams being blocked with our real-time monitoring products, putting a barrier from a payment being released immediately to the scammer. And our new counterparty risk consortium will help banks get signals on the destination of funds and whether the bank account was ever associated with a scam. We're really excited to take this challenge on 💪 Check out our full report in the link below. #fraudprevention #scamdetection #fintech #payments #banking #creditunions