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.
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 (Know Your Customer) and CIP (Customer Identification Program) implementations are often fragmented, incomplete, and inefficient, leaving institutions vulnerable to sophisticated fraud schemes. FiVerity is addressing this issue through industry collaboration, creating an industry-wide historical view of trust signals on digital identities. This innovative approach allows institutions to evaluate not just the identity’s legitimacy and individual interactions with their organization, but also the trustworthiness of that identity based on its historical behavior across the digital landscape.
“As we’ve observed the landscape shift within our customer base and the broader market, we’ve seen significant changes in security and an increase in specific vulnerabilities for community banks and credit unions,” said Meghan Sutherland, CEO of FiVerity. “The heightened focus on digitization, innovation, and growth, coupled with the rise in sophisticated fraud, underscores the urgent need for modernization. Our enhanced Identity Trust Management platform redefines modern identity trust, risk, and fraud programs, ensuring our clients stay ahead in an evolving threat landscape.”
Enhancing Security and Enabling Safe Growth
FiVerity’s platform provides Identity Reports with clear application summaries and actionable portfolio insights, enabling efficient decision-making across the entire customer lifecycle and portfolio. By leveraging advanced AI and machine learning, financial institutions can support KYC regulations, make more informed strategic policies, and individual identity assessments, ensuring effective and efficient risk management and safe growth.
The platform integrates Enhanced KYC, Fraud Investigation, Continuous Monitoring, Actionable Insights, Reporting, and Orchestration, to offer comprehensive consumer risk management. These tools significantly reduce fraud, increase operational efficiency, and support regulatory compliance, with early adopters reporting a 51% improvement in fraud prevention compared to using their previous detection tools alone.
“Fiverity has been a trusted partner for DCU and they continue to push the envelope in developing new ways to quickly detect and snuff out attempted fraud through the creative and entrepreneurial use of artificial intelligence, machine learning, sophisticated modeling and advanced intelligence sharing.” Gregg Stephens, Fraud Prevention Manager, Digital Federal Credit Union.
Core of Information Sharing and Industry Collaboration
At the heart of FiVerity’s platform is its commitment to enabling information sharing and industry collaboration. By aggregating data directly from diverse sources, including fraud detection systems, risk assessment solutions, and credit bureaus, FiVerity provides a more complete view of identity trust. This approach enhances the ability to combat fraud and ensures security across the financial ecosystem, allowing financial institutions to leverage shared insights for stronger risk management and informed decision-making.
“The launch of our Identity Trust Management solutions delivers important anti-fraud technology to Community Banks and Credit Unions,” said Meghan Sutherland, CEO of FiVerity. “Our platform not only enhances security and compliance but also democratizes the understanding of organizational consumer risk. It enables safe growth through all forms of expansion, including new products, campaigns, mergers and acquisitions, and the growth of employee headcount. Our banking and credit union customers are seeing increased efficiency, reduced fraud losses, and enhanced decision-making capabilities.”
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