FiVerity Unveils Risk Management and Fraud Prevention Platform
Identity verification and fraud prevention firm FiVerity is launching its Identity Trust Management platform.
The platform integrates features such as enhanced know your customer (KYC) measures, fraud investigation, continuous monitoring, actionable insights, reporting and orchestration, the company said in a Tuesday (June 25) news release.
The platform aims to offer companies a comprehensive way to manage consumer risk. These tools reduce fraud, increase efficiency and support regulatory compliance, the company said, with early adopters reporting a 51% improvement in fraud prevention compared to using their previous detection tools alone.
FiVerity said in the release that traditional KYC and customer identification program implementations are often fragmented and inefficient, leaving institutions susceptible to fraud. The company said it launched its latest platform in a bid to address these concerns.
“The launch of our Identity Trust Management solutions delivers important anti-fraud technology to community banks and credit unions,” Meghan Sutherland, CEO of FiVerity, said in a statement.
“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,” Sutherland added. “Our banking and credit union customers are seeing increased efficiency, reduced fraud losses, and enhanced decision-making capabilities.”
FiVerity’s platform works by enabling information sharing and industry collaboration. By compiling data from a wide range of sources, including fraud detection systems, risk assessment solutions and credit bureaus, FiVerity provides a more complete view of identity trust, according to the release.
This approach enhances firms’ abilities to prevent fraud and promotes security across the financial ecosystem, allowing financial institutions to leverage shared insights for stronger risk management and informed decision-making, the release added.
Fraud cost retailers $429 billion in 2023, according to a report from global financial technology provider Adyen, with 45% of all businesses around the globe falling victim to fraudulent activity, cyberattacks or data leaks.
PYMNTS Intelligence research found that 8 in 10 U.S. eCommerce merchants that conducted business globally fell victim to such attacks last year. In response to this, 95% of merchants we surveyed for “Fraud Management in Online Transactions” said they have already begun enhancing their anti-fraud capabilities — or they are planning to do so in the near future.
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