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 /PRNewswire-PRWeb/ -- Addressing Challenges
within the KYC and CIP Landscape
"The launch of our Identity Trust
Management solutions delivers crucial anti-fraud
technology to Community Banks and Credit Unions," said Meghan Sutherland, CEO of FiVerity. "Our
platform enhances security and compliance, democratizes consumer
risk understanding, and supports safe growth."
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."
Learn More
For more detailed information about the FiVerity platform and
the enhancements included in this release, visit our website for a
demo at fiverity.com. Discover how FiVerity can help you achieve
safe and sustainable growth while enhancing your institution's
security and compliance.
About FiVerity
FiVerity is a leading provider of Anti-Fraud and
Identity Security solutions driven by AI, founded in 2017. They
offer innovative technology that enables community banks and credit
unions to enhance security, reduce fraud, and
streamline compliance. Their mission is to enable collective action
in the fight for a more secure and trustworthy financial system.
Learn more at www.fiverity.com.
Contact Information:
FiVerity
PR@fiverity.com
Media Contact
FiVerity PR, FiVerity, 1 781.742.7400, pr@fiverity.com,
www.fiverity.com
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SOURCE FiVerity