PR Buzz’s Post

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

Identity-related suspicious activity is a “cybercrime concern” for the Financial Crimes Enforcement Network, or FinCEN, according to a January report analyzing identity themes in 3.8 million suspicious activity reports, or SARs, filed in 2021. The report identified three ways that criminals use identity information to facilitate their attacks: impersonate others, circumvent authentication attempts and compromise credentials. My latest article looking at tech issues in consent orders examines customer identification and customer due diligence (CIP + CDD), and how they fit into a bank's financial crime compliance stack. Many thanks to Tommy Nicholas at Alloy and Soups Ranjan at Sardine for explaining digital identity to me (and how easy it can be for fraudsters to gain access to bank accounts) and Matt Michaud at LexisNexis Risk Solutions for talking to me about financial crimes compliance. Read it here: https://lnkd.in/eDHJFZW6

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

We get asked about how we're different from other solutions on the market all the time. Baselayer was built to help you get ahead of fraud and risk.

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

Slow, outdated business identity checks are leaving banks and fintechs exposed to fraud. The traditional systems they’ve relied on—LexisNexis, Experian, Equifax—aren’t cutting it anymore. The manual reviews and sluggish processes these vendors rely on are costing businesses time and money, while bad actors slip through the cracks. Here’s the thing: the fraud landscape has evolved, but the tools to prevent it haven’t. It’s no longer enough to run business identity verification checks the old way. When a business applies for a loan or payment services, you need REAL-TIME answers—not a report that takes hours or days to generate. Enter, Baselayer. We’ve built a system that combines government data access with an AI-powered architecture that automates manual checks, offering faster, more accurate decisions. Our goal wasn't to simply speed up the process; it’s been to completely redefine how business identity verification should be done. Baselayer taps into its network memory, so if a company has been flagged for fraud before, you’ll know instantly. It’s cutting-edge technology, and it’s delivering a 30-40% increase in automation with quicker results than any offshore manual team could ever deliver. If you're still relying on outdated methods, you’re playing catch-up with fraudsters. #fraudprevention #fintech #lending 

LSEG Risk Intelligence is stepping up to tackle rising #fraud and identity theft in cross-border #payments with two new tools: Global Account Verification for secure transfers and Document and Biometric Verification to combat deepfakes. Launched in 22 countries with plans to expand, these tools help financial institutions keep payments safe and compliant with evolving regulations, making global transactions more secure. #fraud #aml #appfrayd #payments #fintech

Bureau and M2P Fintech team up to combat digital transaction fraud - BusinessToday: ... Bureau x M2P Fintech. Bureau, a fraud prevention and identity decisioning platform, has partnered with M2P Fintech, a digital banking ...

In the October issue of ICBA Independent Banker magazine, I talked about #fraud and #instantpayments. #Communitybanks using #FedNow or #RTP need to enhance their existing mitigation strategies to detect fraud faster because instant payments operate around the clock. Fortunately, the rails have built-in controls to help mitigate the risk of fraud, including transaction limits, per-transaction blocking capabilities, and comprehensive reporting. Community banks should understand how any third-party fraud tools they implement operate and make sure they have strong vendor management programs. They should also focus on educating customers on how instant payments work, the concept of irrevocability, and how #scams take advantage of trust. Banks should include several confirmations or warnings before customers finalize transactions--this is one case where friction is beneficial. My industry colleagues Abhishek Veeraghanta and Mark G Majeske offer several other recommendations, including implementing multifactor authentication, adding thresholds for transaction dollar amounts and velocity, and adopting mechanisms to quickly analyze transactions.