Chris Hooper
With financial services firms like Monzo indicating their aim to gain more small business and personal banking customers through a continuous focus on innovation, the year 2023 is set to be a significant step ahead for neobanks.
However, for growth to remain robust and consistent, the sector must address and overcome the risks posed by identity fraud, which can pose significant financial, legal, and reputational risks.
Recently published research, the Veriff Identity Fraud Report 2023, indicates a 17.9% increase in fraudulent activity across financial services over the past year, showing the sheer challenge facing neobanks. According to the latest Veriff data insights, one of the biggest challenges now facing the neobank sector is the industrial scale of this fraud, with increasingly powerful organized crime gangs using methods such as phishing on a massive scale in an effort to compromise customer accounts.
According to the latest Veriff data insights, one of the biggest challenges now facing the neobank sector is the industrial scale of this fraud, with increasingly powerful organized crime gangs using methods such as phishing on a massive scale in an effort to compromise customer accounts.
To convert and retain customers, achieve legal compliance, and prevent the risk of fraud, neobanks must implement a seamless, swift, and secure user experience.
To that end, neobanks can now defend themselves against highly coordinated, persistent, and pervasive criminal behaviour by utilising AI-driven identity verification platforms such as Veriff.
Fast decisions
A 98% check automation rate gets customers through in about 6 seconds.
Simple experience
Real-time end user feedback and fewer steps gets 95% of users through on the first try.
Document coverage
An unmatched 12K+, and growing, government-issued IDs are covered.
More conversions
Up to 30% more customer conversions with superior accuracy and user experience.
Better fraud detection
Veriff’s data-driven fraud detection is consistent, auditable, and reliably detects fraudulent forms of identification.
Scalability embedded
Veriff’s POA can grow with your company’s needs and keep up with times of increased user demand.
