We are excited to announce our partnership with Alloy, an identity decisioning platform that helps banks and fintech companies fight fraud and remain compliant, to bolster the company’s existing identity verification and know your customer (KYC) offerings.
Karita Sall, April 14th, 2022
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Through this partnership, Veriff will provide Alloy customers with additional identity verification capabilities and KYC solutions to leverage during client onboarding in more than 190 countries.
Veriff’s identity verification technology will be made accessible through Alloy’s platform, allowing fintechs and banks to quickly and effectively verify identities during new customer onboarding while meeting their KYC requirements to ensure they remain compliant. Veriff provides best-in-class KYC verification with its video-first technology and offers an extra layer of protection for users through location verification.
“We saw the financial services industry evolve dramatically over the course of the COVID-19 pandemic, and with it, a rise in fintech fraud and stringent regulations,” said Janer Gorohhov, co-founder and CPO of Veriff. “As a result, it’s never been more important for financial service institutions to be steps ahead of these bad actors. We’re thrilled to partner with Alloy and work together to help banks and fintechs reestablish trust online among their customer base.”
Alloy serves as a command center for identity that gives financial institutions a holistic view of each customer from the day they onboard and throughout their time with the organization. Alloy’s identity decisioning platform combined with Veriff’s added identity verification and compliance capabilities gives financial organizations the trust and security needed to manage their onboarding, transactions and credit decisions with confidence and reliability.
“The fraud landscape is constantly shifting and financial institutions need to be able to adjust quickly to continue mitigating fraud,” said Brian Bender, VP of Strategic Alliances at Alloy. “Our partnership with Veriff enables us to connect our clients with more identity verification and KYC offerings that meet each of their compliance needs and empower them to remain agile in the evolving market.
Alloy is the command center for identity that covers your compliance and fraud-fighting needs. Our identity decisioning platform connects you to more than 120 data sources to help you verify identities, monitor transactions and make credit decisions - giving you a holistic view of each customer from the day they onboard and throughout their time with your organization. From automatic decisions and fewer manual reviews to smooth onboarding, Alloy is how smart banks and fintech companies like Ally Bank, Aspiration and Brex take a closer look at the whole picture.
EDD in banking involves gathering information in order to verify the identity of customers and calculate the exact level of money laundering risk each customer poses. During the EDD process, the customer is asked for a much greater amount of information than they are during the CDD process, as this information can be used to mitigate the risks involved.
When carrying out due diligence, a financial institution must determine whether they should perform customer due diligence (CDD) or enhanced due diligence (EDD). This is because FATF guidance suggests that companies should adopt a risk-based approach to due diligence that reflects the specific level of risk that each individual customer presents.
Synthetic fraud is incredibly dangerous and is a major problem facing the financial sector. Unlike third-party fraud, where an entire identity is stolen and used to defraud enterprises and victims, synthetic fraud frequently has no specific consumer victim.