LibraryblogHow Veriff Helps Protect Financial Services Businesses

How Veriff Helps Protect Financial Services Businesses

The fintech industry and is ever-fluctuating, but Veriff is a reliable partner in safeguarding your business from fraud.

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Chris Hooper
Director of Content at
September 8, 2021
Identity verification
Identity Verification

Amid an ever fluctuating financial sector, and big questions about the future of online banking, fintech, cryptocurrency, and more, financial institutions are exposing themselves to higher and higher risks of financial crime. Veriff is poised to keep bad actors at bay and these institutions safe from fraud.

Problems Facing the Financial Sector

Fraud rates are on the rise, and due to COVID-19’s continued presence, online banking, fintech, and e-commerce will only continue to boom and create more opportunities for fraudsters to harm businesses and their customers. According to a TransUnion survey, 40% of consumers with a financial account said they are using digital platforms more due to COVID-19. 

Additionally,  financial services are slow to adopt new technologies, leaving them with fewer options to solve fraud concerns. However, according to the Global Banking and Finance Review, 45% of financial services firms have invested in AI and machine learning technology over the last year. This is an important move, as this industry is usually slow to adopt new technologies — showing just how valuable this technology is to this space. Veriff’s AI-powered identity verification is a seamless integration into any financial institution’s AML and KYC processes. 

Identity Fraud Report Findings 

We recently published our 2021 H1 Fraud Report, where we focused on fraud trends in the fintech, mobility, and crypto spaces. Our analysts found that fintech fraud rates have been on the rise, and minimizing account takeover fraud is vital to protecting this space. Veriff provides comprehensive solutions, including Face Match which uses biometric authentication and secures accounts easily for businesses and their customers. 

Additionally, the report noted that while crypto’s popularity is on the rise — so is its fraud rates. We understand the importance of identity verification and keeping up with compliance requirements, so Veriff’s AML and KYC solution helps fight financial crimes by ensuring customers are who they say they are. 

How to Keep Regulators Happy 

Veriff is able to help fight financial crime with our full-stack AML and KYC solution. The KYC process is important and necessary to most financial services providers, and helps these businesses avoid exposing themselves to fraud and anti-money laundering. Billions of dollars are lost each year when these processes are inefficient or not thorough enough. Enter Veriff. With accurate, automated decision-making, Veriff stops bad actors from exploiting financial services, crypto companies and industries of all kinds.

Beyond Veriff’s identity verification processes, we also protect financial services providers with PEP and sanctions checks, adverse media screenings, and ongoing monitoring of possible bad actors to keep these businesses and its customers safe. This coverage is updated in real-time and creates more confidence in any business's KYC process. Additionally, our screening process helps assess the potential AML risk exposure. This shows regulators that you take financial crime and compliance seriously.

Who We Have Been Working With  

In just the last 6 months, Veriff has joined forces with several financial institutions to keep them and their customers safe. In May, Modularbank — a next-generation core banking platform — added verification and KYC capabilities to its ecosystem, and HeyTrade — a full-fledged investing platform — partnered with us for identity verification on their platform. In June, we began working with Monese — a mobile money app — to provide secure banking services across Europe. These are just a few of the businesses that we work with, and just a sampling of the kinds of businesses we can integrate seamlessly into. 

To learn more about how Veriff can protect fintechs and financial services in general, join us at Money 2020! For more information and access to the event, head here.