Lightico, Innovis to Provide Phone Verification Solution, Help Reduce Fraud

Lightico, a provider of digital customer interactions, announced its integration with Innovis, a leading provider of fraud prevention solutions, “to provide its authentication tool, FailSafe®, to manage fraud risk.”

The phone ID verification tool will “assist current and future Lightico customers with fraud detection and prevention.”

The collaboration will provide mobile authentication “for financial services and consumer lending platforms, helping to reduce authentication times and fraud risk.”

A recent study has shown FailSafe can “reduce fraud by 80% and cut transaction times from 4-5 minutes to just 45 seconds.” FailSafe joins Lightico’s existing offerings: Photo ID verification, Selfie verification, Liveness detection and Knowledge-based Authentication (KBA) “to provide an extra layer of protection for financial services and consumer lending programs.”

Paula Kurkowski, SVP Director of Bank Operations at Stockman Bank of Montana, said:

“Integrating Innovis’ FailSafe authentication solution into our Lightico workflow allows us to verify our customer’s identity before delivering documents for electronic signature. Our Lightico use over the past couple of years has resulted in more efficiencies while providing a better customer experience. Adding this new layer of authentication allows us to continue to provide the quick, easy, and convenient service for our customers while providing top-notch security.”

Zviki Ben Ishay CEO and cofounder of Lightico, said:

“The integration further bolsters Lightico’s Multi-Factor Authentication (MFA), helping our customers to mitigate fraud by offering multi-layered authentication options to fit their compliance requirements as well as adjust to customer needs and demands. With it, financial institutions are able to offer customers state-of-the-art speed and security which is a critical part of remaining competitive in today’s market.”

Bruce Nixon, President of Innovis, said:

“Innovis provides a streamlined verification process for top banks and other financial institutions. We are excited to sync with Lightico’s platform to improve the customer journey and expand our reach to provide phone ID verification for additional financial services and consumer lending platforms.”

As noted in the update, Lightico is an SaaS platform that “empowers businesses to accelerate their customer journeys through automated workflows.”

With the Lightico Digital Completion Platform, companies “leverage no-code workflows to easily collect customer eSignatures, documents, and payments, and authenticate ID in real time — straight from the customer’s device.”

By unifying the previously siloed steps of customer-facing processes, businesses enjoy faster and shorter sales and servicing cycles, “boost NPS, and significantly improve their completion rates.”

FailSafe Description

FailSafe is “a layered, multi-factor authentication tool that is designed to help establish ‘proof of presence’ in an interaction.”

FailSafe has proven effective in “mitigating fraud through its many layers, which include behavioral-based indicators and phone hijacking detection, while also providing a simple verification process for customers to complete.”

It can be used in a variety of digital customer experiences, “such as a website, mobile app, or interactive voice response (IVR).”

As mentioned in the announcement, Innovis works with financial institutions “to solve problems surrounding identity verification, authentication, receivables management, and fraud prevention.”

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