Regtech FiVerity Introduces Identity Trust Management Platform to Enhance Security for Community Banks, Credit Unions

In today’s rapidly evolving financial landscape, community banks and credit unions face significant challenges in managing identity trust, verification and fraud prevention. This, according to an update from FiVerity.

Traditional KYC (Know Your Customer) and CIP (Customer Identification Program) implementations are often fragmented, incomplete, and inefficient, “leaving institutions vulnerable to sophisticated fraud schemes.”

FiVerity is addressing this issue through “industry collaboration, creating an industry-wide historical view of trust signals on digital identities.”

This innovative approach allows institutions to “evaluate not just the identity’s legitimacy and individual interactions with their organization, but also the trustworthiness of that identity based on its historical behavior across the digital landscape.”

Meghan Sutherland, CEO of FiVerity, said:

“The launch of our Identity Trust Management solutions delivers crucial anti-fraud technology to Community Banks and Credit Unions. Our platform enhances security and compliance, democratizes consumer risk understanding, and supports safe growth.”

Meghan Sutherland, CEO of FiVerity, said:

“As we’ve observed the landscape shift within our customer base and the broader market, we’ve seen significant changes in security and an increase in specific vulnerabilities for community banks and credit unions. The heightened focus on digitization, innovation, and growth, coupled with the rise in sophisticated fraud, underscores the urgent need for modernization. Our enhanced Identity Trust Management platform redefines modern identity trust, risk, and fraud programs, ensuring our clients stay ahead in an evolving threat landscape.”

FiVerity’s platform provides Identity Reports “with clear application summaries and actionable portfolio insights, enabling efficient decision-making across the entire customer lifecycle and portfolio.”

By leveraging advanced AI and machine learning, financial institutions can support KYC regulations, make more “informed strategic policies, and individual identity assessments, ensuring effective and efficient risk management and safe growth.”

The platform integrates Enhanced KYC, Fraud Investigation, Continuous Monitoring, Actionable Insights, Reporting, and Orchestration, to offer comprehensive consumer risk management.

These tools significantly reduce fraud, increase operational efficiency, and support regulatory compliance, with early adopters reporting a 51% improvement in fraud prevention compared to using their previous detection tools alone.

At the heart of FiVerity’s platform is its commitment to “enabling information sharing and industry collaboration.”

By aggregating data directly from diverse sources, “including fraud detection systems, risk assessment solutions, and credit bureaus, FiVerity provides a more complete view of identity trust.”

This approach enhances the ability to “combat fraud and ensures security across the financial ecosystem, allowing financial institutions to leverage shared insights for stronger risk management and informed decision-making.”

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