Fraud

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FCA Authorised, ICO Registered

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The Problem

With mobile and digital banking being added to the mix to join branches, allied with the huge volume of payment methods available for today’s consumers, the opportunity for fraud is rife across the banking network.

It is incumbent upon all of us, whether as banks, lenders or businesses to ensure that we are taking all available steps to minimise the opportunity for fraud to take place.  

The Solution

Minimising risk comes in two forms.

One is being vigilant to opportunities for fraud, and the second comes in using technology to mitigate against such threats. Bank data and Open Banking can play a key role in this. From being able to verify an individual’s bank credentials, to complying with AML and KYC checks through ID verification, bank data can help to solve many of the current threats.

Mitigate against fraud with bank data

Since fraudsters are continually adapting their means of attack against banks and other businesses, it is important that you use information that can be relied upon. Bank data supplied through Open Banking cannot be altered or tampered with, and can be used to verify many account credentials, including bank account verification and assisting with ID verification checks.

Bank data cannot be altered or be tampered with, giving you a source of truth.

Bank data supplied through Open Banking is secure and incontrovertible.

Make decisions about your customers, at speed, and with confidence.

Use bank data to verify income, bank account credentials or in AML and KYC checks to verify ID.

Understand your customers in real-time, and be confident they are who they say they are.

Fraudsters shift their means of attack looking for weaknesses; ensure that you have the best form of defence.

Mobility & Accident Services.

A leading mobility and accident services provider operates with one goal: to get their customers back on the road as quickly and safely as possible.

When a customer struggles to prove that they do not have the funds to pay for a replacement vehicle, they are prompted to connect their account through DirectID. By accessing DirectID Insights, the company can then view the relevant information that portrays a customer's affordability, utilising the advanced visual dashboard to display E.O.D balance, income vs. outgoings, and the stability of their salary payments.

"The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect "

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James Varga, CEO, DirectID

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