The Power of Partnership:
Identity Verification + Fraud Prevention
In this video, learn more about Fraud.net AppStore partner Veriff, the preferred identity verification platform for the world’s most innovative and growth-driven organizations.
Learn:
- What service Veriff provides to Fraud.net’s clients,
- Who can benefit most,
- How our clients have benefitted from this partnership, including reduction in fraud and compliance cases to review,
- and more!
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Tell us about Veriff
My name is Chris Hooper, and I am the Global Director of Content Marketing at Veriff. Veriff is the preferred identity verification platform for the world’s most innovative and growth-driven organizations, including pioneers in financial services, fintech, crypto, gaming, mobility, online marketplaces, and many more.
We essentially provide advanced technology that combines AI-powered automation with reinforced learning from human feedback, deep insights, and in-house expertise to deliver a proven infrastructure that enables the companies we work with to confirm their customers are who they say they are.
Now, that doesn’t sound like a very big deal, but to be totally honest with you, if you can confirm your customers are genuine, then you are creating a secure online trusted community, which is a big deal. And that’s something that we use all of our product suite to enable us to do.
What service does Veriff provide?
Veriff’s product suite is actually incredibly diverse. We have a huge range of products that work in different aspects of identity verification. Essentially, what we do and the sort of thing that unites them all, I suppose, is that it’s a set of solutions, an identity platform, if you will, that helps organizations globally achieve the perfect balance of speed, accuracy, and fraud prevention while increasing customer conversion.
Some of the reasons that our clients choose us, is that the top-performing clients get pass rates of up to 95, which is industry-leading.
We’re IT, device, and operating system agnostic. Our software plays nice with everybody, enabling you to onboard customers no matter what device they’re using. And the other side of the coin on the tech side is that we’re very easy to implement.
Some of our recent customers, for example, have completed the process in its entirety in 48 hours and have been up and running operationally.
But perhaps the biggest selling point of all is the fact that we have the largest in-house document database on the market, and this will help you support your global growth and verify users in bulk no matter where in the world they are.
So, just some statistics within that database, we have 230+ countries and territories covered. The database itself is currently 11,400 documents, and that includes passports, driving licenses, ID cards, residence permits, and so on. And we have 48 languages supported in our verification flow. All of that enables you to be truly global in your outlook. If you have desires to move into a new region or territory, then you’re gonna need this sort of database being you, and we are the only company that can provide that.
Why partnered with Fraud.net?
We are incredibly excited to partner with Fraud.net. I think that there’s a huge customer base that you have that we are now able to provide our services to. So, that ecosystem you are creating, that fraud prevention ecosystem, is something we can tap into and provide additional support and services to and cater to that need because customer relationships essentially are at the heart of what we do. That means, and we have this saying internally, that we like to grow with our customers. This means that we have genuine partnerships with them, and that means they have things like free and unlimited access to our C-suite, for example, access to our industry-leading experts, our solution engineers, to our tech support.
Plus our sort of customer-centric product flexibility ensures that we deliver a return on investment every single time and that our customers are set up to fulfill their growth potential.
We can bring that to the Fraud.net ecosystem, and it feels like a very powerful partnership, that. I think that through that partnership, we can provide your customers with additional identity verification capabilities to leverage during client onboarding. It really feels like a very symbiotic relationship in many ways, one that I think will be an incredibly powerful proposition for the Fraud.net customer base.
Who can benefit the most from the partnership?
Of course, most businesses these days. I think we live in a digital world, and that’s probably the case for most businesses, but what I would add to that is businesses who operate in a highly regulated environment and need to ensure their users are genuine, so what that means is any regulated business, which covers things like financial services, gaming, gambling, mobility, HR, recruitment and so on.
But I think there are also industries where regulation is on the near-term horizon, as it will be with us soon. Things like social media platforms we work with, educational establishments, and buy now, pay later providers are all not regulated right now, but their regulation is coming. And I think that it’s important for companies like that to get on the front door with this stuff.
Within all those organizations we primarily work with fraud prevention teams, with compliance teams, and with those teams that are responsible for the customer experience or customer onboarding. The primary use case we sold for all of those is how to validate that your customers are genuine and they are who they say they are.
That means that those people, once you onboard them, and they have access to your service, that they’re genuine people. They’re not bad actors looking to commit fraudulent acts, but they are genuine customers that you can keep with you for the long term and build that bond of trust that enables you to prove a good service to them and enables them to stay around for longer and stay with you.
What are the typical results customers see from your joint solution?
We have a fintech leader in South America who said to us that their fraud levels have dropped below 1%, which is of course very impressive, and this was largely due to the use of the background video recording feature, which helps to understand more about what else might be going on during the customer verification process.
We have another customer, an African payments platform who gave us some great stats. They said their fraud detection rates increased from 10% to 90% following the implementation of Veriff and Fraud.net’s platforms. Conversion rates were also boosted from 40% to 60% almost overnight, and churn rates were reduced from 8% to 5%. They also told us that compliance risk was dramatically reduced, dropping from five cases a month to just one.
What’s next for Fraud.net and Veriff?
How we’ll provide value for our customers moving forward is a really interesting question, and there’s a couple of points to call out here.
I would say the first one is around improved automation. Our product is constantly evolving, literally day by day it gets better and better and better. That’s only going to bring more accuracy, more speed and allow the customers of Veriff and Fraud.net to onboard users faster and more securely than ever before. So I think it’s a continuation of the curve that we’re on now.
The second point is around the global picture. We’ve found with research that we’ve done into the customer data that we have, that fraud is a global problem. You can’t solve it with one product or one product suite, but what you can do is take a global approach to solving this. And that means creating a fraud prevention ecosystem.
And that’s where the partnership with Veriff and Fraud.net comes in, because the two of them together create an incredibly powerful set of tools, with things like cross-linking, for example, that enable our customers to stay ahead of this global fraud threat.
Final Thoughts
In closing, I’ll just say that I’m really excited. All of us here at Veriff are really excited about this partnership with Fraud.net and the value that it can bring to the customers that we can bring in together.
The next step is if you are at all interested in adding these capabilities to your fraud prevention ecosystem, then complete the demo form. That’s all you need to do. Just get in touch with us because what we would like to do, and how we like to work, is to build that genuine partnership. and we can only really do that by finding out who you are, what your problem is, and the issues you’ve had to solving it in the past. When we have that, we can provide the solutions you need to solve those problems, and help you to combat fraud – not just onboard customers faster, but to turn your business into something that’s a lot more powerful than it is now.