Following this announcement, Creditinfo’s service was developed in order to optimise the manner in which clients and businesses mitigate the overall impact of fraud, as well as support their organisational development and growth.
The solution integrates digital risk signals, identity proofing, and comprehensive international and domestic watchlists to deliver strong Know Your Customer (KYC) compliance and reduce the risk of fraudulent activity. In addition, it aims to enable businesses to streamline risk management and ensure that they meet stringent customer due diligence requirements and needs under anti-money laundering (AML) regulations.
At the moment, the global economic impact of financial crime has been estimated to be USD 5 trillion, and, according to the 2024 Nasdaq global financial crime report, fraud losses totalled USD 485.6 billion across the globe, from fraud scams and bank fraud schemes alone. At the same time, organisations also face a series of challenges, from eroding profit margins and reputational risks to data breaches. With this in mind, Creditinfo’s new product was developed in order to improve the way organisations address these challenges by leveraging credit bureau data, government information services, and other registries to establish trust in presented identities. This process aims to take place without negatively impacting the customer experience.
In addition, as a global solution, the fraud and ID tool was tailored to meet the unique needs and maturity levels of different markets. According to the official press release, by accounting for these differences, organisations that use the solution will be given the possibility to adapt their fraud prevention strategies to specific local risks, strengthening security and promoting financial inclusion.
By removing friction from both traditional and digital onboarding and origination processes, the tool is expected to help organisations reduce fraud, improve conversion rates, and drive top-line development while ensuring a secure customer journey as well. The company aims to expand its global reach and improve financial access for clients and businesses around the world, as well as strengthen both its security capabilities and the overall ability to deliver an optimised suite of services.
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