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Hastings Direct Loans automates its processes using IDVerse identity

Thursday 3 October 2024 13:33 CET | News

Hastings Direct Loans has announced its collaboration with IDVerse Identity to automate personalised journeys and improve its growth strategies.


The incorporation of IDVerse’s automated reinforcement learning improves the accuracy and reliability of identity verification processes, adapting to the landscape of fraud threats. Hastings Direct Loans continues its mission of simplifying its customer journey to scale into future expansions.

Loans officials have stated that IDVerse's technological approach to identity infrastructure aligns with their needs. The onboarding process for IDVerse's fully automated identity tools has been quick, as they were able to incorporate and test everything efficiently. In a month after launch, they achieved over a 4x return on investment thanks to the detection of loan fraud.

 

Hastings Direct Loans automates its processes using IDVerse identity

 

The rise of identity fraud

Identity fraud is a growing concern, impacting individuals and businesses alike. The rise of digital transactions and online interactions has provided fraudsters with opportunities to exploit personal information for financial gain. Common tactics include phishing scams, where fraudsters masquerade as legitimate entities to extract sensitive details, and identity theft, where stolen information is used to open accounts or take out loans in someone else's name.

To combat identity fraud, the UK government and financial institutions have implemented a range of measures. These include increased verification processes, public awareness campaigns, and initiatives to strengthen cybersecurity. Individuals can also take steps to protect themselves, such as regularly monitoring their bank statements, using strong, unique passwords for online accounts, and being cautious about sharing personal information. By staying informed and vigilant, both individuals and organisations can help reduce the risk of identity fraud and protect their personal and financial information from falling into the wrong hands.


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Keywords: fraud management, fraud detection, fraud prevention, identity theft, identity fraud
Categories: Fraud & Financial Crime
Companies: Hastings Direct Loans, IDVerse
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime

Hastings Direct Loans

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IDVerse

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