As new users sign up to CrescoFin’s app, Veriff’s AI-driven software will check their identity, meeting KYC and AML requirements, while also preventing identity fraud attempts. As with all online banking, a rapidly growing digital sector, online identity fraud has become a more serious and prevalent concern. Simply meeting KYC and AML requirements does not prevent identity fraud or protect companies from fraudsters altogether. However, Veriff’s identification software goes one step further with its video-first technology that verifies people online and greatly reduces this risk.
CrescoFin’s core product is for institutions and individual savers looking for yield on their capital but retaining the flexibility to withdraw funds at relatively short notice. In a global environment of low and negative interest rates, CrescoFin saw that a product that achieves low-risk, secure returns without a long lock-up period was required for both institutions and individuals alike. The core product, the CINAP (CrescoFin INsured Asset Purchase) offers a return of 3% pa in USD, is fully insured, and redemption can be made with just 30 days’ notice.
Later this year, CrescoFin will launch a full suite of digital banking services around this core savings product, and the partnership with Veriff will assure its customers that eliminating the risk of identity fraud online is at the centre of this offering.
Derek Mayne, managing director and co-founder of CrescoFin said: “We are delighted to be partnering with Veriff. Their commitment to providing the highest quality identity verification solution is essential to the success and trustworthiness of our forthcoming digital banking platform.”
Janer Gorohhov, Veriff co-founder and CPO said that Veriff has the strongest identity verification service available online. “Our video-first AI technology combined with sophisticated data crosslinking not only meets the compliance needs for fintechs like CrescoFin but also prevents identity fraud helping our clients stay one step ahead of cybercriminals.”
According to a recent Veriff Fraud Report, fintech fraud more than tripled in spring 2020 during the initial COVID outbreak as people moved their banking online. The most common type of fraud in the fintech industry is identity fraud, a person pretending to be someone else or using someone else’s ID documents, making up to 70% of all fraud cases in 2020. By partnering with CrescoFin, Veriff is preventing additional identity fraud from taking place online.