Lightico integrates Innovis phone verification solution into fraud prevention package
On Monday, Lightico announced an integration with Innovis, a leading provider of fraud prevention solutions, to provide its authentication tool, FailSafe, to manage fraud risk.
Executives said through a news release that the phone ID verification tool will assist current and future Lightico customers with fraud detection and prevention.
Lightico explained the collaboration will provide mobile authentication for financial services and consumer lending platforms, helping to reduce authentication times and fraud risk.
A recent study has shown FailSafe can reduce fraud by 80% and cut transaction times from four to five minutes to just 45 seconds.
Paula Kurkowski is senior vice president and director of bank operations at Stockman Bank of Montana.
“Integrating Innovis’ FailSafe authentication solution into our Lightico workflow allows us to verify our customer’s identity before delivering documents for electronic signature,” Kurkowski said in the news release.
“Our Lightico use over the past couple of years has resulted in more efficiencies while providing a better customer experience,” she continued. “Adding this new layer of authentication allows us to continue to provide the quick, easy, and convenient service for our customers while providing top-notch security.”
FailSafe joins Lightico’s existing offering, which include Photo ID verification, Selfie verification, Liveness detection and Knowledge-based Authentication (KBA) to provide an extra layer of protection for financial services and consumer lending programs.
“The integration further bolsters Lightico’s Multi-Factor Authentication (MFA), helping our customers to mitigate fraud by offering multi-layered authentication options to fit their compliance requirements as well as adjust to customer needs and demands,” Lightico CEO and cofounder Zviki Ben Ishay said. “With it, financial institutions are able to offer customers state-of-the-art speed and security which is a critical part of remaining competitive in today’s market.”
Innovis president Bruce Nixon added, “Innovis provides a streamlined verification process for top banks and other financial institutions.
“We are excited to sync with Lightico’s platform to improve the customer journey and expand our reach to provide phone ID verification for additional financial services and consumer lending platforms,” Nixon went on to say.