"We’re trying to drive out all of the wasted time and effort that lenders and brokers go through by repeating things, and sharing information over email, phone, and post"
- Matthew Elliott, CCO of Nivo
Nivo has launched a new service to help drive down fraud in the short term lending market.
Short term lending completions exceeded £1.5 billion in Q4 2023, and the fast paced nature of these loans has increased vulnerability to fraudsters.
Now, any lender or broker using Nivo to run biometric identity verification and AML checks on applicants will also get flags which show whether or not the applicant’s face or document have been seen before, and if so - when, by which other organisations, under which name and mobile number, and even access to the selfie video, ID documents and checks results from that earlier application.
This includes access to the 200k+ checks completed on Nivo over the last few years, and is already proving to have flagged several fraudulent attempts.
It’s part of a wider direction that Nivo are investing in around how lenders can better share KYC and application information with each other, to collaborate on ensuring that the strength of checks run to verify applicants’ legitimacy are as strong as possible, to gather and share information more efficiently, to stop duplicating effort, and to drive out fraud.
The team are currently talking with industry organisations to collaborate on developing this sharing service into its next phase. There are plans to launch a working group alongside further iterations of the service with features informed by the group.
Matthew Elliott, CCO of Nivo, commented: "Since day one we’ve built our system as a network, with technology and legal architectures in place to allow for this type of sharing. We’re trying to drive out all of the wasted time and effort that lenders and brokers go through by repeating things, and sharing information over email, phone, and post; so it’s great to launch this industry first and there is so much potential for where we take it next.”
