Nivo launches industry first ID&V sharing to drive down fraud in short term lending
Fraud continues to rise and the urgency amongst lenders to do more about it is increasing.
The short term lending market is particularly impacted with completions exceeding £1.5 billion in Q4 2023, and the fast paced nature of these loans has increased vulnerability to fraudsters. Criminal schemes often try to get a deal into multiple lenders to see where the weak spots are.
Nivo has launched a powerful and thought provoking new service to help. As an industry first, 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 such as the BDLA to look at ways we can get people from the industry together to collaborate on developing this sharing service into its next phase. There are plans to launch a working group, and further iterations of the service with features informed by this working group. Watch this space for more on how to be part of the working group as the final details are confirmed over summer.
Matthew Elliott, CCO of Nivo is excited by the development: "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.”
Nivo is keen to understand the interest and specific needs of bridging lenders and brokers on this theme, and encourages people to get in touch to discuss how we can lead this initiative out and develop it in the industry.
There will also be webinars coming over summer to show the new features, get feedback, and discuss how to keep continually improving it, the first one being held August 14th at 2pm GMT. For anyone that would like to join the webinar, they can do so by registering here.
For more information or to express interest in joining a working group, please contact: info@nivohub.com
For more information contact:
Colleen O’Brien
07472 838456
Notes to Editors
About Nivo
Nivo is a FinTech company focused on transforming UK lending markets, shaping the way customers, lenders, and intermediaries interact. Our secure, instant messaging technology replaces paper, post, email, and other time-wasting channels, allowing providers to design a better service for customers. By removing process barriers and enhancing the customer experience of complex loan journeys, Nivo makes the lending process safer, easier, and faster.
Now, Nivo’s secure messaging technology can be white-labelled or integrated into an existing mobile app, meaning all financial providers can gain a 5* rated, bank-standard secure mobile app, under its own brand.
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