[London, United Kingdom, September 23, 2024]– Finset, a pioneering car financing platform, today revealed it blocked fraud to the value of £700,000 using ID-Pal’s new AI document fraud detection feature, ID-Detect.
The innovative asset financing platform’s partnership with leading identity verification solution ID-Pal, has streamlined Finset’s onboarding offering while simultaneously delivering seamless compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) obligations.
Following integration via their API, Finset leveraged ID-Pal’s latest innovation, ID-Detect, to robustly detect AI-generated documents in order to confirm a physical document is present, not a reproduction. Deploying ID-Detect’s superior document fraud detection capabilities has prevented Finset from losing £700,000 to fraudulent applications, as fraud continues to disrupt financial services in the UK.
According to the Cifas 2024 Fraudscape intelligence report, UK organisations filed almost 74,000 cases of misuse of facility in 2023, with asset finance seeing an increase of 45% in this type of fraud. Cost-of-living pressures and individuals looking to avoid payments or financially gain from stealing high-value assets are contributing to this uptick.
Finset’s platform delivers best-in-class financial products via emerging technologies and now offers real-time identity verification and advanced document fraud detection for all lenders, dealers and customers using ID-Detect, powered by ID-Pal’s API integration.
ID-Pal’s 100% AI-powered technology verifies identities in real time, providing a revolutionary approach to security with a guarantee of zero access to customer data. The solution employs a unique blend of industry-leading biometric, document, and database checks to streamline AML and KYC processes in one solution. It offers global identity verification coverage of over 7,000 identity documents and 200 verified address data sources, while being available out-of-the-box, via a robust API/SDK, and as a Salesforce AppExchange integration.
On using ID-Detect by ID-Pal, Finset’s Founding Director, Graham Westwood, shares:
“ID-Pal’s ID & V solution enables us to protect all of Finset’s stakeholders in any vehicle being financed, whether it’s the lender, the supplier or the customer. Providing a seamless journey has allowed us to instill confidence at every part of the customer journey, whilst creating more efficient workflows for Finset’s staff. The easy API credentials and creating a tailor-made journey bespoke to our customers has dramatically increased customer satisfaction but also prevented a significant amount of fraudulent applications.”
“Knowing we’ve saved Finset from upwards of £700,000 is exactly the reason ID-Pal is growing from strength to strength in financial services and asset financing. Fraudsters will keep succeeding unless organisations embrace the opportunity on offer with AI-powered platforms. Finset understands how the right fraud prevention partner can help meet the needs of all stakeholders. Using an identity verification and AML screening solution like ID-Pal allows them access to advanced AI technologies at a much lower cost and with industry-leading results,” comments ID-Pal CEO and Founder, Colum Lyons.
This year ID-Pal continues to gather numerous accolades, including the Best RegTech Solution at the 2024 MPE Awards in Berlin as well as Digital ID Tech of the Future at the 2024 PayTech Awards in London. The solution is also ranked in the RegTech 100 list for 2024 and won the 2023 Deloitte Financial Services Innovation Award, as well as currently ranking in the Deloitte Fast50 Ireland and EMEA Technology Fast500.
About Finset
Finset is an innovative car finance platform that blends best-in-class financial products with emerging technologies. Finset partners with leading financial institutions and service providers to deliver a comprehensive range of financial services, ensuring secure, efficient, and user-friendly experiences.
For more information about Finset and its services, visit www.finset.co.uk
