According to the 2024 Nasdaq global financial crime report, fraud scams and bank fraud schemes alone cost have cost businesses across the globe $485.6billion. To help put a dent in this figure, Creditinfo, a global service provider for credit information and risk management solutions, has launched its global identity, know your customer (KYC), and fraud and ID solution.
Organisations face a series of challenges, from eroding profit margins to reputational risks to data breaches as fraud grows. In fact, the overall global economic impact of financial crime has been estimated to be $5trillion. To address these challenges, the Creditinfo solution allows firms to use credit bureau data, government information services, and other registries to establish trust in presented identities, without negatively impacting the customer experience.
The solution integrates identity proofing, digital risk signals and comprehensive international and domestic watchlists to deliver strong KYC compliance and reduce the risk of fraudulent activity. It also enables businesses to streamline risk management and ensures they meet stringent customer due diligence requirements under anti-money laundering (AML) regulations.
John Cannon, chief commercial officer at Creditinfo, said: “By removing friction from both traditional and digital onboarding and origination processes, our solution helps organisations reduce fraud, improve conversion rates, and drive top-line growth while ensuring a seamless customer journey.”
Applicable at any business level
As a global solution, it is tailored to meet the unique needs and maturity-levels of different markets. By accounting for these differences, organisations that use the solution can adapt their fraud prevention strategies to specific local risks, strengthening security and promoting financial inclusion.
Creditinfo has appointed Rob Meakin as director of fraud and identity to head up this service. He brings extensive experience in fraud prevention, identity management, and financial services. Meakin will lead efforts to help organisations counter fraud – leveraging advanced technologies and data analytics to enhance the customer experience and strengthen fraud and AML controls.
Cannon added: “As we strive to expand our global reach and enhance financial access for millions of consumers and businesses worldwide, having Rob join our team is an invaluable advantage, strengthening both our security capabilities and our ability to deliver innovative solutions.”
Commenting on the findings, Rob Meakin, director of fraud and identity at Creditinfo, said: “The growing presence of organised financial crime is significantly hindering economic growth on both a local and global scale, costing businesses huge sums of money each year – in fraud losses, lost sales and operational costs.
“That’s why, at Creditinfo, we’re pioneering a solution that provides a way for organisations to manage risk and maintain compliance while facilitating secure and easy access to financial products and services for consumers.”
