Israeli-based Lightico will use Innovis’ phone ID verification tool to target fraud risk as part of a new partnership, the company has announced.
The firm, which specialises in using swipes and selfies to complete digital transactions, said the deal will provide an extra layer of protection for financial services and consumer lending platforms via the multi-factor authentication (MFA) tool, FailSafe.
According to figures reported by the company, FailSafe can reduce fraud by 80% and cut transaction times from 4-5 minutes to just 45 seconds. It joins Lightico’s existing offerings of Photo ID verification, Selfie verification, Liveness detection and Knowledge-based Authentication (KBA).
“Integrating Innovis’ FailSafe authentication solution into our Lightico workflow allows us to verify our customer’s identity before delivering documents for electronic signature,” said Paula Kurkowski, SVP Director of Bank Operations at Stockman Bank of Montana.
“Our Lightico use over the past couple of years has resulted in more efficiencies while providing a better customer experience. 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.”
Zviki Ben Ishay CEO and cofounder of Lightico added, “With it [MFA)], 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.”
