Case Study: Lumi prevents $400K in fraud and unlocks $45K+ in savings with FrankieOne

Lumi prevents $400K in fraud with FrankieOne

Lumi, an Australian business lender, faced challenges with fragmented KYC and KYB processes spread across multiple providers. This led to manual data entry, frequent check failures, and limited visibility into customer risk. They sought a solution to unify these checks and introduce biometric verification for fraud prevention, turning to the FrankieOne platform for its orchestration capabilities.

FrankieOne provided a unified platform to manage KYC, KYB, and biometrics through a single integration. This solution automated manual checks and enabled Lumi to introduce market-first biometric verification. The results were significant, with FrankieOne helping Lumi prevent approximately $400,000 in potential fraud losses within 90 days and unlock over $45,000 in annual operational cost savings.

Lumi