Case Study: Veridian Credit Union reduces fraud and friction with Plaid

How Veridian Credit Union fights fraud and lowers customer friction

Veridian Credit Union, a not-for-profit financial cooperative, needed a digital account opening solution that could effectively combat increasingly sophisticated fraud while providing a low-friction, user-friendly experience for its members. To achieve this, they turned to vendor Plaid and its suite of products, including Plaid IDV (Identity Verification), to replace their manual processes.

Plaid implemented its multi-layered identity verification solution, which consolidated several anti-fraud checks into a single platform. This provided real-time risk signals and allowed for financial account matching without adding steps for the user. The results for Veridian were significant: a 25% decrease in requests for additional documents from applicants, a 20% reduction in declined applications, and a major reduction in internal processing time, saving staff hours per application.

Veridian Credit Union

Kristin Clark

Manager of Web Development