Case Study: FINOFR achieves 99% reduction in fraudulent lending applications with Prove

FINOFR reduces fraudulent applications by 99% with Prove

Finofr, a lending technology company, faced a significant challenge in verifying the identities of consumers on its digital prequalification platform, leaving it vulnerable to fraud. To protect its credit union and bank clients, Finofr needed a reliable and non-negotiable identity verification solution as a core component of its product, which led them to the vendor Prove.

The solution implemented was Prove's Pre-Fill and TrustScore to verify identities at the point of entry. This approach replaced self-reported data with cryptographically verified information. The results for Finofr were exceptional, including a 99% reduction in fraudulent applications and successfully blocking 100% of a bot attack that consisted of over 100,000 hits, providing their clients with confidence and security.

Finofr