The United Kingdom’s largest P2P took steps to enhance its fraud protection by partnering with a digital identification authentication service.
Zopa will use the AU10TIX online BOS platform which offers quick authentication of identification which is commonly used when applying to participate on the site. The AU10TIX technology searches for potential fraudulent activity on several levels while provide the rapid automation and response times required by an online lender.
Quick, painless onboarding is critical to the success of online lenders as they seek to differentiate themselves through a combination of rapid yet accurate screening of potential site participants.
At the same time, regulators concerned about the potential for fraudulent activity need to be assured online lenders are doing everything possible.
“Our success has been built to a large extent on our commitment to make lending simple and quick, but yet responsible and secure,” said Paul Martin, Credit Risk Director at Zopa. “Using the same system as international passport control means that AU10TIX BOS stands out in terms of performance, speed, security, depth of authentication with the ability to handle large volumes of the applications traffic.”
The introduction of new online financial options means traditional solutions to the problems they encounter are not adequate.
“The demand for robust customer authentication and onboarding technology is booming. But with it also the understanding that you cannot use traditional solutions in the online environment effectively,” said Ofer Friedman, VP Marketing of AU10TIX.
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