ST. PETERSBURG, Fla.– Velera has introduced IDCheck by Co-op. Now available for the Co-op Shared Branch network, the company said the solution protects members’ identities and facilitates authentication, providing a member experience that is both seamless and secure, while also helping protect credit unions’ bottom lines.
“With the increase in digital capabilities and payments offerings, the potential for fraud will also continue to grow,” Amy Evans, SVP-strategic network solutions for Velera, said in a statement. “IDCheck supports an omnichannel fraud fighting and prevention strategy to safeguard credit unions and their members participating in Co-op Shared Branch.”
Velera said IDCheck helps protect members by authenticating their identity via their smart devices when accessing their account at a shared branch.
What Solution Does
The solution:
- Asks members to share a photo of their ID and a selfie.
- Uses advanced graph-defined logic, artificial intelligence and biometric data to verify the ID and the member in real time.
- Gives members a one-time passcode to share with a teller and confirm their identity. Alternatively, the member may pre-authenticate their identification before going into a branch to transact. They may also save their validation for future visits, further enhancing a streamlined experience.
Extensive Testing
According to Velera, extensive beta testing by Co-op Shared Branch network credit unions produced a number of measurable results pointing to the effectiveness and efficiency of IDCheck.
“The findings included a 99% first-attempt validation success rate and 100% fraudulent IDs and AI-generated deep fakes rejection,” Velera reported. “In addition, on average, members saved 48% of their time with stored validation, while tellers saved 26%, respectively.”
Among the beta testing institutions were American Heritage Credit Union in Philadelphia and Corry Federal Credit Union in Corry, Penn.
Reducing Friction
“We’re trying really hard to make the frontline an easier experience and reduce friction, which will improve the employee experience and, therefore, our members’ experience,” American Heritage Credit Union VP-Branch Operations Brian Shotwell said in a statement. “I think IDCheck is exactly one of those tools that can do that. We found that it is intuitive and user-friendly, which makes it incredibly easy for both our members and associates to navigate.”
Added Corry FCU CFO Kelly Soety, “The best thing about IDCheck is the extra security if offers. It gives us the assurance that we’re helping to prevent fraud for our members, our credit union and the entire shared branching network.”
For info, visit the solutions page.