June 6, 2024
By Nick Peddy

The New Way to Manage Multiple Compliance Programs with CLEAR Verified

Seamlessly protect against fraud and enhance the user experience across fintechs.

If you're a sponsor bank or a financial institution with multiple business lines, managing fraud and compliance across several different programs is both a necessity and an ever-moving target. Regulations evolve rapidly, and it's a constant struggle to unify processes across fintech programs and business streams. This is especially critical for sponsor banks, one-third of whom have received formal enforcement orders from federal banking agencies in Q4 2023*. Put simply—if the same user onboards at two fintech programs of the same sponsor bank, the sponsor bank has the challenge of 1) recognizing that this is the same person and 2) monitoring their transactions as one entity.

Threats are also becoming increasingly complex. Synthetic identities and generative AI programs are making it harder than ever to detect bad actors, increasing the scrutiny placed on risk & compliance teams. Lastly, these problems grow as data becomes more siloed. Without a way to connect vital information across the organization, it becomes more complicated to maintain these updates, leaving institutions vulnerable to gaps in protocols. 

The solution is a connected approach to customer identification. At CLEAR, we utilize multi-layer identity verification to confirm that the user is who they say they are. During this process we link a confirmed identity to the user’s selfie so that they can seamlessly re-verify by scanning their face on their mobile device. This biometric authentication ensures the user is the same person, offering a secure and frictionless way to recognize users across fintech programs or business lines. 

CLEAR Verified recognizes users and connects customer data records, empowering institutions to:

  • Eliminate User Friction: once a user's identity is confirmed, subsequent interactions across fintech programs or business lines become simple and secure.
  • Comprehensive Oversight: gain a unified view of user activity across business lines for proactive fraud detection.
  • Reduce Fraud: recognize and blacklist bad actors, detect fraudulent behavior patterns, and protect against sophisticated synthetic identities.
  • Support Compliance: configure to meet your compliance needs and integrate seamlessly with your existing compliance programs, adapting alongside changing regulations.

If you're ready to enhance your fraud prevention and compliance strategy with a single verified identity, reach out to our team for a demo. We'll show you how CLEAR Verified can help transform your compliance programs while enhancing your user experience.

*Klaros Group, 2023

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