Hastings Direct Loans boosts fraud prevention capabilities with IDVerse partnership
Hastings Direct Loans, the lending division of the UK’s Hastings Group, has partnered with IDVerse to automate loan decisioning and strengthen its ability to prevent fraud.
Hastings Direct Loans taps IDVerse for fraud prevention
Hastings Direct, known for its focus on the UK bike, home, car, and van insurance market, expanded into personal loans three years ago and has lent nearly £500 million to over 50,000 customers. The company reports processing over £30 billion in loan quotes each month.
Sam Kerr, head of digital, IT and change at Hastings Direct Loans, says the lender integrated and tested IDVerse’s fully automated identity tools “inside a month”, and claims that “within a month of launch we’ve already seen over a 4x ROI with the loan fraud we’ve caught”.
“The API approach from IDVerse has allowed us to ingest more data to further insights in our decision process leading to better outcomes for our customers and business,” adds Kerr.
Founded in Australia in 2018, IDVerse provides identity verification solutions to governments and global companies like HSBC, Uber, and Experian. It claims that its technology allows businesses in over 220 countries to verify individuals’ identities “within seconds” using just a smartphone and facial recognition.
