Ivobank extend global reach using anti-fraud solutions

Ivobank have recently re-signed a contract with 192business and have expanded their global capabilities by utilising 192business anti-fraud solutions.

As a new internet bank, Ivobank were well aware that they could prove attractive to online criminals.  They wanted to ensure that all their customers were genuine and knew that they had actually applied for an account!

Utilising 192business

Ivobank use 192business’ solutions in a number of ways.

Firstly they verify the address exists and ensure it is correctly formatted with 192business’ Address-ID.

Additionally as a part of the registration process, a new applicant for an Ivobank service or account will receive a call from Ivobank to their home number using the Safe-ID Interactive Voice Response Solution.

This verifies:

1. The home phone number provided during the application is genuine by identifying “dead numbers”
2. That the named person did apply for the account and conversely confirms identity theft where the named applicant denies the application

They have currently extended this reach to Canada, Ireland, Italy, France, Germany and Spain enabling them to meet their regulatory KYC requirements.

The 192 Check-ID International service is also used for the verification of the phone number and the person’s name and address via the 22 international phone databases that 192business provides access to.  The reverse telephone searching function can provide name and address automatically.

“This solution allows us to quickly and easily verify our customers. The customer has comfort over the transaction and they can move quickly through the account set up process”. 

Andy Lee, Fraud Manager, Ivobank

Document checking

Additionally, Ivobank have introduced passport checking as part of the registration process.  Where an applicant of an Ivobank account or service cannot be verified by the KYC checks, Ivobank have implemented a process that:

1-    Verifies the person lives at the address provided

2-    Cross references their IP to the physical location

3-    Verifies their passport

The applicant is sent a letter asking them to log onto the Ivobank web site and provide their passport details.  Ivobank will record their IP address, will know they received the letter at the registered address, and details of their passport will be validated. By receiving a positive response to the IVR call and the letter we are able to attain a high degree of comfort that the application is genuine even in territories where there is a dearth of available online KYC data sources.

Random Money Deposits

Another tool that Ivobank have at their disposal to use as a part of the verification process is the random depositing of funds into the applicant’s bank account.

• Ivobank ask customers to register an external bank account from a mainstream bank
• Ivobank then make 2 random deposits through local clearing (Pan European) into the nominated bank account
• Upon receipt of the funds the applicant logs onto their account and supplies the amounts deposited
• This verifies that the person has access to their bank account to see the deposits rather than having simply compromised bank account numbers

This not only helps to deter fraudsters but coupled with strict rules surrounding number of accounts to be registered and location of bank accounts, this helps mitigate any cross border fraud

These processes, along with data verification, velocity checking and the other systems from Fair Issac, Quova, Iovation and CyberSource and the in house systems that Ivobank have developed provide a very resilient system for the detection of fraud – a true market leader!

About Ivobank

Ivobank is an online bank providing secure and reliable payments and money transfer services designed to meet the needs of online businesses and customers. Ivobank offers competitive rates of interest on funds held. More information can be found at: www.ivobank.com.

Ivobank is authorised and regulated by the Financial Services Authority.

Registered in England and Wales No. 5486286. VAT registered No. 885 4431 94