Credit Union

Loans 'R' Us is a credit union that offers a variety of financial services to its members, including loans, savings accounts, and checking accounts. They're a small credit union with a focus on personal loans, and they're looking to grow their business.

They're in a very regulated industry, and they're required to perform certain checks to enable certain remote services. Their most risky services are regulated quite strictly, and require a lot of manual KYC, so they're not too worried about document based fraud there.

They offer competitive rates, have an app that's well know for its great UX and feature set, so potential users are somewhat motivated to open an account. However, they're not the only game in town, so they can't afford too many false rejections.

Location	Fraud Risk	Fraud cost	False Rejection Cost	End user motivation
Remote	Low	Low	Medium	Medium

Loans 'R' Us are looking for a Balanced solution - false rejections and false acceptances have similar impacts and costs to their business.

They start using Verify with the following configuration:

{
    "UseCase": {
        "VerificationPolicy": "Standard",
        "VerificationContext": "Remote",
        "ManualReviewStrategy": "ReviewAcceptedAndRejected",
        "ManualReviewSensitivity": "Low"
    }
}

This works well for them, but then COVID-19 hits, and suddenly people can't renew their documents. Temporary legislation is passed to extend the validity of documents up to 2 years after the expiry date. That means that they now either need to automatically accept documents that are expired (but otherwise valid), or they need to manually review them. Since business has grown quite a bit, manual review is not a realistic option for the volume.

Luckily, they can easily adjust their configuration to achieve this:

{
    "UseCase": {
        "VerificationPolicy": "Standard",
        "VerificationContext": "Remote",
        "ManualReviewStrategy": "ReviewAcceptedAndRejected",
        "ManualReviewSensitivity": "Low"
    },
    "TreatExpirationAsFraud": false
}

They're able to use a lower level setting on top of their UseCase configuration to work around this specific and temporary issue.