Finset

ID-Detect catches +£3 million in fraud for Finset

Background

Finset, an innovative car financing platform, faced a rising challenge: fraud. As the asset financing sector experiences significant fraud growth, Finset needed a robust identity verification solution to protect itself and its stakeholders.

Challenge

As asset finance fraud continues to escalate in the UK, Finset needed to respond effectively. According to Cifas’ 2024 Fraudscape report, UK organisations reported nearly 74,000 cases of misuse of facility fraud in 2023, with asset finance experiencing a 45% increase.

Finset sought a solution that could:

Prevent financial loss due to fraud
Ensure regulatory compliance
Streamline onboarding processes

ID-Pal’s multi-layer solution has helped prevent more than £3 million worth of potential fraud over the last 2 years, enabling Finset to not only comply with the FCA, but protect the industry as a whole from reputational damage. ID-Pal’s high level of customisation and seamless integration with existing processes continues to aid operational efficiencies and provide trusted confidence when onboarding

Graham Westwood, Founding Director

Finset

Solution

Finset integrated ID-Pal’s identity verification and fraud detection solution via API, focusing on ID-Pal’s ID-Detect. This advanced tool leverages AI to detect fraudulent, AI-generated documents and confirms the presence of a physical document, not a reproduction.

With ID-Pal’s unique blend of biometric, document, and database checks, Finset could now:

Prevent fraudulent applications while protecting all stakeholders involved (lenders, suppliers, and customers).
Verify identities in real-time with 100% AI-powered technology.
Maintain seamless workflows and customer satisfaction through automated and efficient onboarding.