GBank boosts customer
onboarding by 133% with IDVerse Deepfake Defender™

GBank utilises IDVerse’s technology to transform its customer journey by automating identity verification and enhancing security. IDVerse’s ID verification solution, featuring accredited biometric technology, met GBank’s rigorous standards, offering fast, frictionless identity verification that reduces fraud risks and associated costs when fraud goes uncaught.

Download PDF version here – IDVerse x GBank – Case Study

Opportunity

Gbank encountered IDVerse in 2023 while actively searching for an identity verification solution. GBank had previously manually verified their new customers’ identities to onboard them to their platform. This proved to be an extremely cumbersome process as many identity documents were submitted during the onboarding process from various states in the US. With many of the presented identity documents all looking so different visually, it made it difficult to pick out forged or tampered identity documents without expertise.

This resulted in the GBank team having a build-up of customer applications when high volumes of customers attempted onboarding at the same time. Customers were therefore left awaiting outcomes due to how time-consuming the manual process of ascertaining identity verification authenticity was.

The Solution

The ability to identify identity documents from various US states, speed, accuracy and automation of IDV onboarding greatly appealed to GBank when they engaged in a conversation with the IDVerse team. After speaking with our team, GBank were sure that they would like to proceed to the next steps of further testing our technology and proceeded to sign the contract. This was after reviewing several other identity verification solutions in the market and understanding that IDVerse best fit their use case.

The entire process from initial discussions to full implementation and launch took just 3-4 weeks, requiring minimal technical resources from GBank’s side. This efficiency was crucial, as their small team needed to avoid bringing in additional resources for integration, which would have increased costs. GBank characterised the service as “excellent,” noting how the IDVerse team ensured seamless integration while effectively addressing all their team’s concerns.

With such a high risk financial services product – credit cards – the Gbank team were pleased that IDVerse’s technology took the pressure off their small team while increasing the efficiency of fraud detection by applicants. For instance, with an average onboarding application averaging around $9,000± and getting up to $20,000, they saw positive friction introduced that stopped fraudsters from getting access to their product.

The team cite the pivotal role IDVerse has had in ensuring that the not only are fraudsters who attempt to complete customer onboarding in a myriad of ways like still pictures and deepfakes to spoof Liveness, but in also being able to sift out any fraudulent accounts which may have previously gotten access to their product. By reauthenticating previously manually verified accounts, GBank was able to halt and save at least up to $2 million in credit value.

Achievement 

GBank has immensely seen the benefits of implementing IDVerse’s automated solution. They no longer have a backlog of customer applications as our solution ensures that their customers get an immediate yes/no outcome with high fraud detection accuracy.

Another added benefit that GBank did not realise how much they would come to depend on, is the in-depth data we provide on our portal for our clients. Our solution presented information like geolocations and IP addresses which helped GBnak not only identify individual fraud applications, but all identify similar applications which were made by one or more fraudsters working together. The data presented also ensured that the Gbank team are able to see what Liveness videos had failed as a result of generative AI use and attempts to use pictures of faces.

Since implementing IDVerse technology, GBank has seen a remarkable 133% increase in credit card applications. This significant growth demonstrates the success of their streamlined digital verification process, which offers customers both enhanced efficiency and security during the application process.

Sean Whitson from GBank says,

“I would say that given the nature of our product, it is quite a high-risk product and IDVerse has been instrumental in helping us bring that really high-risk product to market and also ensure that it is a safe product to use and safe for the bank as well that’s probably one of the most important things for us and IDVerse has contributed largely to that.”

he also added,

“IDVerse has been extremely easy to use and it’s extremely easy to implement. It’s really user-friendly from a client perspective. It’s easy to move around and find the things that you need. And I would say also, you know, your customer success team have been instrumental in helping us when we have asked for assistance.”

Download PDF version here – IDVerse x GBank – Case Study