Case Study: Hitachi Capital
In 2019, Post-Quantum collaborated with Hitachi Capital, a leading UK asset finance business, to create a customer identity verification service. As digital transformation continues to sweep across the financial services industry, leaders in the field are constantly searching for innovative ways to provide new services in a secure and efficient manner, while ensuring they extend their reach as far as possible. The AWS hosted service allows the business to verify their customers’ identity and reduce fraud, and is now released as a standalone service, Nomidio IDV.
In the US in 2018, identity theft lead to new account fraud losses rising to $3.4 billion up from $3 billion in 2017, with the most common targets for new account fraud being asset based loans and credit cards. Loan applications to secure a significant asset, such as a new vehicle, are a prime target for criminals who use stolen personal data to imitate a credit-worthy applicant, resulting in a stolen high value asset and nobody to repay the loan. Post-Quantum used emerging technologies to create an AWS cloud based system where individuals use their mobile phone to provide authentic identity documents and to prove that they are actually the person identified in the documents.
The Nomidio IDV service went live in 2019 and early results show that ID verification now takes a minute and is a simple, secure solution. With Nomidio’s support, the Hitachi Capital can continue rolling out its digital business with a stable, cost-controlled digital ID checking process – a superior service that meets the high standards they work to in all areas of their business.