US-based SaaS platform Lightico has partnered with financial services provider Innovis to integrate the FailSafe authentication tool. Through this partnership, Lightico is adding another protection layer for financial services and consumer lending programmes.

Lightico’s offering already includes Photo ID verification, Selfie verification, Liveness detection, as well as Knowledge-based Authentication (KBA). FailSafe is a phone ID verification tool that will assist current and future Lightico customers with fraud detection and prevention while reducing authentication times. According to the official press release, FailSafe can minimise fraud by 80% and reduce transaction times from 4 to 5 minutes to 45 seconds.

Officials from Stockman Bank of Montana revealed how the FailSafe authentication system integrated into the Lightico workflow has helped them verify the identities of their customers before delivering documents for electronic signature. They also emphasised that using Lightico has resulted in more efficiencies and an improved customer experience. Lightico representatives talked about the FailSafe integration and expressed that it aims to improve Lightico's Multi-Factor Authentication (MFA) by helping their customers to mitigate fraud through multi-layered authentication options that fit their compliance requirements.

They also emphasised the importance of offering state-of-the-art speed and security for clients, particularly in a competitive market landscape. More information about the FailSafe system FailSafe is a layered, multi-factor authentication tool that was designed to establish ‘proof of presence’ in an interaction. According to the company press release, FailSafe has been effective in reducing fraud through its many layers, which include behavioural-based indicators and phone hijacking detection, while also providing a simple verification process for customers to complete.

The solution can be used in a variety of digital customer experiences, including websites, mobile apps, or interactive voice response (IVR) systems. Other Lightico developments In February 2023, Lightico has launched a second round of layoffs firing 20 employees or around 25% of its workforce. The company also parted with 20 employees in the first round of layoffs in March of last 2022.

Company officials cited by calcalistech. com revealed that the first layoffs were necessary in order to keep the lights on until the end of the year. However, as things have not improved, the company is making new efforts to reach profitability.

In July 2021, Lightico raised USD 14 million in a follow-on Series B funding round led by Capital One Ventures. Joining the round were Hapoalim Bank, which also integrated Lightico’s services into its operations, as well as existing investors lool Ventures, Mangrove Capital Partners, and Crescendo Venture Partners. .