For financial services organizations, compliance is often seen as a frustrating but necessary expense—something to check off a regulatory to-do list rather than a way to boost revenue. But what if fraud prevention and identity verification weren’t just about avoiding penalties? What if they could actually drive growth?
The truth is, with the right security measures, fintech companies can transform compliance into a competitive advantage. A seamless onboarding experience, fewer fraud losses, and a rock-solid reputation attract high-value customers and investors, setting the stage for long-term success. At EVS, we understand that financial services need solutions that don’t just protect their business but enhance it. That’s why our suite of fraud prevention tools is designed to eliminate security risks, streamline compliance, and maximize efficiency—without slowing down operations.
Financial services fraud: a growing threat you can’t ignore
Fraudsters are getting more sophisticated, and fintechs are their favorite playground. Digital transactions have surged in recent years, creating more opportunities for synthetic identity fraud, account takeovers, and first-party fraud. The numbers don’t lie—25% of financial organizations reported $1M in fraud losses in 2024 alone, while consumers reported over $10B in cumulative fraud losses. If bad actors continue to slip past weak verification systems, fintechs don’t just face financial losses; they risk severe reputational damage and regulatory fines that could shut down operations entirely.
At the same time, regulators worldwide are tightening Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, making compliance more complex than ever. Failing to keep up can lead to substantial fines, legal action, and operational restrictions that slow business growth. More importantly, a lack of compliance can erode consumer trust, and once trust is lost, it’s nearly impossible to regain.
Business benefits beyond risk prevention
Strong fraud prevention measures reduce onboarding friction, allowing financial services companies to acquire and retain more users. By minimizing fraud-related losses, companies can safeguard their revenue while reinforcing trust with high-value customers, partners, and investors. Compliance isn’t just about checking regulatory boxes—it’s about creating a secure, efficient system that fuels sustainable business growth.
How EVS Helps Fintechs Turn Compliance into Revenue
A slow or complicated onboarding process is one of the biggest barriers to customer conversion in the fintech industry. If identity verification takes too long, users drop off before they even get started. Traditional KYC processes can create frustrating friction, leading to high abandonment rates and lost revenue.
EVS’s identity verification solutions eliminate these roadblocks by providing highly accurate ID verification within a secure and seamless customer experience. We’re one of the industry’s only providers that utilizes multiple data sources, allowing us to return the most accurate results with the fewest false positives in just seconds. In fact, AssureID, our leading identity verification solution, draws on more than 5K different data sources. Faster, more efficient verification doesn’t just improve security—it leads to more approved customers and higher revenue.
Automating AML so fintechs can focus on their business
At the same time, many fintech companies struggle with AML compliance and fraud monitoring due to the complexity of regulatory requirements, and the internal resources devoted to tracking and monitoring suspicious activity, plus keeping ahead of evolving compliance standards, can be time- and cost-intensive.
EVS automates these processes through our comprehensive AML compliance solutions, drawing on more than 13K data sources to offer AML watchlist screenings based on automatic fraud alerts that identify high-risk individuals. AssureWatch, our premier watchlist screening product, verifies consumer information against multiple government sanctions and Political Exposed Person (PEP) lists.
And with EVS, screening doesn’t stop at onboarding, but includes continuous, real-time monitoring of global lists. Tools like AssureAMS, our adverse media screening product, can provide additional strength to compliance strategies and help ensure due diligence by alerting businesses to individuals that pose a higher risk but may not have been added to a watchlist. Together, our AML solutions allow financial services teams to focus on growing the business instead of conducting time-consuming manual reviews. Automating compliance doesn’t just keep fintechs safe—it frees up valuable resources that can be redirected toward innovation and expansion.
Bespoke solutions on the intuitive BlueAssure platform
Not all fraud prevention solutions are one-size-fits-all, which is why EVS developed BlueAssure, a highly intuitive platform designed for flexibility and efficiency. BlueAssure allows businesses to tailor their security measures to fit their specific needs by layering multiple fraud prevention and compliance tools within a single system. And with direct API integration, BlueAssure helps companies deliver a frictionless customer experience and drive revenue while also strengthening their fraud detection capabilities.
Security and compliance that don’t compromise financial goals
Thanks to advancements in technologies and AI, increasingly sophisticated fraud attacks are estimated to cost banks some $40 billion by 2027. Your financial services company doesn’t have to be part of this grim statistic. Nor do you have to choose between growth and security—with EVS, you can achieve both. Fintechs can turn security into a competitive advantage by streamlining customer onboarding, detecting fraud before it causes financial and reputational damage, and ensuring full regulatory compliance while maintaining a speedy, seamless customer experience.
Compliance isn’t just an unavoidable expense; it’s an investment in trust, efficiency, and long-term success. Contact us today to learn how EVS can help your financial services organization prevent fraud and grow toward a more secure and profitable future.
