FINOFR is a fintech platform helping credit unions and banks remove friction from lending. Its instant pre-qualification product lets members apply in seconds - with fraud detection built into the very first step, rather than bolted on after the fact.
Fraud is a fast-growing tax on lenders: 93% say it contributes to their credit losses, and 82% saw losses increase in the past year.
FINOFR experienced that firsthand. When Keith Kelly, CEO, and team first launched their instant pre-qual tool with a credit union client, applicants typed in their own data with no way to verify the identity of the individual behind the form.
The damage was immediate. In the first three days live, 80% of applications were fraudulent. Clearing 100s of fraudulent apps by manual review wasn't sustainable, it was an operational collapse. The credit union shut the program down.
FINOFR rebuilt its strategy around one rule: stop fraud before it ever reaches their clients' loan origination systems.
The team implemented Prove's identity verification and risk monitoring solutions, replacing self-reported application data with cryptographically verified data at the point of entry.
Prove Pre-Fill replaces guesswork with certainty. A phone number and date of birth are enough to confirm a real device is behind the application, and Pre-Fill returns verified identity data - effectively reducing abandonment, improving data quality, and stopping fraud from the start.
Pre-Fill is backed by Prove TrustScore, so FINOFR isn't relying on a single verification moment. Every application continues to be scored for risk after submission, and any change automatically triggers re-verification rather than assumed trust.
The approach runs across every instant pre-qual FINOFR powers for its credit union and bank clients, giving applicants a faster path to approval while giving FINOFR's clients the confidence of continuous, verified identity in place of a legacy type-and-hope application flow.
"We have Prove built in as the first layer of fraud detection - cellphone, DOB is all we ask for - hit you guys. Device has to be in hand which I loved from the very beginning when I saw that, because it makes all the sense in the world. It’s a great way to stop fraud."
Five years after implementation, FINOFR got the test no one asks for. A credit union client saw an exorbitant spike in traffic hitting its instant pre-qual page. It was a targeted bot attack, and it moved fast.
Every single one of those attempts stopped at the same place: the front door. Not one entry advanced to the next step of the application.
"Not a single entry ever went to the next step. Prove stopped every bit of the bot attack. This was a great, real life, within the past month testimonial. Prove did what we put it in place to do."
The bot attack was the extreme case, but it reflects five years of consistent results. Where fraud getting through today is a rare exception, not an on-going issue.
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"What makes Prove so special is your total focus on fraud, and tools that are actually beating fraud because it keeps getting smarter and smarter."
