Bonifii provides MemberPass®, a secure identity verification solution that allows credit union members to control and share their personal information while minimizing the risk of financial fraud. This technology reduces member friction and enhances trust in digital interactions within the credit union industry.
Funding
$10M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Credit union members face increasing risks of identity theft and fraud, particularly in digital interactions. Traditional identity verification methods can be cumbersome, insecure, and create friction for members accessing services across different channels. This can lead to account takeover fraud and social engineering scams.
Solution
Bonifii provides MemberPass, a biometric authentication solution designed to protect credit union members from financial fraud. MemberPass allows members to control and securely share their personal information, providing a hassle-free way to prove their identity when accessing credit union accounts. The solution offers a seamless, cross-channel member experience, from in-branch to online, while ensuring robust security and fraud protection. By using biometric authentication, MemberPass avoids the vulnerabilities associated with SMS one-time passcodes, offering a more secure alternative. The technology reduces member friction and enhances trust in digital interactions within the credit union industry.
Target Audience
The primary target audience is credit unions seeking to enhance their security measures, reduce fraud, and improve the member experience, as well as their members.
Features
- Biometric authentication for secure identity verification.
- Member-controlled data sharing, allowing users to choose what information to provide.
- Cross-channel functionality for consistent security across in-branch and online services.
- Protection against account takeover fraud and social engineering scams.
- Integration with existing credit union systems.
- Mobile app for easy access and management of MemberPass.