BM Technologies (BMTX) Unveils Advanced Identity Verification Service for Colleges and Universities
BM Technologies (NYSE American:BMTX) has launched BMTX Identity Verification™ (IDV), an innovative service designed to combat student enrollment fraud in higher education institutions. This AI-powered solution offers an 85% reduction in fraud rate compared to traditional services and up to a 95% reduction in third-party and synthetic identity fraud. It also achieves a 13x reduction in false positives and saves schools an average of 15-20 hours per week of manual work during peak seasons.
BMTX has already secured 17 signed IDV contracts with various schools, including the San Mateo Community College District and the Louisiana Community and Technical College system. The service has proven effective, with Louisiana Delta Community College preventing about 500 fake applications since implementing IDV on August 30.
BM Technologies (NYSE American:BMTX) ha lanciato BMTX Identity Verification™ (IDV), un servizio innovativo progettato per combattere la frode nell'iscrizione degli studenti nelle istituzioni di istruzione superiore. Questa soluzione basata su AI offre una riduzione del 85% del tasso di frode rispetto ai servizi tradizionali e fino a una riduzione del 95% della frode identitaria di terzi e sintetica. Raggiunge anche una riduzione di 13 volte dei falsi positivi e consente alle scuole di risparmiare in media 15-20 ore a settimana di lavoro manuale durante le stagioni di punta.
BMTX ha già ottenuto 17 contratti IDV firmati con varie scuole, tra cui il Distretto del Community College di San Mateo e il sistema Louisiana Community and Technical College. Il servizio ha dimostrato di essere efficace, con il Louisiana Delta Community College che ha prevenuto circa 500 domande false da quando ha implementato IDV il 30 agosto.
BM Technologies (NYSE American:BMTX) ha lanzado BMTX Identity Verification™ (IDV), un servicio innovador diseñado para combatir el fraude en la inscripción de estudiantes en instituciones de educación superior. Esta solución impulsada por IA ofrece una reducción del 85% en la tasa de fraude en comparación con los servicios tradicionales y hasta una reducción del 95% en el fraude de identidad de terceros y sintética. También logra una reducción de 13 veces en los falsos positivos y ahorra a las escuelas un promedio de 15-20 horas por semana de trabajo manual durante las temporadas pico.
BMTX ya ha asegurado 17 contratos IDV firmados con varias escuelas, incluyendo el Distrito de Community College de San Mateo y el sistema de Community and Technical College de Louisiana. El servicio ha demostrado ser efectivo, con el Louisiana Delta Community College previniendo alrededor de 500 solicitudes falsas desde que implementó IDV el 30 de agosto.
BM 테크놀로지스 (NYSE American:BMTX)는 BMTX 신원 검증™ (IDV)를 출시했습니다. 이는 고등 교육 기관에서 학생 등록 사기를 방지하기 위해 설계된 혁신적인 서비스입니다. 이 AI 기반 솔루션은 기존 서비스에 비해 85%의 사기율 감소를 제공하며, 제3자와 합성 신원 사기에 대해 최대 95%의 감소를 기록합니다. 또한 거짓 긍정률을 13배 감소시키고, 성수기 동안 학교가 평균 주당 15-20시간의 수작업을 절약할 수 있도록 돕습니다.
BMTX는 이미 여러 학교와 함께 17개의 IDV 계약을 체결하였으며, 여기에는 샌 마테오 커뮤니티 칼리지 구역 및 루이지애나 커뮤니티 및 기술 대학 시스템이 포함됩니다. 이 서비스는 효과가 입증되어 루이지애나 델타 커뮤니티 칼리지가 8월 30일 IDV를 도입한 이후 약 500개의 가짜 신청서를 예방했습니다.
BM Technologies (NYSE American:BMTX) a lancé BMTX Identity Verification™ (IDV), un service innovant conçu pour lutter contre la fraude à l'inscription des étudiants dans les établissements d'enseignement supérieur. Cette solution alimentée par l'IA offre une réduction de 85% du taux de fraude par rapport aux services traditionnels et jusqu'à une réduction de 95% de la fraude à l'identité de tiers et synthétique. Elle réussit également à réduire les faux positifs par 13 fois et permet aux écoles d'économiser en moyenne 15-20 heures par semaine de travail manuel pendant les saisons de pointe.
BMTX a déjà sécurisé 17 contrats IDV signés avec diverses écoles, y compris le District du Community College de San Mateo et le système de Community and Technical College de Louisiane. Le service s'est révélé efficace, le Louisiana Delta Community College ayant prévenu environ 500 fausses candidatures depuis la mise en œuvre de l'IDV le 30 août.
BM Technologies (NYSE American:BMTX) hat BMTX Identity Verification™ (IDV) eingeführt, einen innovativen Service, der entwickelt wurde, um Betrug bei der Studenteneinschreibung an Hochschulen zu bekämpfen. Diese KI-gestützte Lösung bietet eine 85%ige Reduzierung der Betrugsrate im Vergleich zu traditionellen Dienstleistungen und bis zu eine 95%ige Reduzierung von Betrug durch Dritte und synthetische Identitäten. Zudem erzielt sie eine 13-fache Reduzierung von Fehlalarmen und spart den Schulen durchschnittlich 15-20 Stunden pro Woche an manueller Arbeit in Spitzenzeiten.
BMTX hat bereits 17 unterzeichnete IDV-Verträge mit verschiedenen Schulen gesichert, einschließlich des San Mateo Community College District und dem Louisiana Community and Technical College System. Der Service hat sich als effektiv erwiesen, wobei das Louisiana Delta Community College seit der Implementierung von IDV am 30. August etwa 500 gefälschte Anträge verhindert hat.
- Launch of BMTX Identity Verification (IDV) service to combat student enrollment fraud
- 85% reduction in fraud rate compared to traditional services
- Up to 95% reduction in third-party and synthetic identity fraud
- 13x reduction in false positives
- Saves schools an average of 15-20 hours per week of manual work
- 17 signed IDV contracts with various schools
- Chosen as a vendor for the Wisconsin Technical College System
- None.
Insights
BMTX's launch of Identity Verification (IDV) service is a strategic move to address a critical issue in higher education. With student acquisition costs rising significantly, this solution targets a growing market need. The service's potential to reduce fraud rates by
Financially, this could translate into significant cost savings for institutions and potentially a new revenue stream for BMTX. The 17 signed IDV contracts, including notable systems like San Mateo Community College District and Louisiana Community and Technical College, indicate early market traction. However, investors should note that the impact on BMTX's bottom line will depend on the pricing model and scalability of the service.
While promising, it's important to consider that BMTX's market cap of
BMTX's Identity Verification (IDV) service addresses a critical pain point in higher education enrollment processes. The AI and machine learning-driven approach is particularly noteworthy, as it aligns with the sector's increasing reliance on advanced technologies to combat fraud and improve operational efficiency.
The reported 13x reduction in false positives is a significant advantage, as it not only enhances security but also improves the user experience for legitimate applicants. This could be a key differentiator in a competitive edtech market. The ability to save schools 15-20 hours per week during peak seasons addresses the resource constraints many institutions face.
The quick implementation time of 2-4 weeks and the offer of a free proof of concept demonstrate BMTX's confidence in their product and could accelerate adoption. However, the long-term success will depend on the system's ability to adapt to evolving fraud techniques and maintain its effectiveness over time. Investors should monitor customer retention rates and ongoing performance metrics to assess IDV's sustainability in the market.
Safeguarding Student Enrollment and Upholding Higher Education Institution Integrity with BMTX Identity Verification™ (IDV)
RADNOR, PA / ACCESSWIRE / October 16, 2024 / BM Technologies, Inc. (NYSE American:BMTX) is excited to announce the launch of its innovative student identity verification service, BMTX Identity Verification™ (IDV), designed to combat the growing issue of student enrollment fraud in higher education institutions. With the cost of acquiring new undergraduate students increasing by up to
Enrollment fraud is a significant issue nationwide, particularly for community colleges. These institutions are more vulnerable due to their lower profile and less stringent entry requirements. They often have open enrollment and zero application fees, making them prime targets for bad actors. Financial losses from "ghost student" applications can be substantial, with institutions paying out fraudulent financial aid and allocating resources to non-existent students. This affects the institution's budget and takes away opportunities from legitimate students. Additionally, the presence of ghost students can lead to inflated enrollment numbers, prompting institutions to expand course offerings unnecessarily and misallocate resources. For example, California community colleges have faced significant financial challenges due to enrollment fraud; similar issues are seen at Texas community colleges.
BMTX IDV is engineered to assist universities in mitigating fraud vulnerabilities during the student enrollment process. It leverages robust AI and machine learning tools, empowering universities to maintain their risk level preferences with data-driven insights and significantly enhance their fraud detection capabilities, all while improving customer service and employee productivity.
BMTX IDV:
Offers an
85% reduction in fraud rate compared to traditional services and provides up to a95% reduction in third-party and synthetic identity fraud.Achieves up to a 13x reduction in false positives.
Saves schools an average of 15-20 hours per week of manual, peak-season work.
Higher education institutions must ensure the safety and security of students throughout their academic journey. As they navigate increasingly sophisticated threats like identity fraud during enrollment, BMTX is committed to providing robust solutions that protect students and uphold the integrity of higher education institutions. With nearly 25 years of experience in higher education, BMTX is at the forefront of helping schools combat student enrollment fraud.
"We are proud to introduce BMTX Identity Verification (IDV) to both our existing higher education school partners, as well as the colleges and universities we don't currently partner with," said Jamie Donahue, President and CTO of BM Technologies (BMTX). "BMTX IDV leverages cutting-edge technology to combat student enrollment fraud, providing institutions with a secure and efficient solution. By incorporating advanced verification tools, we're addressing the evolving challenges that all colleges face today. We're confident that IDV will set a new standard for identity verification, ensuring a safer and more streamlined process for both students and institutions."
In the first half of 2024, BMTX launched its first school on the new student identity verification service, BMTX IDV. Year to date, BMTX has 17 signed IDV contracts with various schools, including the San Mateo Community College District and the Louisiana Community and Technical College system.BMTX is also one of a select group of vendors chosen to service the Wisconsin Technical College System through its recent RFP process. The agreement is being finalized to officially secure BMTX's position as an approved vendor.
Nathan Hall, Dean of Enrollment Services at Louisiana Delta Community College, noted in The Chronicle of Higher Education, "At Louisiana Delta, for example, which began using BMTX's Identity Verification on August 30, the tool has helped prevent about 500 fake applications from getting through." He added that this was outside of the season when they'd get the most applications, too.
Key Features and Benefits of BMTX Identity Verification:
Advanced AI and Machine Learning Tools: Utilizes cutting-edge technology to detect and prevent fraudulent activities during enrollment.
Streamlined Enrollment Processes for Students and Administrators: Enhances the enrollment experience for students with efficient and secure verification processes. College and university administrators can save time by reducing the hours spent on manual reviews.
Outperforms Competitors: Across all age ranges, especially in the youngest demographics.
Fast Implementation: A school can get up and running within 2-4 weeks with the BMTX IDV service.
Free Proof of Concept: A frictionless assessment is available to help prospective clients understand how the BMTX IDV service will work for them.
About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX) - formerly known as BankMobile - is among the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country, providing access to checking and savings accounts and financial wellness. It is focused on technology, innovation, easy-to-use products, and education with the mission to financially empower millions of Americans by providing a more affordable, transparent, and consumer-friendly banking experience. BM Technologies, Inc. (BMTX) is a technology company and is not a bank, which means it provides banking services through its partner banks. More information can be found at www.bmtx.com.
SOURCE: BM Technologies, Inc.
View the original press release on accesswire.com
FAQ
What is BMTX Identity Verification (IDV) and how does it help colleges?
How many contracts has BMTX secured for its IDV service in 2024?
What results has Louisiana Delta Community College seen since implementing BMTX IDV?
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