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Use Cases/Verification

For compliance, risk and governance officers

Lucra enables compliance, risk and governance officers to keep their organisations compliant and defended against fraudulent transactions.

Benefits of using Lucra

  • Safeguard client money and the firm. Protect your organisation and its clients against the latest fraud risks and threats by accessing accurate and verifiable bank account and transaction data.

  • Effortlessly demonstrate compliance. Lucra delivers a centralised view of compliance activity, with audit capabilities and reporting to ensure you can evidence compliance with regulators and relevant stakeholders.

  • Ultra secure protection of client data. Lucra captures bank account data using Open Banking, which is the most secure way for clients to share sensitive payment and financial data.

How does Lucra achieve this?

  • Accurate and verifiable bank data. Lucra harnesses Open Banking technology to source bank account information directly from a client or third party’s bank. Procuring data from this primary source enables real-time verification using a trusted external party.

  • Automated name checks. Lucra's technology checks that the name on the bank account exactly matches the name of the client or third party. Any discrepancy, including case differences are flagged for heightened vigilance.

  • Real-time transaction analysis. Lucra performs transaction activity analysis to determine how long the bank account in question has been operational and the levels of activity (inflow, outflow, average payment size, etc.). Newly opened or dormant accounts may be red flags of fraud; with Lucra this is immediately detected.

  • Soft ID checks. To bolster each bank account verification, Lucra performs a soft ID check by screening the client and third party against credit-agency databases to confirm that they are who they say they are. Mismatches between user inputs and credit-agency records are flagged for added security (e.g. residential address flagged, but name and DOB are clear).

  • AML screening. Lucra also screens and monitors each user for sanctions, PEPs and adverse media using market leading data-providers and returns results for review. Users are monitored 24/7 and updated in real-time, with any changes reported on your dashboard.

  • Detailed reporting and audit. Lucra makes evidencing checks simple. Bank, ID and AML information, results of checks, and an audit timeline of user action and activity are neatly delivered in a single report.

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