Company Overview
Lithic, a leading fintech infrastructure company powering modern card programs, operates at the intersection of technology and financial services. With their mission to enable companies to launch and scale card programs efficiently, Morgan Stanley, Head of Talent, needed robust solutions to protect their recruiting pipeline from the sophisticated fraud attacks targeting fintech companies.
The Challenge
Before implementing Tofu's fraud detection capabilities, Lithic faced significant security and efficiency challenges in their recruiting process. As a high-growth fintech company, they became a prime target for applicant fraud. Morgan's team struggled with:
- Multiple fake applicants reaching phone screen stages weekly: Fraudulent candidates were consuming valuable recruiter and hiring manager time.
- Extensive manual background verification processes: Time-intensive internet searches to validate candidate authenticity were consuming valuable recruiter time.
- Engineering managers wasting interview slots: Time spent interviewing fraudulent candidates compromised pipeline integrity and threatened hiring velocity.
The Head of Talent's Perspective
"Lithic is in the fintech space so we see very high levels of applicant fraud. Tofu helps us rid bad actors from our pipeline with a single click. Since we integrated Tofu with our ATS we have a much higher degree of confidence in our applicants and it's saved our engineering team a lot of time not having to interview fake candidates." — Morgan Stanley, Head of People @ Lithic
How Tofu Helped
Lithic deployed Tofu's AI-powered fraud detection system to create an impenetrable first line of defense against bad actors. Here's how Tofu transformed their recruiting security:
- Automated Fraud Detection at Scale: Tofu's fraud detection agent analyzes every applicant using dozens of open and closed-source databases, instantly identifying suspicious patterns and validating candidate authenticity before any human interaction occurs.
- Seamless ATS Integration: With Tofu's direct integration into Lithic's ATS, fraud detection results appear automatically in candidate profiles, enabling recruiters to make informed decisions without leaving their existing workflow.
- Comprehensive Identity Verification: Tofu's multi-layered approach validates:
- Email authenticity and age
- LinkedIn profile verification
- Employment history cross-referencing
- Resume pattern recognition and analysis
- Phone carrier validation
- Social media presence verification
- Network Intelligence Protection: Leveraging insights from hundreds of companies in Tofu's fraud detection network, Lithic benefits from real-time identification of known bad actors and emerging fraud patterns across the industry.
Impact
Implementing Tofu's fraud detection system delivered immediate and measurable results for Lithic's recruiting operations:
- 99% Reduction in Fake Applicant Phone Screens: Virtual elimination of fraudulent candidates reaching interview stages, preserving valuable recruiter and hiring manager time.
- 100% Elimination of Manual Verification: Complete automation of background verification processes that previously required extensive manual research and validation.
- Enhanced Pipeline Confidence: Dramatic improvement in recruiter and hiring manager confidence in candidate authenticity throughout the hiring process.
- Preserved Engineering Resources: Engineering managers can now focus interview time exclusively on genuine candidates, improving hiring efficiency and team morale.
- Secured Recruiting Infrastructure: Comprehensive protection against sophisticated fraud attacks targeting fintech companies, maintaining pipeline integrity and hiring velocity.
"Tofu helps us rid bad actors from our pipeline with a single click," said Morgan Stanley, highlighting the solution's simplicity and effectiveness.
Conclusion
Tofu's fraud detection capabilities have transformed Lithic's recruiting security posture, enabling them to operate with confidence in a high-risk industry. By automating fraud detection and eliminating manual verification processes, Lithic has not only secured their hiring pipeline but also preserved valuable team resources for strategic recruiting activities. In the competitive fintech talent market, Tofu ensures that Lithic's recruiting efforts focus exclusively on authentic, qualified candidates.