FIAT to Crypto API Reduces Weekly Chargebacks From $40K to $0 Thanks to SEON

About CryptoCoin

CryptoCoin.pro is building the future of the crypto world, and enhancing crypto and blockchain adoption through innovative products. Their API aggregates a full set of compliant flows and processes so companies can implement FIAT to crypto trading and purchasing with ease, without bottlenecks or regulatory challenges.

Challenges

We were prepared for a certain level of fraud with customised KYC for cryptocurrencies and manual checks, but the chargeback bill reached $40K in our first two weeks of operations…

As experts in FIAT to crypto conversion, CryptoCoin was well aware of the risks involved in the vertical. Enabling their customers’ users to purchase and trade cryptocurrencies via bank transfer or credit card is a sure way to invite fraudsters, who either try to launder money or to buy digital coins with other people’s money.

We were prepared for a certain level of fraud, with customised KYC and manual checks. But the chargeback bill reached $40K in our first two weeks of operations, which would have really hurt our operations in the long run.

Sergiu Draganus

The company needed to focus on fraudulent card transactions, of course, but also find a way to spot connections between users who were multi-accounting, and those who abused their bonuses.

Solution

The system was surprisingly easy to integrate and to operate, but it was really the GUI that sealed the deal for our risk team.

After meeting the SEON team at the Pioneers event in Vienna, CryptoCoin wanted to give the anti-fraud platform a try. Their key goal was to automate the fraud prescoring progress, so their customers could safely onboard new users.

After experimenting with different risk rules, CryptoCoin managed to fully leverage SEON’s Fraud API directly from the dashboard – and with a shallow learning curve thanks to the support team and outstanding UX.

Results

SEON has delivered proven fraud reduction results, which keeps our customers safe and secure. And when you factor in how affordable it is, I don’t know what other solutions could compete.

SEON is now fully integrated into CryptoCoin’s automated AI prescoring system. Risk is mitigated through a set of custom rules, which help determine whether users are likely to be fraudsters before they get a chance to onboard and purchase or trade cryptocurrencies.

• Reduced chargebacks to $0 after 12 months of operation
• Manual review time dropped from 15 to 1 minute
• Improved conversion rate for onboarding legitimate users

And best of all, SEON’s tools allow CryptoCoin to scale their operations while staying in control of their ROI:

SEON has delivered proven fraud reduction results, which keeps our customers safe and secure. And when you factor in how affordable it is, I don’t know what other solutions could compete.

Sergiu Draganus