The innovative fintech wants to improve trust in the world of cross-border payments. Here’s how it leverages SEON’s digital footprinting to trust its own users.
Félix is transforming the world of remittance payments thanks to the power of AI and Blockchain technology. More crucially, it’s merging the convenience of digital with a human touch by allowing its customers to live chat on popular services like WhatsApp.
As Jonathan Kleinman, Head of Partnerships at Félix explains:
We found that the barrier to sending money digitally really came down to trust. People prefer going to stores where they can talk to a human. And so we developed a chat-based solution where they’re able to get all the benefits of a digital remittance service but with a human touch”
The key challenge? It’s a lot harder to tell who you’re dealing with online – unless you create obstacles with high-friction checks during the onboarding process. It was a problem that Jonathan’s team was focused on solving as soon as possible.
“There was a short period of time after we went to market, where we saw a few isolated fraud cases. The volume was low enough that it didn’t trouble us, but it was a strong indication that we would need a solution to manage risk as we scaled rapidly – something to tell us a lot about our users in a way that was low friction and very fast.”
That solution would come in the form of SEON, and specifically digital footprinting. It’s proving to be a tremendous help – especially as Félix’s customers don’t always have an extensive credit history.
“One core piece of data we get from SEON is the ability to profile customers based on a phone number. Because what we do is through WhatsApp, being able to check social signals really helps us get a better sense of how real the user is. It’s a tool in our toolkit that is pretty unique.”
See what SEON can reveal from a phone number:
And Félix’s fraud prevention toolkit has proved to be remarkably effective at catching bad agents – while allowing good customers to send money without friction:
- Got fraud rates close to 0%
- Lower dropout rates due to verification friction
- 100% improvement in detecting multi-accounting users
- 90% more confidence in accepting or rejecting transactions
As Jonathan concludes:
“The effect [of deploying SEON] has been pretty immediate. It was really eye-opening. And ultimately what it’s allowed us to do is have that peace of mind to drive our growth initiatives forward at full steam, knowing that we’re able to identify and mitigate the risk from potential fraud.”
Head of Partnerships
Allow rapid decision making for a frictionless user experience. Leverage real-time digital footprinting to quickly identify fraudsters.