CryptoCoin’s Fraud Challenges
We were prepared for a certain level of fraud with customized KYC and manual checks, but the chargeback bill reached $40K in our first two weeks of operations…
As experts in FIAT <> 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 customized KYC and manual checks,” says Sergiu. “But the chargeback bill reached $40K in our first two weeks of operations, which would have really hurt our operations in the long run”.
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.
Enter SEON’s Outstanding UX and Support
“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.
“The system was surprisingly easy to integrate and to operate,” says Sergiu. “It didn’t hurt that we got on well with the team, but it was really the GUI that sealed the deal for our risk team.”
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.