Kolex Secures Its NFT and Collectibles Platform with 100% Confidence in Transaction Validity

Kolex Secures Its NFT and Collectibles Platform with 100% Confidence in Transaction Validity

Kolex has always been at the forefront of the digital collectible space. From being the first company to offer digital CS:GO collectibles to processing $8M worth of Ethereum in NFT sales in 6 minutes, the company understands that tradeable digital assets aren’t a fad but the future. 

But like many tech and crypto businesses during the pandemic, Kolex noticed an increase in attacks from fraudsters, notably as they deposited money from stolen credit cards. Unwilling to compromise the security of the platform, Lewis Bye, Senior Projects and Operations Specialist at Kolex, promptly looked for a solution. 

“We used Circle’s built-in anti-fraud protection during the conversion from fiat to crypto. But I knew we needed a top-tier tool that could deliver real-time results to keep up with our high transaction volumes.”

That solution came in the form of SEON. While it was the company’s first proper deployment of anti-fraud measures, the integration proved surprisingly seamless for Lewis and his team.

“We deployed SEON both on our website and web app to gather device data as well as IP and email information. It was unbelievably fast, both in terms of integration and results. In 4 days only, our fraud rates were pretty much down to 0. ”

Automate up to 95% of Fraud Checks & Decrease Manual Review Times

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More importantly, the integration allows the Kolex team to dedicate its efforts to growing the platform and delivering outstanding customer service, thanks to:

  • 75% faster manual reviews
  • 90% drop in manual queries
  • 100% confidence in rejecting or accepting transactions.

As Lewis concludes:

“The automation – the fact that we can set our fraud prevention on auto-pilot – it allows us to feel secure as we grow other aspects of the business. If we didn’t have SEON, we’d have to immediately look for the closest alternative. ”

For more information about Kolex, visit www.kolex.io

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Lewis Bye

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