albo’s Fraud Challenges
…bonus hunters were costing us too much money. Our referral programme was backfiring because it attracted fraudsters instead of good users.
As a challenger bank, albo knew customers loved their flexibility, ease of use, and simplicity, especially compared to traditional financial institutions. The initial goal was therefore to get the word out to grow their user base.
This is where referral programmes and sign up bonuses came in handy. The problem? Fraudsters were ready to leap at the opportunity to game the system, in spite of albo’s ID verification step. While the prevention tool did reduce risk, it didn’t completely solve the problem of bonus hunters:
“Quite simply, bonus hunters were costing us too much money,” says Jacob Ortega, albo’s CTO. “Our referral programme was backfiring, because it attracted fraudsters instead of good users.”
To curb that onslaught of bonus abusers, albo had to constantly perform manual reviews of their user accounts. “We invested a lot of time closing fake user accounts,” Jacob says. “And also tracking every strategy they had found for getting an account in the first place.”
SEON’s Email API Fits in Perfectly With albo’s Manual Review Process
We contacted SEON and the negotiations were super sleek. Best of all, it took us about 30 mins to implement the Email API.
Jacob and the albo team set up tools to analyze each step in the personal data onboarding process. However, they realized they did not have anything in place to look at email, especially to check if the address was fake or disposable.
One Google search later, they came across SEON’s solution, which they chose for its simplicity and future products roadmap.
“We contacted SEON and the negotiations were super sleek,” Jacob says. “Best of all, it took us about 30 mins to implement the Email API.”