ViaBill Sees a 90% Drop in Fraudulent Registrations, Brings ID Fraud Down Close to Zero
Industry
Online Lending
Use Cases
Stolen ID
Lack of Customer insights
About
Since 2014, ViaBill has been at the forefront of the Buy Now, Pay Later (BNPL) space. Consumers want convenience and flexibility, and the company was quick to harness this game-changing technology.
This is true both online and, surprisingly, when it comes to brick-and-mortar – a solution that very few BNPL companies offer except this innovative Danish fintech.
Before SEON
Significant manual review times
Static rule sets
With SEON
Automation and efficiency improvements
Highly customized rules
Challenge
Balancing frictionless lending and security is not without challenges. Claus Linde, CPO at ViaBill, breaks down how the company used to manage risk in the early days:
“Because of Viabill’s unique online and offline BNPL service, we had to err on the side of caution with our underwriting. That involved a lot of manual monitoring and static rules that did catch bad signups, but put pressure on our team and resources.”
Solution
An automated risk-scoring solution was clearly the key. And Claus didn’t want to risk high rates of false positives, which is why the ability to tweak and test the rules was crucial for him and his team.
SEON impressed us with how easy it was to set up custom rules and add velocity logic. The automation gives us complete control over how we test, measure, and manage risk, both at the signup and payment stages.
Claus Linde
Chief Product Officer at ViaBill
Results
After leveraging SEON’s data and risk scoring at the onboarding stage for a few months, Claus and his team couldn’t be happier with the results. And the numbers speak for themselves:
We now see close to zero successful identity fraud cases. And as a BNPL company, this has a direct impact on other metrics, such as a 90% drop in fraudulent registrations and 50% drop in chargebacks.
Claude Linde
More importantly, it alleviates the load on the review team, who can spend more effort focusing on medium-risk users while instantly flagging suspicious signups. And this is just the beginning of what Claus hopes to achieve with SEON at ViaBill, as the company continues to grow and innovate in the payment space. As he concludes:
“My favorite [SEON] feature is probably the simple and intuitive UI, but I should add that the Key Account Management by real anti-fraud experts is also fantastic. It doesn’t hurt that it’s extremely competitively priced either.”
