SecureBank ยท Financial Technology
Fintech Platform Reduces Onboarding Fraud by 80%
- Angular
- NgRx
- Node.js
- AWS
SecureBank partnered with IntegrityLens to combat a surge in onboarding fraud. By implementing a robust, multi-layered identity verification system, they dramatically reduced fraud, enhanced security, and improved the user experience.
Challenge
A rapidly growing fintech platform was struggling with a high rate of fraudulent account openings, leading to significant financial losses and reputational damage.
Approach
- Implemented a multi-layered identity verification process including document scanning, facial recognition with liveness detection, and real-time fraud checks.
- Integrated with government and third-party databases to verify identity documents and check for known fraudsters.
- Developed a risk-scoring engine to flag high-risk applications for manual review.
Outcomes
- Reduced fraudulent account openings by 80% within three months.
- Increased user trust and confidence in the platform.
- Streamlined the onboarding process for legitimate users.
- 80%reduction in fraudulent account openings.
- 50%decrease in manual review time.
- 15ptincrease in customer satisfaction scores.