Ewallet Provider Better Detects Fraudulent Use of Its App
Boost uses identity intelligence to protect customers from fraud.
Malaysia’s ewallet provider Boost combines lifestyle needs with cutting-edge digital technology to make transactions fast, secure and rewarding. Through their app launch in 2017, Boost offered a range of cashback rewards and promotions to their customers for use on their services.
But Boost, like other ewallet providers, was caught in a conundrum: providing the smoothest possible customer experience while at the same time, increasing the fraud detection rate of criminals who have been increasingly taking advantage of the anonymity offered by digital channels.
The solution for Boost was to build a picture of true digital identity at each stage of the customer journey. They achieved that goal through the LexisNexis® Digital Identity Network® to reliably differentiate between trusted and fraudulent online behavior. Since the identity intelligence happens automatically in near real time, there is no delay in Boost’s service and no added friction to the customer experience.
The Digital Identity Network significantly reduced account takeovers by pinpointing devices and locations and running behavior data to help discover high-risk scenarios. The results were fewer account creations by malicious users, reduction in fraudulent account takeovers and overall increase in their business profitability for Boost.
Want to know more? Download the Boost case study.
