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Fintech Company Cashplus Defeats Bot Attack Worth £10,000s Using Device Intelligence

TransUnion
Case Study02/20/2020
Business Fraud and Identity Management
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Challenge:
9,500 fraudulent debit card applications flooded Cashplus in just a few days. Applicants’ personal data was passing KYC inspection, and attacking scripts varied IP addresses through VPNs and countries. Blacklisting them all was infeasible.

Solution:
Our device intelligence software revealed a gap in the attacking script’s efforts: all applications were coming from the same device type. This insight led to a change in Cashplus’ application process, which stopped the attack permanently.

Result:
Cashplus saved £19,000 in KYC service fees and prevented fraudulent accounts from opening lines of credit worth £2,000 each. The Fintech company also alerted victims whose personal information was used in the applications, potentially preventing millions of pounds in identity theft.

“Thanks to data from the device intelligence, we could see a distinct device type across all of the applications. We combined IDVision with iovation’s data with ours so we could prevent any of the applications from converting into debit accounts.”

– James Coveney, Fraud and Credit Manager

Fintech Company Cashplus Defeats Bot Attack Worth £10,000s Using Device Intelligence

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