Fast-growing Canadian fintech startup reduces MFA requests by 70%
Use Case
Returning User Experience
Industry
Financial Technology (Fintech)
Company Size
Anonymous
Region
Canada
Challenges
The company needed to ensure its platform's and its customers' security without compromising user experience. Prior to implementing Fingerprint, its customers were required to authenticate their logins via MFA every single time, which resulted in a lot of friction. They needed a way to reliably distinguish between returning users and potential threat actors without requiring MFA for every single login.
Results
After implementing Fingerprint, the company reduced MFA requests by 70%, streamlining the returning user experience and increasing customer satisfaction.
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About the company
This fast-growing fintech startup is revolutionizing the Canadian financial services landscape and offers spending, savings, and rewards programs on one platform to more than 1 million customers.
Challenge: Reducing user friction while preventing account takeover & payment fraud
From day one, the fintech company prioritized security by implementing multi-factor authentication (MFA) as a mandatory security feature. However, as the company scaled, the challenge of balancing robust security measures with a smooth user experience became increasingly obvious. As a result, the company sought a solution to maintain high security standards while reducing the friction MFA imposed on their users.
The company faced a common but critical challenge: ensuring the platform's and customers' security without compromising user experience. On one hand, authenticating devices through MFA every time a user logs in can create significant friction. On the other hand, the company was concerned about the potential risks of account takeover and payment fraud if they removed authentication steps — which ultimately drove them to find a solution that could reliably distinguish between returning users and potential threat actors without requiring MFA.
We launched with multifactor authentication from the get-go, but it also increases user friction. Fingerprint allowed us to reduce that friction significantly, with about 70% of our login requests no longer requiring users to go through MFA a second time.
Cloud Infrastructure Lead, Canadian Fintech Startup
Solution: Adding device intelligence to the company’s fraud prevention strategy
The company initially implemented device intelligence into its fraud prevention stack using FingerprintJS, Fingerprint’s source-available, client-side, browser fingerprinting library. However, due to its quick growth, the company realized it needed a more accurate solution and transitioned to Fingerprint’s full-featured enterprise offering.
The implementation process was smooth: The company leveraged Fingerprint’s comprehensive documentation to ensure compatibility even in environments with external script blockers.
Fingerprint has enabled the company to significantly reduce the friction from MFA for its customers without impacting login security. By adding device identification as an additional security layer, the company reduced MFA requests by 70%, improved customer satisfaction, and decreased operational costs while still providing enhanced security against account takeovers and payment fraud. For example, once a customer had validated their device, the company then used device identification as a possession factor for subsequent visits.
The company’s proactive approach to integrating advanced device identification has positioned it as a secure, user-friendly financial services leader in the Canadian market. Fingerprint has proven to be more than just a nice-to-have solution; rather, it’s essential in maintaining the delicate balance between security and a smooth user experience.
As the company grows, their team remains confident that Fingerprint will scale with them, providing both the security and user experience their customers expect.
Key benefits of implementing Fingerprint enterprise
- Reduced user friction: Roughly 70% of login requests no longer require re-authentication, streamlining the login experience for previously identified users.
- Enhanced security: Unique device fingerprints recognize returning visitors and reduce the risk of account takeovers and fraud.
- Easy integration and fast implementation: Fingerprint offers several integrations with third-party tools, is fast and easy to implement, and requires minimal ongoing maintenance.
- Cost savings: Fewer MFA requests have lowered overall costs tied to sending SMS and email authentications.
- Scalable solution: Fingerprint provides a reliable security measure that scales with the company’s growth.
If you are a fintech company looking to enhance your security measures while minimizing user friction, consider incorporating Fingerprint’s comprehensive enterprise solution into your fraud prevention strategy. This fintech startup’s success story demonstrates the incredible benefits of this approach, from reduced MFA requests to increased protection against account takeovers and payment fraud.
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