Uni Cards saves ₹6.5M monthly by reducing account takeover fraud with Fingerprint
Use Case
Account Takeover
Industry
Fintech
Company Size
500
Region
South Asia
Challenges
Uni Cards was dealing with fraudulent transactions totaling over 6 million rupees per month due to account takeover attacks. They needed a solution to help them better detect and prevent account takeover attacks in real time while still staying in compliance with one-time password (OTP) regulation requirements.
Results
After implementing Fingerprint, Uni Cards’ fraud rates now fall comfortably below what is considered industry standard, enabling the team to focus on developing and releasing new products to grow the business instead of constantly battling fraud.
Ready to stop account takeover fraud?
About Uni Cards
Uni Cards is a fintech company with a mission to change how people interact with credit. The company offers branchless credit cards with competitive cashback, additional rewards, no foreign currency transaction fees. By reimagining existing credit product offerings and delivering an unmatched credit experience to millions of Indians, Uni is disrupting how traditional credit card products work.
The challenge
Uni Cards faced a serious account takeover issue where customers were tricked into sending their one-time passwords (OTPs) to fraudsters, giving them access to their accounts. Once the fraudsters had access to the accounts, they also were able to obtain valuable data, including personally identifiable information, as well as credit card and CVV numbers.
OTP (One-time Password) Requirements
At the time of this writing, financial regulations in India required OTP for online financial transactions, so removing OTP for another authentication method was not an option. With account takeover attacks happening frequently, Uni Cards needed additional security methods to layer on top of their current OTP solution to prevent unauthorized access to customer accounts.
Before Fingerprint: The rising cost of fraud
Before implementing Fingerprint, Uni Cards experienced close to 6.5 million Indian rupees (~$78,000 USD) worth of fraudulent transactions due to successful account takeover incidents. Coupled with the potential damage to their brand, this meant significant action needed to be taken to reduce account takeovers happening on their platform. Account takeover fraud also seeped into other areas of Uni Cards’ business, delaying new product development and slowing growth.
“The ability to accurately identify users and unique device IDs speaks a lot about the strong solution [Fingerprint has] built.”
Why Fingerprint
The Uni Cards team evaluated several identification vendors in their search to add an additional layer of security on top of their OTP system. They landed on Fingerprint, stating that the identification accuracy and short implementation time were a couple of the factors in their decision. Uni Cards implemented Fingerprint’s visitor identifier to bolster their defenses against account takeover attacks.
Uni Cards uses Fingerprint’s visitor identifier to identify the devices customers use to download and sign up for their app. If more than two users come up for a single device, that device is automatically blocked. After implementing Fingerprint, Uni Cards found that around 0.5% of customers who start onboarding get rejected daily, and the false positive rate is less than 1%.
Results: Reduced ATO fraud losses
Fingerprint enabled Uni Cards to add an additional layer of identification on top of their fraud tech stack, reducing the amount of account takeover attempts and monthly fraud costs.
Curbing account takeover attacks
Before Fingerprint, Uni Cards incurred fraud losses of around 6.5 million rupees in one month. Since implementing Fingerprint, Uni Cards has yet to see another attack of that size and stated their fraud rates now fall comfortably below what is considered industry standard.
Additionally, with their ATO fraud problem solved, Uni Cards has been able to continue growing the business by launching several new products — all while feeling more secure and in control of preventing future ATO attacks.
Key takeaways
Fingerprint was the solution that Uni Cards needed to detect and prevent account takeover attacks that were costing them millions of rupees per month. With Fingerprint’s highly accurate visitor identifier and easy implementation, they were able to get up and running quickly — enabling them to reallocate resources to grow and scale instead of constantly battling fraudsters.
Interested in learning more about how Fingerprint can help you prevent ATO attacks? Get in touch with us for a personalized demo or sign up for a 14-day free trial.
