Lack of visibility into who is using the service
The overall fintech industry is valued at more than $5.5 trillion, with a large portion of that related to digital money platforms and cryptocurrency exchanges. And when there’s that kind of money involved, you can bet fraudsters take notice—in 2020 alone, $1.9 billion was lost due to cryptocurrency crime. To prevent bad actors from using their service while providing their legitimate users with a frictionless and secure experience, Uphold needed accurate risk assessments of the actions taken on their site. This meant deploying additional friction points and manual review before Uphold would allow a customer to transact. Uphold needed a fraud prevention solution that highlighted the riskiness of every action taken on their site and that simplified the review process for their fraud analysts, allowing them to quickly identify linked fraud behaviors between accounts so they could stop fraud fast.