Reducing Fraud and Boosting Trust: OneCard Significantly Minimizes ID Fraud Using Identitypass.
In the wake of the mainstream adoption of digital transactions and online interactions, these practices have become the new standard. With daily innovations’ rapid and relentless pace, the past decade has witnessed a profound shift toward technology, even in the world’s most remote corners. This compels us to join this technological wave. However, this remarkable technological advancement comes with significant responsibilities. Businesses must continually ensure the authenticity of their users’ identities, safeguarding them from potential interactions with malicious actors. Unfortunately, this task is far from straightforward, as recent observations reveal a concerning surge in fraudulent activities and counterfeit identity registrations on digital platforms worldwide, as 80% of financial services organizations have undergone a breach that was “likely related to authentication weaknesses. This situation underscores a fundamental truth: companies must consistently adopt dependable solutions to confront and stay ahead of these ever-evolving threats. In this case study, we will explore how OneCard Nigeria, an innovative Nigerian tech company specializing in top-up services for businesses, has risen to the challenge by implementing Identitypass’s innovative verification solutions, tackling these security challenges head-on.
About OneCard
Founded in 2013, OneCard Nigeria provides agent-based payment solutions for consumers and businesses. Their product range includes One1Card, a scratch card offering multiple recharge services; Direct TopUp, a retail channel empowering entrepreneurs and companies to sell recharge services to a broad customer base; MyTopUp Nigeria, a web-based recharge suite simplifying the process of topping up various services for individuals and businesses; and other similar offerings. Today, OneCard serves thousands of businesses through its diverse product lineup.
The Challenge: Escalating Fraudulent Activities
The digital age has ushered in a surge in online transactions and communications, making it easier for malicious individuals to hide behind fabricated identities. Across various sectors, including finance, e-commerce, and social media, businesses have grappled with dire consequences stemming from fraudulent activities. OneCard identified a gap in the telecommunications space and developed a solution that would facilitate scheduled (or automatic) airtime recharges, data recharges, TV subscriptions, and electricity payments for both businesses and individuals. However, one of the primary challenges they encountered was the inability to swiftly verify the authenticity of user identities during the onboarding process. This verification step was crucial to ensure their platform remained secure, preventing fake accounts and identities from being exploited for scams, money laundering, and other illicit activities. The OneCard team recognized the importance of this task and understood that to stay ahead, they needed to leverage one of the most effective identity verification solutions available. Thus began their search.
The Solution: Cutting-Edge Identity Verification by Identitypass
OneCard Nigeria recognized the imperative of securing its platform while upholding its reputation for delivering top-notch services that foster customer loyalty. To earn and maintain their customers’ trust, expand their user base, and enhance retention rates, they urgently needed to partner with an identity verification company capable of combating online security issues effectively. After extensive research and careful consideration, the OneCard team chose Identitypass by Prembly. Identitypass has a proven track record in the field and an unwavering mission to provide solutions that combat fraud, build trust, and ensure online safety and compliance.
Identitypass offers a robust set of verification APIs, SDKs, and no-code tools, enabling seamless integration into existing systems and processes for businesses. Their verification infrastructure harnesses advanced technologies such as facial recognition, document verification, and biometric analysis to validate user identities in real-time. Leveraging their expertise in identity verification, OneCard customized these endpoints to align with the specific requirements of their services. This implementation empowered OneCard to weed out fake identities effectively during onboarding, significantly reducing the risk of fraudulent activities.
Remarkable Results Post-Implementation
Following the implementation of Identitypass’s identity verification solution, OneCard recorded impressive improvements, including:
- Fraud Reduction: The number of fraudulent transactions and fake account registrations substantially decreased as the system detected and prevented suspicious activities in real-time.
- Enhanced Trust: Genuine users felt more secure while using the platform, increasing trust and loyalty. Positive reviews and word-of-mouth recommendations followed suit.
- Cost Savings: By preventing fraudulent transactions and account takeovers, the platform saved significant money that would otherwise have been lost to fraud.
Conclusion: Fostering Trust in the Digital Era
In a world where online interactions have become the lifeblood of businesses, the demand for reliable identity verification has never been greater. Fortunately, Identitypass stands at the forefront of this revolution, providing businesses with the tools to thrive in a secure and trustworthy digital environment. By effectively addressing the challenge of fraudulent activities and counterfeit identity registrations, we protect businesses and cultivate trust among genuine users.
If your business grapples with identity verification challenges and faces the growing threat of fraud, it’s time to consider the robust solutions Identitypass offers. You can follow in the footsteps of OneCard, securing your business, building trust with your users, and embracing the future of secure online interactions. Sign up or book a demo session today.
