Case Study: Zipmex

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  • $10,000 saved in fraud from duplicate users within just three months of usage with Onfido’s Known Faces
  • 67 hours saved in manual fraud review, and counting by automating cumbersome in-house processes

About Zipmex

Zipmex is Asia’s leading digital asset exchange, focused on providing both retail and institutional investors alike the ability to invest securely in digital assets.

The challenge

Zipmex is a fully digital asset exchange, enabling investors to seamlessly access digital currencies. As a growing financial services provider, Zipmex needs to manage their onboarding and compliance needs in a scalable manner.

During their growth, Zipmex was seeing firsthand increasingly advanced fraud. When fraudsters found a less sophisticated identity document, they would repeatedly sign up to Zipmex’s services until they could gain entry, abusing Zipmex’s sign-up bonus programme for financial gain.

To fight back, Zipmex’s internal KYC review team would monitor for duplicate sign-ups, using up operational and product resources. This was not scalable as it required hours of manual review per day, and diverted attention away from legitimate customers who needed support. Zipmex wanted a simple answer to the question “how do we know that a new user hasn’t actually registered before?” That’s where Onfido’s Known Faces came in.

The solution

Zipmex was already using Onfido’s Document and Biometric solutions to confirm ID legitimacy and ownership. With Onfido’s Known Faces solution they could cross-reference the biometrics of each user at sign-up with every “face” that had previously passed through their system. If a repeat was found, Onfido would flag it as a Known Face in seconds.

The Zipmex team performed a free trial to see how effective Known Faces was, flagging any repeats over their last 90 days. From there, integrating was simple, just a few lines of code.

The results

With Known Faces, the Zipmex team can finally get a clear answer to the question “have we seen this user before”, and the business results have been clear to see.

Within the first three months of trialing Known Faces, the Zipmex team spotted just shy of 500 accounts belonging to a “Known Face”, amounting to $10,000 saved in sign-up bonus payouts for those accounts.

The Zipmex team is catching more fraud with less manual review required. Because Known Faces provides a binary Known Face output, match score, plus data such as the applicant ID and biometric for matched faces, the team can quickly resolve fraudulent duplicates. For Ken, Director of Product at Zipmex, “Onfido’s approach enables non-technical agents to do things themselves; they no longer need to use engineering resource to perform a simple check”. So far, the team has saved 67 hours in manual review within weeks of using Onfido’s Known Faces.

Importantly, the team can now spot more fraud without affecting the user experience. The user doesn’t need to capture any more information, so can convert just as fast as before. Find out more about Zipmex at zipmex.com.

"Known Faces enables our team to work smarter when it comes to fraud. Because Onfido provides a simple output without creating any more work for the customer, it’s now easier for our in-house teams to do their job at scale."

Ken Tabuki, Director of Product, Zipmex

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