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Zipmex - Case Study

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

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