Parth Shrivastava
December 2, 2021

Jupiter | Identifying Synthetic ID Fraud and Safeguarding Customer Journey

Meet Jupiter

Jupiter, a leading neobank based in India recently forayed into micro-loans with Bullet. Bullet is a ‘Buy Now, Pay Later’ (BNPL) app that offers consumers a small-ticket line of credit based on their credit score and other risk indicators. 

Bullet wanted customers to enjoy a speedy experience by providing an instant line of credit via real-time access to fresh funds. To achieve this, only basic Know Your Customer (KYC) checks were implemented. Unfortunately, this opened Bullet up to sophisticated scammers taking advantage of the convenient, simplified experience and lack of checks.

The Challenge

Fraudsters tried to exploit Bullet’s instant line of credit offering by abusing the promotional offers. In one such incident, the scammers availed themselves of instant credit using stolen IDs across multiple devices, then bypassed security and KYC checks to make transactions against the line of credit before absconding.

They also used app cloners to create duplicate applications thus multiplying the abuse, leading to substantial financial losses. Bullet was in dire need of a risk assessment solution that could identify such scammers and block them from using Bullet.

The Solution: Identifying fraudulent users speedily

Bureau’s suite of tools helped Bullet uncover the modus operandi (MO) of the fraudsters and deter potential threats, without sacrificing the instant access to funds customers had come to love.

Bureau's Device Intelligence helped uncover a coordinated attack in which scammers utilized fake IDs coupled with clones apps.

Bullet strengthened security without compromising the user experience by leveraging Bureau’s intelligence behind a user’s email, phone number, and device. 

Bullet used Bureau’s ID match scores, based on the genuineness of the name, phone number, and email, to determine the user’s true identity versus presented identity.

Bureau’s device intelligence and fingerprinting worked silently in the background to provide critical information including the use of malicious apps, faked IP location, and anomalous behavior biometrics; which taken together points to suspicious users.

The Result: Blocking fraudsters and unlocking real growth

“Bureau's solution to identify fraudsters via detailed analysis, helped us tweak our customer onboarding and protect against third-party fraud,” highlighted Vishakha Gupta, Risk Manager at Jupiter. Bureau’s ID match and device intelligence honed in on and prevented a large-coordinated fraud ring attack within a day. 

This clan of 500+ fraudsters used coordinated attacks from a specific location. Acting on Bureau’s intimation, Bullet was able to prevent any money movement before the fraudsters could abuse any credit line then, ghost. 

“More importantly, I've never come across a team as responsive as Bureau - that made the integration, usage, and post-facto analysis so much easier and faster,” concluded Vishakha.

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