Forter customer since 2018
Applying Analytics to Identify Friendly Fraud and Chargebacks
Banks, skeptical regulators & new customers all create challenges
Coinmama faced a number of challenges including banks questioning legitimacy of transactions, regulators uncertain about the industry and new customers unfamiliar with how crypto worked leading to more chargebacks. The high degree of anonymity also enticed some good customers to look for loopholes and commit friendly fraud.
Analytics help to identify potential risks & boost approvals
Coinmama needed a partner that could apply lessons from other industries, adapt to the rapidly evolving crypto environment and show strong security and compliance. Using analytics to understand customer behaviors and potential risks would be key in reducing chargebacks, boosting approval rates, and identifying fraudsters.
Fraud management addresses friendly fraud and reduces chargebacks
Forter’s Payment Protection makes fraud management more predictable for Coinmama and improves the customer experience via automated, real-time decisioning. By addressing behaviors associated with friendly fraud, and reducing chargebacks Coinmama has been able to generate new revenue, acquire new users and offer new services.
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