Location-based fraud prevention and user experience improvement. Through a pilot test, Ironchip detected the usual places of the clients of the financial services company Elo in order to speed up and secure their access to online banking. In this way, every time they wanted to make movements in their accounts, their usual places would become an identity and security proof. As long as they are there, the text message and the codes will not be requested, which hinders the use of the application.
Elo is a Brazilian financial services company headquartered in Barueri, São Paulo, Brazil. Founded in 2011 by a holding company made up of three financial services companies, Elo offers financial services, including credit cards, debit cards, and prepaid card issuance and network processing.
Ironchip has introduced a location-based fraud prevention and user experience improvement solution. This tool provided 96% assertiveness in the evaluation of different fraud scenarios using different location technologies, improving risk analysis models for fraud prevention.
When a customer wants to access their online banking, they no longer have to authenticate themselves with the traditional authentication methods: password, username, text message, code, etc. Being in their usual places, previously analyzed by Ironchip, an SMS and/or code will not be requested. In this way, not only is fraud prevented, but it also improves the user experience for the customer.