Felix Pago Improves Trust in Cross-Border Payments by Leveraging SEON
- Fraud Detection
- 02.08.2023 08:30 am
Felix Pago, a US fintech that specializes in remittance payments, utilized SEON’s powerful phone and email lookup tool to cut its fraud rates to almost 0% while delivering a 100% improvement in detecting multi-accounting users and significantly lowering dropout rates experienced through the verification process. In doing so, the company’s solution has provided Felix Pago’s team with 90% more confidence in accepting or rejecting transactions.
Felix Pago specializes in enabling individuals across the US to make quick, efficient, and secure remittance payments to family or friends living abroad, with a special focus on connecting individuals in the US with those across the LatAm region. At its core, the company aims to make life easier for Latino immigrants living across the United States, and is using innovative technologies like AI to meet its goals.
Since launch, Felix Pago has been looking for additional ways to verify the authenticity of users without requiring high-friction checks during the onboarding process. The company’s solution leverages the popular messaging platform, WhatsApp, which is very popular and widely accessible among Felix Pago’s customer base. Through WhatsApp, Felix Pago utilizes a chatbot service to determine the authenticity of users before providing the information, as well as a payment link needed to safely complete cross-border digital payments.
Impressed by the company’s broader societal mission, SEON wanted to help Felix Pago fortify its authentication process and further improve trust in the field of cross-border digital payments. To do this, SEON provided Felix Pago with access to its innovative phone and email lookup tool. As well as being totally frictionless, the innovative solution was capable of supporting many of Felix Pago’s users who lack extensive digital footprints, and who often only have access to solutions, such as WhatsApp.
Speaking on the decision to add SEON to the company’s existing fraud prevention toolkit, Bernardo Garcia, Co-Founder at Felix Pago commented: “One core piece of data we get from SEON is the ability to profile customers based on a phone number. The effect of deploying the company’s solution has been pretty immediate. It was really eye-opening. And ultimately what it’s allowed us to do is have that peace of mind to drive our growth initiatives forward at full steam, knowing that we’re able to identify and mitigate the risk from potential fraud.
“We found that the barrier to sending money digitally really came down to trust. There was a short period of time after we went to market, where we saw a few isolated fraud cases. The volume was low, but it was an indication that we would need a solution to manage risk as we scaled rapidly. SEON’s end-to-end platform was the ideal system, and enabled us to identify the tell-tale signs of fraud and financial crime before they’ve even occurred.”
Speaking on his company’s work alongside Felix Pago, Tamas Kadar, CEO and Co-Founder of SEON commented: “Our solution aligns perfectly with Felix Pago’s system and has enabled them to generate more actionable intelligence insights from a number of highly relevant social signals. We’re enabling the company’s team to catch more bad agents, while ensuring that good actors can continue to send money without friction.
“In doing so, we’re helping Felix Pago to go further in its efforts to improve trust within the field of cross-border digital payments. As our world becomes more interconnected, the need for solutions like this only grows. The unique appeal of our solution, as well as its ability to determine authenticity among customers with small digital footprints makes it the ideal system for use by companies working in this rapidly expanding sector.”