The traditional wallet, a physical pouch for pockets and purses, is quickly becoming a thing of the past. Digital wallets empower users to send money globally, buy items and services from companies, and make peer to peer payments.
But just like traditional wallets, there are vulnerabilities. Because of the growing demand for digital sales, fake accounts have become an issue. What can digital wallet apps do to keep their customers safe and happy?
Meet Astropay
AstroPay is a global payments platform that gives users a reliable, secure, and convenient way to send and receive money. It offers digital wallets for instant payments, bank transfers, and provides over 200+ local payment methods. AstroPay is the digital wallet leader for online businesses and e-commerce platforms.
AstroPay’s ultimate goal is to provide their customers with a way to manage their finances without hassle or stress.
Issues AstroPay was facing
Global e-commerce sales are expected to reach $6.3 trillion in 2023. This high growth attracts fraudsters, who attempt to infiltrate company ecosystems via fake accounts.
AstroPay’s mission is to empower their customers to use their service without fear of fraud.
Their main concerns included:
- Fake accounts
- Promo abuse
- Faster, safer onboarding
- Data protection
AstroPay needed an advanced solution to keep their more than 9 million users safe while minimizing friction.
Onboarding: the final frontier
The first step AstroPay took to accomplish their goals was to perfect the onboarding process. 74% of customers will switch to other companies if signup is too complicated. AstroPay didn’t want to add unwanted friction into the process.
And because 48% of fraud comes from accounts less than a day old, AstroPay couldn’t roll out an onboarding process that lacked security.
The key to onboarding for AstroPay was balance. They needed a workflow that wouldn’t inconvenience legitimate users, while also keeping bad actors out.
Telesign and AstroPay
AstroPay needed digital tools that evolved alongside fraudsters. Telesign’s Trust Engine proved to be a perfect fit.
Shutting down fraud in the onboarding stage was key to allowing AstroPay to live up to their customer-facing brand ideals. They also needed a global SMS supplier to send one-time passcodes (OTPs), notifications, and alerts to their customers—one which could improve SMS reliability and delivery rates.
Intelligence API
With Telesign’s Intelligence API, AstroPay was able to better understand the risk level of every new user’s phone number at signup. The process is easy. Once a phone number is entered, it’s evaluated by Telesign’s advanced machine learning algorithms, which spot potential red flags associated with that number.
AstroPay could then receive a risk assessment with intelligent recommendations, which allowed them to block, flag, or allow users onto their platform based on their specific business needs.
SMS Verify API
After reviewing the risk of a user signing up for their platform, AstroPay uses Telesign’s SMS Verify API to send a OTP to authenticate legitimate users. SMS Verify provides phone-based verification and multi-factor authentication to accurately and quickly verify users.
This helped AstroPay keep their users safe, while keeping them informed about incoming deposits or money transfers in real-time.
The result
AstroPay leveraged Telesign’s Trust Engine to stop fraud before it happened, verifying users effectively and without friction. Working with Telesign, they were able to prevent fake accounts, limit promo abuse, and improve SMS deliverability.
The end result? AstroPay boosted their conversion rates while reducing fake accounts by 50%. AstroPay now provides comprehensive global account protection for their users.
Want to see more details about AstroPay’s success story? Read the entire case study here.
