Reliable partners and technological innovations help fintech companies grow in the market with confidence. During more than 8 years of successful cooperation with JuicyScore, which is the market leader in risk management and anti-fraud solutions, the international Fintech group UnaFinancial, has recently evaluated a new product – JuicyID. It was designed to reduce operational and credit risks in secondary loans.
What challenges did UnaFinancial Face?
Mikhail Koromyslov, the Group's Anti-Fraud Director, shared his opinion about the product: “We needed a reliable partner able to deliver alternative data across all the markets of our presence. The JuicyScore team provided the technology that meets our anti-fraud needs. From now on, the JuicyID solution is a part of our comprehensive anti-fraud architecture.”
What Results have been achieved with JuicyID?
UnaFinancial’s Anti-Fraud Director Mikhail Koromyslov said: “Judging by the primary results after the pilot launch, we managed to develop a set of comprehensive markers and variables that enriched our company’s anti-fraud model in the Philippines. It helped to reduce the risk level in the early re-loan portfolio by several percentage points.”
From the list of around 20 markers, the main attention was drawn to new variables able to detect signs of high-risk behavior. They may include the use of untypical foreign languages on the device, missed fingerprints, various risky virtual machines, and combinations of aggregated IDX index variables.
What risk- and stop-marker rules did UnaFinancial use?
“We applied a dozen of rules together with stop and risk markers. I would particularly like to mention individual scoring: it shows good potential for identifying high-risk segments on repeated loans, mainly the early ones. We can identify segments of a few percent size with risk levels beyond the product P&L in this particular category.
Stop markers to detect virtual machines and browser anomalies turned out to be a distinctive feature of the solution.
Besides, IDX-type indexes or variables showed very good results, especially taking into account that the JuicyScore team created custom indexes for us. They involved an updated aggregate index based on IDX3 - DeviceMarkers and other device anomalies, as well as secondary risk markers that allow us to increase stability and improve the overall application efficiency.”
A detailed introduction to the JuicyID Solution
The Device ID returning responses are the most stable and consistent digital fingerprint on the market. It comes with a built-in data vector featuring 100+ attributes. It makes it possible to build different rules to prevent the risk of fraud and unfair virtual user actions as well as establish a balance between ROI and cost, given that preventing fraud risk in the online channel is one of the major business challenges today.
Stop-markers will allow us to identify the app segment with high fraud risk at the early stages of application filtering. JuicyID vector variables will help mitigate the level of social fraud risk within the flow. IDX1 – IDX4 indices can be used to build credit scoring models for applications that have successfully passed all stages of pre-filtering. These models help to identify both high-default risk segments for automatic screening and low-risk segments for increasing the approval rate.
What’s more, JuicyID is an effective solution for safeguarding user accounts, especially if the physical user is not tied to a single virtual one. JuicyID serves greatly for detecting multi-accounting fraud, as well as identifying users with multiple sets of personal data utilized for fraudulent purposes. JuicyID comes as an ultimate solution for products with instant response requirements.
About UnaFinancial
UnaFinancial is a group of companies developing easy-to-use digital financial solutions in the Middle East, Asia, and Europe. The group aims to provide simple and reliable access to finance through innovative technologies, focusing on what customers truly need. Since its foundation, UnaFinancial has served more than 14 million clients, who got access to over 1.5 bn USD worth of loans.