Fraud enters classifieds marketplaces in the form of both malicious “buyers” and malicious “sellers.” Unfortunately, these bad users negatively impact good users, revenue and brand reputation. Anibis.ch wanted to stay ahead of the ever-changing fraud attack vectors in order to prevent bulk account creations, fake account registrations and account takeovers. They also wanted to collect valuable user data that would help them make instant fraud risk decisions.
Anibis.ch was looking to build a better and safer online community, free from fraud, as they were experiencing increases in user reported fraud cases and support calls. They focused their efforts on evaluating solutions that offered features to assist with increased identity assurance and account security. Anibis.ch knew that if no action was taken to further prevent fraud, their brand reputation and user trust would decline.
Anibis.ch ultimately chose to combine a few TeleSign services--Score, SMS Verify and Voice Verify--to deploy their industry-standard account protection solution. Anibis.ch block scammers with fraud risk intelligence and account registration verification. They require a new user to provide a valid phone number before they can post an item for sale or make a purchase. This has enabled Anibis.ch to first assess the risk of that user prior to use.
Using Score, potentially malicious buyers and seller are blocked at registration if their fraud risk scoring comes back noting a suspicious phone type, linked to previous history of fraud, or identified as having fraudulent traffic or velocity patterns. This valuable user profile data has allowed Anibis.ch to make automated data driven fraud risk decisions, which has increased the identity assurance of their user base. Using SMS Verify and Voice Verify, Anibis.ch is able to connect a verified and valid phone number to each user account using phone-based verification and two-factor authentication (2FA) with time-based, one-time passcodes (TOTPs) sent over SMS or voice call.
Reduced fraudulent account registrations by 20%, resulting in 85% less cases of reported fraud
Using a comprehensive TeleSign security solution, Anibis.ch has been able to reduce the number of fraudulent account registrations by 20%, prevent account takeovers of their legitimate users and reduce fraud related losses and associated costs. They are also seeing a decrease in the number of support related calls.
Overall, Anibis.ch has seen about 85% fewer cases of reported fraud within their community.
The company is very pleased with these results as this confirms they are building a better and safer community.
Increased user confidence and trust
A primary goal for Anibis.ch is protecting their community and securely connecting verified sellers with verified buyers. By establishing a global trust anchor using a verified phone number for each account, Anibis.ch has been able to increase user confidence and trust of their brand. Users are more likely to interact in classified marketplaces where they feel safe to transact with other legitimate users.
Increased identity assurance – ability to make instant fraud risk decisions
Anibis.ch uses Score, a powerful fraud risk assessment API that delivers reputation scoring based on phone number intelligence, traffic patterns, machine learning and a global data consortium to make instant fraud risk decisions and attain data insights about each of their users. This has helped Anibis.ch prevent more fraud and achieve greater identity assurance by instantly determining the appropriate action of whether to block or allow an account registration.