Crassula.io bolsters their SMS messaging with Telesign

About Crassula.io

Crassula.io is an innovative, white label software platform that helps companies establish modern digital banking products. Crassula’s Banking as a Service (BaaS) Orchestration platform enables organizations to build and launch self-branded banking projects, payment service providers (PSPs), NEO-banks, wallets, FX services and other FinTech products in the cloud.

The challenge

The financial industry is undergoing a profound transformation, with a significant shift away from traditional brick-and-mortar banks towards digital banking solutions that facilitate seamless transactions.

Through Crassula, FinTechs gain the leverage of a powerful back-office suite that allows them to manage their business operations, simplify regulatory compliance and risk management, and provides tools to harness the potential of data analytics and customer insights for more personalized service delivery. Crassula also provides native Android & iOS apps and web interfaces that enable interaction with end customers and an open API for customers to build client-engagement products.

While widely established and convenient, the realm of digital banking also provides fertile ground for the proliferation of counterfeit and fraudulent activities. For Crassula, security of customers’ data and funds has always been a top priority. This led Crassula to seek out a solution with the right combination of features and industry expertise to manage potential fraud and maintain high industry standards of service.

The Solution

When new users remain unverified during the account registration process, companies expose themselves to the risk of admitting malicious actors into their user base. Effective fraud prevention tools strike a fine balance between seamless onboarding and security, with a critical focus on assessing the risk associated with new users.

Crassula has responded to this challenge by making SMS their primary method of authentication for essential actions, such as sign-in, sign-up, transfer confirmations, and personal information updates. By integrating Telesign’s SMS API, Crassula significantly strengthened its security measures. Telesign helps Crassula verify new users during registration using SMS one-time-passcode (OTP) verification to ensure only legitimate users gain access to their ecosystem and enhance account security with login authentication.

Telesign’s solutions prioritize seamless user experiences by employing subtle, behind-the-scenes methods to assess the risk associated with new accounts. This proactive approach acts as a powerful deterrent against bot sign-ups and synthetic identity fraud, ultimately safeguarding Crassula’s ecosystem and working to ensure that fake users do not infiltrate their platform.

Results

By integrating Telesign’s SMS API into their authentication processes, Crassula has strengthened their SMS security and expect to see better attack management, more flexible settings and an ability to avoid additional costs related to such attacks in the future.