- Online retailer Bonprix realised that online fraud was rising in a growing ecommerce market, and that it had grown into a serious issue that needed the latest technology to prevent it
- Bonprix chose fraud prevention specialist Risk Ident to provide intelligent technology to help reduce its fraud issues
- Since implementation, Bonprix’s customer base has grown by 26% and productivity is up by 85% per hour
- Risk Ident eliminated Bonprix’s fraud problems, helping it grow in both revenue and security
Overview
Bonprix selected Risk Ident as the best anti-fraud specialist to solve its fraud issues. Since implementing two new Risk Ident Solutions, FRIDA and Device Ident, fraud cases dropped and customer registrations rose 26%. Risk Ident has truly tackled Bonprix’s fraud problem.
The challenge
Bonprix had been suffering the effects of a growing ecommerce market, which sparked rising levels of fraud. With ecommerce sales expected to grow by 18.4% in Europe this year alone, Bonprix needed to keep increasing numbers of mobile-savvy consumers safe when making online purchases.
As Bonprix’s main source of revenue is generated from desktop and online sales, it was the perfect setting for fraudsters to target. Faced with the problem of losing sales and a drop in their customer base, Bonprix knew it needed to eliminate its fraudulent problems fast.
Before working with Risk Ident, Bonprix used a self-developed fraud prevention tool based on long-term experience in its markets and own fraud score cards.
The solution
Several benchmarking processes identified Risk Ident as one of the strongest solution providers in the industry, with one of the highest device recognition rates in Europe for fraud prevention.
Risk Ident provided its FRIDA and Device Ident technology to support Bonprix’s fight against fraud. Its machine learning and behavioural analytics technology provides help for fraud managers by intelligently processing a wide range of input sources and gives users the granularity on a transaction when needed for further investigations.
FRIDA setup was completed in less than a month, while Device Ident was implemented within two days, including rule optimisation. Both programmes helped maintain the Bonprix experience for regular customers. Risk Ident embedded its unique script into the checkout page, with zero negative user experiences reported.
The number of fraudulent cases dropped instantly, with Kerstin Jacobsen, Head of Fraud Operations at Bonprix, commenting:
“The new system was really simple to set up. We were up and running within two days, including new rule setting and the coordination and integration of coding; other anti-fraud integrations can take weeks. This was due to the automation and real-time processing enabled by Risk Ident. When we say it was simple and easy, it really was!”
The results
- 50% reduction in the time taken for manually reviewing fraud cases
- 26% increase in Bonprix’s customer base
- Intuitive fraud case visualisation increased expert knowledge
With the new software keeping fraudsters at bay, Risk Ident could also provide new intelligence detecting a series of fraudulent patterns. For example, every second fraudster who tried to scam Bonprix reattempted a second time. This knowledge enabled Bonprix to create an iterative outcome, with the anti-fraud software learning to develop in response to identified suspicious devices and individuals.
Kerstin Jacobson concludes:
“With Risk Ident our team can efficiently identify and block fraudulent orders. The detection rate of fraud cases significantly increased after introducing Device Ident and FRIDA, which led to a decrease in payment defaults at Bonprix.”
About Bonprix
Bonprix is an online retailer that provides high quality and affordable fashion for men, women and children, retailing to over 31 million customers in 27 countries worldwide.
About Risk Ident
Risk Ident are technology experts dedicated to fraud prevention, device fingerprinting, machine learning and behavioural analytics. The company helps reduce fraud, increase sales and decrease the cost associated with managing fraud by targeting the detection and reduction of: online fraud, account takeovers, false positives, malware, bot and proxy attacks, identity theft, affiliate fraud, scamming and credit risk.
About Felix Eckhardt
Felix Eckhardt is Chief Technology Officer (CTO) of Risk Ident. He designed and developed Device Ident, Risk Ident’s device fingerprinting technology that now has one of the highest device recognition rates in Europe for fraud prevention. He is also responsible for creating Risk Ident’s leading comprehensive fraud prevention solution for businesses, FRIDA, which delivers the best use of quality anti-fraud data in Europe. Felix has eight years of valuable development experience working with financial products and previously developed an online multi-banking application.
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