Incognia case study: will bank

High growth challenger bank will bank became a target of social engineering attack initiated on social media. In possession of their credentials, fraudsters logged into the accounts of will bank customers, who are mainly low and middle income, and performed fraudulent transactions. This resulted in financial losses, poor customer experiences and a tarnished brand reputation.

The bank needed to adopt a solution that could detect and reduce the number of fraudulent logins to its banking app while, at the same time, keep the user experience optimized for legitimate users. That is why they chose to integrate the Incognia location risk-based authentication solution into their banking app. The primary goal was to deliver a friction-free experience for trusted users and require additional risk-based authentication steps for suspicious logins in order to reduce the number of fraudulent logins.

will bank achieved 90% reduction in fraud losses and 80% reduction in account takeover (ATO) on mobile.

Read this case study to understand how Incognia helped a fintech company reduce fraud costs and friction for their mobile wallet app by:

– Authenticating up to 93% legitimate users, providing a frictionless experience
– Detecting fraudulent login attempts and reducing account takeovers using location technology
– Delivering a highly precise risk-scoring, with a low false-positive rate of 0.0013%
– Fast implementation of the Incognia Risk-Based Authentication solution, achieving an ROI of 480%

Article Topics

authentication  |  biometrics  |  case studies  |  digital identity  |  financial services  |  fraud prevention  |  Incognia  |  white paper