Page 7 - Make decentralized identity a reality

Proactively Case study: Fintech organization

AVOIDING IDENTITY THEFT AND CYBER FRAUD
prevent fraud Challenge Result

A Fintech company with more than 400,000
As a result, the Fintech organization was able to
customers in Ecuador needed to build a secure and increase the security levels of their virtual wallet
friendly registration experience for new users in its service to avoid identity theft and cyber fraud.
digital wallet and virtual ecosystems.
The Secure Onboarding Process and VU fraud
Knowledge-based authentication, Solution prevention solutions enable organizations to
implement secure identification, authentication,
like passwords, is no longer secure. VU helped the organization implement their and liveness detection through a technological cen-
Secure Onboarding Process solution and integrated
fraud prevention solutions. They also implemented tralized platform, allowing businesses to integrate
Memorized credentials are increasingly stolen online, especially via phishing a two-factor authentication system in the cloud the concept of “one single proofed digital ID” to
attacks. Eliminate the need for passwords by embracing Decentralized Identity that lets users remotely access their Wallet App, their procedures.
solutions. On top of Microsoft Azure AD verifiable credentials technology, VU Banking App, Web portals, and payment buttons.
has built a multi-channel fraud prevention solution that uses machine learning
to create intelligent profiles and detect potentially fraudulent operations based
on user behavior. This gives organizations confidence that users are who they
say they are based on sophisticated verification processes that meet the highest
security standards.

One verification,

95% fraud detection efficiency multiple uses

Fraud detection efficiency in VU-controlled environments
is 95% with a report of 0% successful attacks on security tests
by iBeta (level 1).
Combine the power of VU Decentralized Identity and Microsoft Azure AD
verifiable credentials to put control and ownership of identifying information
back into the hands of citizens and eliminate major risks associated with current
identity frameworks.

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