From Strenuous Checks to Streamlined Processes: How NeuroID is Supercharging Addi’s Growth

Addi, a leading financial services company servicing more than 1.2M customers
across Latin America, provides merchants and consumers with efficient cash
flow management via a Buy Now, Pay Later framework. Addi’s business model
hinges on swift credit approvals at the point-of-sale.

Addi’s identity verification and onboarding process was “extremely strenuous,” according to Mauro Jacome, Addi Head of Data Science. “Every applicant had to take a picture of their national ID, send a selfie, sometimes even call our customer support team. It was a 7-minute process for 100% of the population.” This high-friction process, combined with sophisticated fraud types that proliferate across Latin America (where 1-in-5 ecommerce transactions are fraudulent drove Addi to seek a solution that would streamline onboarding without sacrificing fraud mitigation.

NeuroID transformed Addi’s approach by improving their fraud process to reduce verification time by 50% for 60% of their applicants, and the fraud rate of those segments was actually better than the people who Addi required IDV from. NeuroID made a significant impact on Addi’s third-party fraud rates, essentially eliminating the risk. “We were able to use NeuroID to detect that behavior and close out that fraud vector entirely, as well as get better controls around auto-inputs from bots,” said Mauro. “That reduced a lot of our fraud in the first quarter after implementation.”