Calculating Fraud Risks

Fraud in the investment industry usually stems from fake accounts. Fraudsters often use jailbroken and rooted devices to install app cloners, auto clickers, and emulators. These malicious tools and techniques allow them to create multiple accounts on the same device, perform malicious trades, and exploit promotions at high speed and scale. 

Nanovest was aware that fraudsters would try to exploit weaknesses in their system, such as taking over user accounts and stealing the earnings of legitimate users. Nanovest also knew that user acquisition campaigns and in-app games were a hotbed for fraudsters to rack up rewards. To further bolster its defenses against fraud, Nanovest chose to strengthen its anti-fraud strategy with SHIELD’s Device Intelligence.  

Ridding Their Portfolio of Rewards & Incentive Abuse 

Nanovest hosts missions and challenges to keep users engaged. Each completed mission earns users rupiah and NanoByte Tokens (NBT). Nanovest knew fraudsters could use app cloners and auto clickers to create multiple fake accounts and complete missions extremely quickly, earning rewards they do not deserve. 

To ensure only genuine users would be rewarded for their efforts, Nanovest leveraged the SHIELD ID, one of the key features of SHIELD’s Device Intelligence solution. The SHIELD ID  accurately detected devices with multiple accounts, enabling Nanovest to track down fake accounts and stop multi-accounting. 

Nanovest also harnessed the SHIELD Risk Indicators to identify the malicious tools and techniques in use, such as app cloners, jailbroken devices, auto clickers, and more. Coupled with the SHIELD Trust Score, Nanovest was able to identify and eliminate fraudsters attempting to generate unfair advantages for themselves and exploit their promotions. This empowered them to direct user engagement campaigns and payouts to genuine and trusted users instead.

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Investing in a Trustworthy User Experience 

Operating in the crypto and investment industry is no simple feat. Users expect the highest standards of data privacy in addition to a safe and seamless experience. SHIELD’s Device Intelligence helps Nanovest provide optimized onboarding and KYC processes, without requiring Personal Identifiable Information (PII). This greatly reduces user friction and enables communities to learn, play, and earn safely through Nanovest. 

Vitriani, Head of Operations, Nanovest, commented “We're dedicated to providing young and new investors with the best possible user experience. They really appreciate interactive features and fast services. Thanks to SHIELD's real-time risk intelligence, we're able to offer a smooth and seamless user experience without ever sacrificing safety."