Case Study

Malaysian Fintech Solution Prevents Payment Fraud and Money Laundering with SHIELD Risk Intelligence

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Customer Profile

SwiF Fintech Sdn Bhd is a Malaysian fintech solution. With its three products, SwiFPay, SwiFLink, and SwiF e-Wallet, the company empowers merchants to transact easily and transparently. The company is part of the EA Group, which has over 25 offices nationwide and business operations in 11 countries.

Region

Southeast Asia

Industry

Financial Services

Malaysia's cutting-edge fintech solution

As a fintech solution on a mission to simplify payments, SwiF Fintech Sdn Bhd wanted to ensure both merchants and users could interact and transact as safely and securely as possible. The company was therefore looking for a risk intelligence solution that could help them eliminate all forms of payment fraud and any money laundering activity on their platform.

“Not only do we no longer have to worry about money laundering or payment fraud, but SHIELD has saved our fraud teams countless hours identifying fraudsters. Now we can focus entirely on providing our good users with the best payment experience.”
Alan Ting
Business Director, SwiF Fintech Sdn Bhd

Identifying and Isolating Bad Users and Malicious Tools

SwiF indicated they wanted to stop fraudulent transactions without declining legitimate payments. This was achieved using the SHIELD ID, a unique device identifier that labelled every single device on their ecosystem by leveraging thousands of individual data points, such as a device’s IP address or phone number. In doing so, SwiF was able to identify and isolate all individuals that tried to abuse their platform for financial gain. To be successful, most fraudsters will also use a set of tools typically associated with fraud, such as GPS spoofers or app cloners. A core part of the SHIELD platform, the SHIELD Risk Indicators, detect and display any tools used to commit fraud, so payment service providers like SwiF can identify both fraudsters and fraud tools. Alan Ting commented, “Together, the SHIELD ID and the SHIELD Risk Indicators are the best fraud-fighting features I have ever seen. No matter how many times fraudsters try to mask their identity, SHIELD identifies the devices and tools used to commit fraud - every single time.

Eliminating Money Laundering With End-to-End Fraud Prevention

Another key priority for SwiF was to make sure their platform was not used to launder money. To combat money laundering, businesses must detect threats and risk throughout the user journey and not just the payment window. SHIELD’s technology is specifically built to do exactly this - profiling risky and suspicious activity at every step of the user journey, starting with installation and registration until the checkout and payment windows. As a result, SwiF was able to investigate suspicious users before they had a chance to commit any fraudulent activity. Alan Ting added, “Most fraud prevention companies tend to profile risk only at the end of the user journey - at the payment window. The fact that SHIELD continuously profiles risk was a game changer for us, as we can now stop would-be fraudsters before they commit fraud.”

Stopping Fraudsters to Protect Good Users

By partnering with SHIELD, SwiF is now fully protected from all payment fraud and money laundering activities. By using both the SHIELD ID and the SHIELD Risk Indicators, as well as profiling risk at every step of the user journey, SwiF can guarantee the safest and most reliable payment experience for both users and merchants. Alan Ting concluded, “Not only do we no longer have to worry about money laundering or payment fraud, but SHIELD has also saved our fraud teams countless hours identifying fraudsters and building our own in-house system. We can finally focus entirely on providing our good users with the best payment experience.”