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Trully | Why we created Trully for fraud prevention in Latin America
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Why we created Trully?

  • Nov 15, 2022 ● 5 minute read
Trully team sitting around a table, Fernando, Eric and Carl

We created Trully from the experience we gained by working together at Rappi to launch its credit card in 5 different countries simultaneously. Trully reflects the knowledge we generated: Fernando, as CDAO at RappiCard; Carl, as Global Head of Data Science; and Eric, as CISO at RappiCard Mexico. At Trully, we are building the largest collective intelligence identity enrichment platform. With this information, our customers will be able to make informed decisions to minimize the risk in their organizations and protect their businesses against impersonation fraud, which could represent millions in losses.

Identity Verification landscape

The Identity verification systems in the market have different features, functionalities and prices. There are a wide variety of companies that offer these services, that range from new players in the market, to consolidated brands with hundreds of customers and success stories.

Each one of them protects their customers through different functionalities they offer when their services are hired. The most common one, conducting a process for face matching from a selfie against the end-customer's ID. Nevertheless, this raises some questions that affect the integrity of your business: what if the customer is not who they say they are? That if the fake ID is not detected? , or, How do you know your customer has not defrauded other institutions (or your company) before?

Your customer may not be who they say they are if they stole someone's identity. Let's put a concrete example: a customer of yours asks for a credit in your institution and presents itself under the name of Pedro. Is it really Pedro because they are holding an ID that proves this? In Mexico ( and the rest of the world ) purchasing a fake ID to operate on behalf of someone else is affordable to almost anyone, and puts many institutions at risk. Why? Because if the customer that's getting the credit (or service) won't pay, collection actions will be executed, interests will add up, and the service provider will be the one that pays the debt off. In fact, it is estimated that for each USD that is lost to fraud, the companies lose on average 3.75 USD.

Other associated risks

We've spoken about Identity theft, which is a problem that, according to the Mexican Banking and Securities Commission (CNBV), grew 3x in the last two years. Nevertheless, there are other risks associated with issuing credits or opening accounts on behalf of a third party identity, such as money laundering. If the account is open and operated on behalf of a third party, the end customer may use the accounts for illicit activities, which puts the institution and the real identity at risk.

Our experience

In past years we had the experience to collaborate with different companies to launch financial products to the markes, where we had to deal with diverse situations that were completely out of our control (and the KYC provider's control), such as fake IDs that seemed legit, synthetic identities, misuse of funds, internal fraud, among many others. While we were working to solve the problem with different solutions, our businesses were “under attack”, losing hundreds of thousands of dollars each day. This was clearly stressful, and let us know how unprepared we were to deal with these situations.

Non-efficient solutions for complex problems

The solutions that were in the market didn't help us be reactive to the situations we were dealing with, as some of them tie an end-customer's identity to their email, which means that if the email is changed, so will be the identity. Others use national ID numbers, nevertheless, these identificators can be used (or stolen) by anybody else. Pedro, our user from the previous example, could use someone else's name or ID numbers without being detected. Then, how can we link someone's identity to an identificator we can always trust?

Trully is born from our experience

We created Trully with the purpose of protecting the companies in the ecosystem from situations that put them, their operations, and their money at risk. Our vision is to be the world's largest identity enrichment company, by creating strategies and products to minimize the vulnerabilities before situations such as identity theft, underwriting, first party fraud, money laundering, and organizational fraud.

Trully does not replace the KYC providers, but adds an extra layer of security to add information which allows informed decisions to minimize fraud and risk in the organization. With our collective intelligence network we enrich the end-customer's identity, using different variables, such as the end-customer's selfie, geolocation, or other end-customer's variables. It takes 3 seconds for our verification and data enrichment processes to execute, and a single line of code in your product, which makes the integration hassle free and completely transparent to the end-customer.

We are convinced that ending fraud in the ecosystem is, and will continue to be, a collective responsibility. If a customer, through identity theft or any other situation that puts the company at risk, attacks one company in our ecosystem, Trully protects the rest.

At Trully we are constantly working to create products and services that help our customers to be prepared for risk situations, and fully committed to benefiting the ecosystem with our technologies.

  • Author: Fernando G. Paulin - CEO
    Expert in the generation of value from data with experience in the use of artificial intelligence in the financial sector to solve complex problems. Specialized in fraud detection through the use of data.

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