Case Study: Freo reduces fraud and boosts collections with HyperVerge Digital KYC

How HyperVerge Tech helped Freo reduce fraud, and increase collections to 99%

Freo, an Indian credit-led neobank, faced challenges in preventing fraudulent loan applications made with stolen identities while trying to maintain a fast, low-friction digital onboarding experience for its customers. They needed a robust KYC process to weed out bad actors without sacrificing the speed that customers demanded. To address this, Freo partnered with vendor HyperVerge and implemented its digital identity verification and KYC solutions.

HyperVerge provided a solution with high accuracy, easy integration, and fast API response times. This technology enabled Freo to digitally verify customers and effectively identify fraudsters during the onboarding process. The measurable impact for Freo was significant, as HyperVerge helped them achieve a collection rate of over 99%, drastically reducing losses from fraud while also supporting increased customer volumes.

Freo

Sujoy Das

Chief Risk Officer