Case Study: a leading fintech company reduces fraud with People Data Labs

How People Data Labs Helps Fintech Companies Fight Fraud

a leading fintech company in the commercial lending space faced a significant challenge in verifying the identities of credit applicants, particularly from small businesses with sparse histories. This made it difficult to confirm applicant credibility, leading to lost opportunities and revenue. The company struggled to separate legitimate applicants from fraudsters who misrepresented their work history and business ownership. They turned to People Data Labs and its Person and Company Enrichment APIs for a solution.

People Data Labs provided a solution by enriching applicant records with professional and firmographic data through its APIs. This allowed the fintech company to swiftly link applicants to their real work histories and verify business legitimacy, reducing false positives and accelerating the approval process. The results included faster and more accurate applicant matches, improved fraud detection models, and protection from significant losses. People Data Labs' data helped the vendor safeguard an estimated $37 billion in potential annual global fraud losses.