Veriff & Webull: helping a leading trading platform fight fraud and streamline user onboarding
Why a strategic approach to combating fraud can reduce customer friction and vastly improve revenue performance.
Chris Hooper
About Webull
Webull Financial is a leading online brokerage platform committed to empowering self-directed investors with innovative tools and cutting-edge technology, revolutionizing the way individuals approach investing.
Founded in 2017 and now a leading player in the trading space, the company describes itself as one, “with the customer at heart, the internet as our foundation, and technology as our lifeblood.”
Webull’s overall aim is to provide a seamless and rewarding investing experience to its users, driven by its technology. Technology, after all, is an investor’s best friend – helping to better inform and streamline one’s trading decisions.
What business problem did Veriff solve for Webull?
Given the sheer volume of transactions and the levels of finance involved, fraud is a significant danger in the trading and brokerage space.
Trading and brokerage firms must also comply with a wide range of regulations - with legislation varying greatly from region to region. Failure to do so can have serious legal consequences, hurting businesses on several levels.
All of this is why Webull looked to Veriff to help mitigate fraud on their platform using IDV.
“Providing our users with a safe and secure platform has always been a top priority at Webull, and Veriff has helped us to do so. Compared to previous partners, Veriff has been able to support us in identifying fraudulent activity accurately and effectively – even as platform user numbers climbed,” explained Webull Chief Risk Officer, Brendan Fuller.
“Providing our users with a safe and secure platform has always been a top priority at Webull, and Veriff has helped us to do so. Compared to previous partners, Veriff has been able to support us in identifying fraudulent activity accurately and effectively – even as platform user numbers climbed.”
What made the difference to Webull when choosing Veriff?
Webull had previously worked with two other providers, but neither had identified fraudulent activity accurately or effectively.
As Webull continued to expand and grow its user numbers, combating fraud became more of a challenge due to the high volume of platform traffic.
Crucially, fraudulent activity was causing deposit reversal, which was resulting in revenue loss. From a compliance point of view, it was becoming increasingly difficult to accurately identify and know the individuals opening accounts on Webull’s platform.
Webull was looking for a partner to provide a seamless user experience, with minimal friction, to onboard genuine customers faster - all while combating fraud.
Webull soon discovered that Veriff could promote trust and safety with a multi-layered identity verification system that prevents bad actors and repeat offenders from accessing services. All of this resulted in converting more customers while maintaining compliance and fighting fraud.
Fuller explained: “We selected Veriff as a partner due to its product and business support, as well as its proven track-record of safeguarding platform users. We were looking for a partner that could help us reduce friction and implement protections in the user onboarding process. Veriff has been able to help us do this and so much more.”
What was the immediate impact of implementing Veriff?
“With Veriff’s help, and by leaning on their Identity and Document Verification solution, we’ve been able to onboard more genuine customers and deliver speed, convenience, and low friction for our users,” said Fuller. “We couldn’t be happier with how this partnership has progressed.”
Fuller elaborated: “Through using Veriff, we have been able to provide our users with a more streamlined and secure onboarding process, allowing users to more easily upload the documents needed to start using the platform. Veriff has supported us in our growth and expansion, protecting the platform from fraudsters and bad actors.”
"Ultimately, Veriff enabled us to meet a very specific requirement for an individual client that we probably wouldn't have been able to meet otherwise. This tailored solution has met their expectations seamlessly, benefiting over 40,000 people in the registration process. Perhaps surprisingly, the integration hasn’t disrupted our core operations significantly; it has, in fact, allowed our teams to focus on strategic priorities without a constant need for attention or being a drain on our resources."
About Veriff
Veriff is the preferred identity verification partner for the world’s biggest and best digital companies, including pioneers in fintech, crypto, gaming, and the mobility sectors. We provide advanced technology, deep insights, and expertise from our foundation in digital-first Estonia and honed in leading the digital identity revolution. The partner of choice for businesses who need to rapidly and effortlessly verify online users from anywhere in the world, Veriff delivers the widest possible identity document coverage.
By supporting government-issued IDs from more than 230 issuing countries and territories and with our intelligent decision engine, which analyzes thousands of technological and behavioral variables, Veriff enables trust from the first hello.
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