Blockchain.com improves fraud detection at scale with Stripe

Blockchain.com has been a world leader in crypto since 2011. As an early pioneer for the Bitcoin community, the Blockchain.com crypto platform now serves 37 million verified users with 85M wallets in over 200 countries. As the crypto industry grows, it works tirelessly to deepen market reach and empower customers with custody and self-custody options.

Products used

Global
Startup

Challenge

To accelerate global expansion, Blockchain.com came to Stripe looking for a payments provider with a strong engineering roadmap and vision. It needed to rethink the architecture to deliver a frictionless payment experience without compromising fraud detection and prevention. Blockchain.com turned to Stripe professional services for guidance on designing a tailored solution that would improve fraud detection and overcome architectural challenges.

Implementation service helps architect for multiple providers

During the implementation, the teams worked together to reimagine Blockchain.com’s architecture, designing an advanced, PCI-compliant tokenisation strategy that enables Blockchain.com to dynamically shift volumes between multiple processors. By going the extra mile to build best-in-class technology, the teams could provide Blockchain.com and its users a seamless experience across payment methods, web, and mobile.
Through implementation guidance, data-driven recommendations, and product configuration support, Stripe professional services helped Blockchain.com implement Stripe in just six weeks, cutting the implementation timeline in half.

Revenue Optimisation Advisory improves fraud detection and authorisation rates

After the initial implementation, Blockchain.com faced the industry-wide challenge of fighting fraud. Stripe hosted a Revenue Optimisation Advisory workshop focused on fraud and authorisation rates. Together the teams reconfigured Blockchain.com’s payments flow to send payment details through fraud detection earlier and incorporated Stripe Radar as an added layer of defence.

These updates resulted in:

  • Nearly 20% increase in US authorisation rates by detecting fraud prior to authorisation
  • Improved fraud detection by utilising two layers of detection with the addition of Radar
  • Improved user experience by flagging fraud earlier and using decline codes to help Blockchain.com customers fix and retry failed payments

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