How Unit21 is Helping PrizePool Drive Impact
Since implementing Unit21, PrizePool has been able to set up dozens of rules that alert the team of any suspicious activity requiring investigation. When asked about his experience setting up the rules inside the system, he said, “it's easy to create rules, test them, and see if there is a good ‘signal-to-noise’ ratio before rolling them out. That's pretty powerful.”
Aside from helping the PrizePool team experiment and iterate on the rules, Joe noted that Unit21 is doing the work of at least two people, which is saving the team time and making them more productive and effective at catching instances of fraud.
In fact, the PrizePool team was able to prevent over $500,000 in fraudulent transactions using Link Analysis and transaction monitoring alerts within the first three months of using the Unit21 platform.
“Unit21’s Link Analysis and Transaction Monitoring played a key role in helping us identify and investigate this ACH fraud ring. Once we found one bad actor, we were able to use Unit21 to find other related actors that needed to be investigated and suspended.”
When thinking about ROI, this case alone demonstrates the potential power of the software when wielded by an experienced team and the potential impact a platform like Unit21 can have on a company’s bottom line, even in the short term.
Unit21 as a Partner: Closing Thoughts
A discouraging reality of today’s digital world is the growing prevalence of fraud and the shifting nature of these threats and attacks with the onus of detection being thrust upon financial organizations like PrizePool.
Fortunately, solutions like Unit21 are available to aid in the prevention of these nefarious activities, making it so financial organizations have an easier task at hand. After speaking with Joe, it became clear that the partnership has been paying off by giving the PrizePool team more time and resources to focus on making their product even better for their customers, all while helping them avoid falling victim to financial crime.
“Knowing that these rules are working in the background, even when we are off-hours, provides this kind of security blanket feeling, but ultimately, what we really love about Unit21 boils down to the ease of integration and the quality of support that we've been receiving from a human perspective.”
PrizePool wants to make building a financial foundation easy, and they’re doing so by incentivizing people to make the most educated choices for their financial life. As their partner in risk and compliance technology, we are excited to play a key role in helping to bring their vision to light.
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