Global FinTech Awards: Mangopay wins Fraud & ID Verification

Mangopay has won the Fraud & ID Verification Award at The Global FinTech Awards 2024.

After the awards ceremony, Alex Taylor, Head of Sales at Mangopay, explained how "a couple of years ago,  we [Mangopay] acquired a fraud prevention business and brought that into the wider Mangopay product stack. So it's fantastic that the progress of our teams and the value that we're delivering to customers has been recognised."

Mangopay has positioned itself as a key player in fraud prevention and identity verification for the financial services sector, leveraging advanced AI and machine learning to safeguard transactions in real time.

The company’s fraud prevention technology uses proprietary user profiling techniques, drawing on data from billions of transactions and thousands of unique data points, including device behaviour, network activity and software patterns.

As a result of this, Mangopay can detect and prevent fraudulent activity, even when fraudsters use advanced methods such as network anonymisation tools.

By focusing on real-time behavioural patterns rather than static data, Mangopay can block suspicious activity as it happens.

The company’s AI models continuously adapt to evolving fraud tactics, offering automated decisions on whether to accept, reject, or flag transactions for manual review. These models, combined with insights from the darknet and clearnet, enable Mangopay to identify new fraud patterns quickly, including attempts to bypass VPN detection or use compromised devices.

In the area of identity verification, Mangopay has developed a global solution that supports KYC compliance across 195 countries.

Its platform offers methods such as selfie and liveness checks to combat impersonation fraud, along with document live capture and business registry checks for seamless onboarding.

The system ensures that sensitive data is handled securely in compliance with GDPR - while enabling businesses to make swift and informed verification decisions.

Notable success stories include BlaBlaCar, where Mangopay’s solutions detected and prevented 70% of account takeover attempts and Smartney, which saw a threefold increase in fraud detection through custom machine learning models.

With the acquisition of Nethone, Mangopay has built a comprehensive fraud prevention engine that is uniquely tailored to platforms, further solidifying its leadership in the space.

The awards

Launching in 2024, The Global FinTech Awards 2024 debuted at FinTech LIVE London Global Summit 2024.

Across 14 categories, the awards celebrated those companies, professionals and projects that consistently ensure that excellence and innovation lie at the forefront of their work. 

The awards set a benchmark for excellence across the industry and drive innovation in payment technology, digital banking, fraud verification and more.

“It was an honour to spotlight such a wide range of incredible companies at the inaugural FinTech Awards,” said Glen White, CEO of BizClik, FinTech Magazine.

“At a time where digital inclusion and easy access to finance is crucial for fostering economic growth, reducing poverty, and promoting social equity, it is important to celebrate the success of those in the fintech industry that are revolutionising traditional financial services through the integration of technology.

“To host the awards during FinTech LIVE London is an incredible moment for the sector to celebrate, we encourage many more companies to enter our awards for 2025. 

“Thanks to every company that entered - it's important that you stay focused, motivated and continuously innovate and I am excited to see so much more of Generative AI when we meet again in a year’s time.

And a big congratulations to every company who entered, those that are highly commended and of course to our 14 winners – we appreciate your input more than you know.”

The Fraud & ID Verification Award

The Fraud & ID Verification Award recognises excellence in fraud prevention and identity verification solutions in the FinTech industry.

• How does your company leverage technology to detect and prevent fraudulent activities in real-time transactions? 
• What measures does your company take to ensure secure and seamless identity verification processes for customers? 
• Can you provide examples of successful cases where your solution effectively mitigated fraud risks for clients? 
• How does your company stay ahead of emerging threats and continuously improve fraud prevention and ID verification technologies?

Shortlisted companies included-

• Facia
• Mangopay
• Monzo
• Riskified
• Sun Finance Group

Highly Commended: Riskified & Facia

Riskified and Facia are pioneering AI-driven fraud prevention and identity verification technologies, providing critical solutions to combat growing threats in digital transactions and ecommerce.

Riskified’s AI-powered platform is designed to protect online merchants from fraud, chargebacks and policy abuse while enhancing customer retention.

By leveraging vast datasets from global merchants, the platform delivers real-time decisions, creating a trusted environment for seamless e-commerce transactions.

Riskified’s Chargeback Guarantee takes full liability for fraud-related chargebacks, allowing merchants to focus on sales rather than risk management.

With features like Policy Protect and Account Secure, Riskified combats first-party fraud and account takeover attempts by analysing customer behaviour and spotting anomalies.

Real-world results include helping Ring prevent over USD$4 million in fraudulent returns and improving Lorna Jane’s authorisation rates from 82% to 98%, boosting both revenue and customer satisfaction.

The company’s commitment to advancing machine learning models, including deep learning layers, ensures continuous adaptation to emerging threats.

Facia, specialising in biometric security, addresses the rising tide of account takeover fraud with its real-time liveness detection.

Certified by NIST with a 0% false acceptance rate, Facia’s technology ensures that only legitimate users can complete transactions, verifying identities in under one second.

Facia’s emphasis on user experience is reflected in its ability to perform accurate verifications without requiring users to alter their appearance or environment, making it highly efficient even in complex settings.

With over 10 million checks annually and partnerships with leading banks and KYC providers, Facia is on track to reach 100 million checks in two years.

Backed by extensive R&D, Facia continuously updates its algorithms to stay ahead of spoofing techniques, setting a new standard for biometric fraud prevention.

Both companies exemplify how advanced AI and machine learning are reshaping fraud detection, identity verification and customer trust in the digital age.

The Global FinTech Awards 2024

Thanks to our esteemed panel of industry leaders who judged the awards:

• Stephen Roche, President and Co-Founder of Saphyre
• Nick Levy, Partner at IBM Consulting
• Daniel Yubi, Chief Executive Officer at Payable
• Jaideep Pawar, Founder & CEO of GRAMePAY
• Steve Suarez, External Advisor at Bain & Company
• Georgios Samakovitis, Professor of FinTech at University of Greenwich
• David Palmer, Blockchain Lead Vodafone Business IoT at Vodafone Business 
• Russell Fisher, COO Admiral Pioneer at Admiral Group
• Jsmeet Narang, Chief Transformation Officer and Director of Financial Crime at Santander

The full list of awards categories for 2024 is:

• Digital Banking Award
• Payment Technology Award
• Financial Services Award
• AI in FinTech Award
• Fraud & ID Verification Award
• Sustainable FinTech Award
• Finance Technology Award
• FinTech Consultancy Award
• Future Leader Award
• Executive of the Year Award
• Project of the Year Award
• Lifetime Achievement Award
• Social Enterprise Award
• Start-Up Award

Essential diary dates for 2025

FinTech LIVE continues to expand its LIVE events with more to come in 2025 - discover the essential diary dates below.

2025:

• FinTech LIVE Singapore | 25 February 
• InsurTech LIVE | 1 May
• FinTech LIVE Dubai | 6 May
• FinTech LIVE New York | 17 June
• FinTech LIVE London | 7-8 October
• FinTech Awards | 7 October

Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series – FinTech LIVE 2024.

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