A large UK provider of finance agreements for mobile devices approached us to help them deal with an increasingly costly fraud issue.
With over 500,000 devices under finance agreement “in the wild” with customers, the finance provider needed our help to firstly measure the scale of the issue and then help them take measures to mitigate it.
Our analysis of their recent agreements and associated mobile devices showed that up to 1.5% of those devices were being offered for trade every month. At an average cost of £300 per device, taking account of loss of the device, loss of future payments and cost of recovery, the provider was exposed to an annual cost over £25m!
Utilising our vast trading footprint that covers thousands of retailers, recyclers, pawnbrokers, plus law enforcement, we continue to able to provide early warning of frauds providing our client a 15 x RoI.