How iSpring Water System Saves a Total US$50,000 From Fraud Losses
Country
United States
Meet
iSpring Water System
iSpring Water Systems is a water filtration company specializing in creating efficient clean water solutions for a variety of residential and commercial needs. iSpring has been located in the Greater Metro Atlanta area for nearly two decades and is made up of a team of water filtration specialists who place a high emphasis on strict quality control and customer satisfaction.
The team at iSpring aims to provide water filtration solutions that increase the customer’s quality of life and thrives on customer peace of mind. iSpring Water Systems specialize in easy, DIY installations of total water solutions for the whole house as well as small businesses. The company’s mission is to make clean drinking water accessible and affordable to all consumers, while also decreasing the environmental impact of plastic waste from purchased drinking water.
"We started using the Fraudlabs Pro in 2020, it totally helped us to save over 50,000 dollars until now."
Joe Chen, iSpring Water System
The Challenge
Nowadays, shopper buying habits are rapidly shifting to online purchases, and the trend is continuing to rise fueled by technology advancement. The strong growth in e-commerce and online retail transactions are great news for online merchants, but it could also be a painful experience if the merchants were unprepared for the surge in orders and also to confront the chargebacks.
iSpring Water Systems encountered similar challenges and realized that it is not only low in efficiency but also low in accuracy to manually review every single order without a fraud detection tool. It’s a daunting task that wastes a lot of precious time and money that could be better used to strategize the marketing or business activity. In addition, iSpring Water Systems encountered the difficulty to verify if the order is legitimate for them to capture the payment. It’s a complicated task as they may need to review a lot of data elements for each order to accurately unveil the fraudsters. Soon, they had discovered the limitations of the resources they have. They needed a fraud detection solution.
The Solution
It was time for them to look for ways to alleviate the struggle, and they found us - FraudLabs Pro Fraud Prevention Solution. FraudLabs Pro is a simple and easy integration tool to help you to thwart fraud. It’s also an easy-to-use platform that comes with many useful features and in-depth fraud analysis. One of the features, the validation rule, has helped them to greatly reduce the overwhelming workload to manually review the transactions. Our system will analyze all of the order information for them, and then highlights the orders for Review, Reject or Approve. For example, based on past experiences, iSpring Water Systems noticed that if the distance to the visitor’s location, detected using an IP address, is relatively close, they are usually valid orders. Therefore, iSpring Water Systems created a validation rule to approve the orders if the distance between visitor’s IP and the shipping address is less than 50 miles and with a low fraud score. Otherwise, they will manually email or contact the buyers for further verification.
The Results
iSpring Water Systems has managed to bring down the amount of manual reviews to a manageable level, as now they only need to review those orders that actually require their attention. They have been using fraud prevention since 2020 and until the date of the write up, we have helped them to save a total US$50,000 from fraud losses. The beauty of our solution is that you should not have to worry about the future undiscovered fraud patterns, as we are always keeping our fraud radar on to make sure our backend fraud detection algorithm is up to date.