Fraud Prevention and Transaction Monitoring for A Cryptocurrency Exchange

Published on October 20, 2022
Last Updated on October 27, 2022

Digital currency continues to be popular, particularly with cryptocurrencies steadily permeating throughout the mainstream financial space. This growing enthusiasm towards exchange platforms and crypto trading leads analysts to believe that the market could triple by 2030. On the flip side, this also spells out several security and transaction challenges, making it essential for platforms to take extra steps in fortifying their fraud prevention capabilities.1

When an American cryptocurrency company reached out to Us for our risk management solutions, TaskUs took the challenge head-on.

The Challenge

The client, a top strategic account that had already been a TaskUs’ global operations partner for five years, needed a fraud prevention team as it expanded its services and catered to the growing customer demand. The team handled the following lines of business:

  • Identity (ID) Operations – Deals with account-related issues, potential monetary loss, and account safety.
  • Policy Ops – Focuses on compliance-related issues concerning underage users, sanctioned location or users, death of account holder, legal name, and Know Your Customer (KYC) & Identity Verification (IDV).
  • Manual Account Recoveries (MAR) – Makes decisions on account recovery requests submitted by the customer, validates ID verification documents and real-time self-identification, and check other suspicious activities.
  • Account Takeover (ATO) Labeling – Examines account takeovers with the help of machine learning.

The Answer Is Us

Teammates were carefully evaluated based on their knowledge on cryptocurrency, digital currency as a whole, transaction monitoring, fraud, and finance with situational questions that tested their ability to deal with varying situations. Teammates who were cross-skilled, on the other hand, underwent a separate assessment that measured their capability to succeed. We implemented a rigid approach in training by requiring a minimum of 7 days of training, equipping teammates with the necessary skills to use over 10 tools, including those used for verifying, tagging, and labeling. With quality being a primary focus, Quality Analysts were trained according to the client’s operational framework that followed internal metrics and parameters focused on Process, Policy Compliance, Workflow Picklist, Thorough Response, Message Tone and Structure, and Grammar and Language, all of which resulted in the following:

  • 69% increase in resolved cases within a month
  • 52% increase in accuracy, 5% higher than the target score
  • 86.67% productivity score, almost doubling since the start of the campaign
  • 100% cNPS score across all sites
  • 13% increase in customer satisfaction within 3 months
  • >90% customer satisfaction throughout the campaign

See how the TaskUs approach in Risk & Response could help fintech companies keep their platforms future-safe and future-ready by downloading our case study, Fraud Prevention and Transaction Monitoring for A Cryptocurrency Exchange.

  • 1^The Future of Cryptocurrency in the Next 5 years
Download the full case study


Nitika Bhatia Whig
AI Marketing Associate
Nitika Whig is a digital marketer and blogger with 10+years of experience and expertise in content strategy, community growth, crowd acquisition, and social media marketing. She has worked with leading internet companies like Bytedance (Tiktok) and Alibaba and is currently involved in marketing activities for AIS at TaskUs and growing our crowdsourcing platform TaskVerse. When she’s not busy writing, she loves showing off her love for fashion & shopping to her Insta ‘fam’