Key takeaways
- Ravelin reduced fraud by over 50% for minicabit
- Minicabit use Ravelin to grow their operations across the UK
- The team use Ravelin’s platform 24/7 to gain insights and analysis into fraud trends
About minicabit
minicabit was started 6 years ago in the UK. They’re now the nation's largest cab comparison service that enables customers and businesses to book minicabs in over 300 towns and cities across the UK. It operates on both web and mobile.
Minicabit calculates fares from minicab companies across the country, enabling customers to compare quotes in real-time that have been pre-set by the companies.
The problem
Just like many on-demand businesses, the fraud issue arises when instant online payment decisions needs to be made. Transactions are done in seconds - and need to be reviewed even quicker to keep up with the on-demand economy. Customers at the other end of the transaction expect a service within a short timeframe.
As minicabit continue to grow exponentially all over the UK, they wanted to ensure that their platform allows passengers to experience a convenient and safe drive with the tap of a button.
“In this dark world of fraud it’s really important to have friends, and Ravelin have been a great friend to us in this journey” - Amer Hasan, CEO of minicabit
The challenge
Getting in-depth fraud insights and analysis to understand why, when and where fraud was taking place was really important to the team at minicabit. We spoke to Amer Hasan, CEO of minicabit on the issues of fraud at the on-demand taxi business.
“Before we used Ravelin, fraud was a source of anxiety for us. As an on-demand business, it’s really important to get instant feedback about the profile of a booking in terms of fraud.
“We weren’t really getting that from the old systems we used for fraud detection; they weren’t so easy to use, weren’t particularly smart and were pretty static in the rules that they applied.
The Ravelin impact: 50% reduction in fraud in the first month
“Since we deployed Ravelin the biggest benefits have been that our fraud was cut in half within the first couple of months,” continues Hasan.
“We’ve managed to increase the size of our fraud team who can actually use the service much more quickly and effectively. We’ve been able to take on new payment technologies because the machine learning techniques that the platform has gives us much more confidence and advance warning in taking those new technologies on.
“Having a very responsive team at Ravelin keeping us up to date with how to tackle fraud is a really important partnership.
“The team at minicabit use Ravelin around the clock, 7 days a week, and Hasan states that the platform is “really user-friendly” so that they can on-board new team members to watch against fraud.
“What we really love about it is the machine learning techniques - it gives us insights on fraud rings and fraud trends so we can scale up in a much more smarter and effective way.”
Conclusion
minicabit continues to operate as a leading minicab company, connecting thousands of customers with drivers through their platform and technology which lets them scale easily in new cities. They’ve seen tremendous growth in users and have fraud completely under control.
As Amer comments, “In this dark world of fraud it’s really important to have friends, and Ravelin has been a great friend to us in this journey. Ravelin have enabled us to grow our revenues whilst protecting them as well.”