News provided bySHIELD
Oct 02, 2024, 21:00 ET
A new Total Economic Impact study shows that SHIELD’s Device Intelligence has helped eliminate fraud and accelerate profitability, generating $104.6 million in benefits over three years for global mobility company inDrive
SAN FRANCISCO, Oct. 2, 2024 /PRNewswire/ — SHIELD, the device-first fraud intelligence platform, releases its commissioned Total Economic Impact™ (TEI) study conducted by Forrester Consulting, quantifying the potential return on investment for companies who invest in SHIELD’s Device Intelligence solution. The study evaluates investment value based on cost, benefits, flexibility, and risk, and found a substantial 1377% return on investment (ROI) for global mobility platform inDrive.
The Forrester study concludes that using SHIELD enabled the ride-hailing and urban services platform to generate benefits of $104.6 million across three years, with a payback period of less than six months and a net present value of $97.5 million across 63 geographical markets. SHIELD’s solution does not require the collection of personal data and is strictly compliant with global data protection regulations.
The study lists several key benefits of implementing SHIELD’s Device Intelligence, including:
- $57.9 Million in fraud losses avoided. SHIELD’s technology enabled inDrive to prevent fraud such as driver-passenger collusion, ride monopolization, and ride-matching engine manipulation.
- $45.4 million saved by reducing resources needed for fraud prevention. With the ability to initiate proactive intervention against fraud, inDrive reduced the need to dedicate additional FTE resources by 92-94%, freeing up resources to expand into new markets while staying ahead of emerging threats.
- Accelerated market expansion and new product launches. The inDrive team noted that better fraud detection increased inDrive’s confidence in entering high-risk markets, so they could scale and grow revenues more quickly. They could also fearlessly launch new features such as diversified payment methods, improving overall service quality.
- Building trust in the inDrive ecosystem. Preventing fraud in real-time means that inDrive’s customers can rely on the platform for safe, transparent, and fair rides, while their drivers benefit from a system that allocates jobs more fairly.
“Our work with SHIELD has been instrumental in our fight against injustice. We’ve channeled the savings from fraud prevention into growth and innovation, passing the benefits on to our users. This has fast-tracked our path to profitability, enabling us to do more for our communities,” said Arsen Tomsky, Founder & CEO of inDrive.
The Forrester Consulting Total Economic Impact™ study was created through interviews with inDrive representatives and analyzing financial data. You can read it in full, here.
Before using SHIELD’s Device Intelligence, inDrive tested an internally built tool to combat fraud. However, this yielded limited success as malicious users can change common identifiers such as usernames, phone numbers, and more. Hence inDrive’s decision to partner with SHIELD.
SHIELD’s platform persistently identifies every physical device on a platform with the SHIELD Device ID, eliminating fraud at the root – the devices used to create and control fake accounts. This capability combined with real-time actionable fraud signals enables businesses to detect when a good user turns bad and mitigate malicious tools such as app cloners, emulators, and GPS spoofers without requiring personally identifiable information (PII).
“These study results and our lasting collaboration with inDrive showcase what our partners already know with SHIELD – that our device-first fraud intelligence platform slashes cost, time, and other resource burdens of fraud on global businesses while enhancing fairness and fostering trust. This combination drives substantial ROI and accelerates sustainable growth,” added Justin Lie, Founder & CEO of SHIELD.
To learn more about how SHIELD’s device-first fraud intelligence platform can drive profitability for your organization, contact us at shield.com.
About SHIELD
SHIELD is a device-first fraud intelligence platform that helps digital businesses worldwide eliminate fake accounts and stop all fraudulent activity.
Powered by SHIELD AI, we identify the root of fraud with the global standard for device identification (SHIELD Device ID) and actionable fraud intelligence, empowering businesses to stay ahead of new and unknown fraud threats.
We are trusted by global unicorns like inDrive, Alibaba, Swiggy, Meesho, TrueMoney, and more. With offices in San Francisco, London, Berlin, Jakarta, Bengaluru, Beijing, and Singapore, we are rapidly achieving our mission – eliminating unfairness to enable trust for the world.
For more information, visit shield.com
About inDrive
inDrive is a global mobility and urban services platform. The inDrive app has been downloaded over 240 million times and was the second most downloaded mobility app in 2022 and 2023. In addition to ride-hailing, inDrive provides an expanding list of urban services, including intercity transportation, freight delivery, task assistance and courier delivery. In 2023, inDrive launched New Ventures, a venture and M&A arm.
inDrive operates in 750 cities in 46 countries. Driven by its mission of challenging social injustice, the company is committed to having a positive impact on the lives of one billion people by 2030. It pursues this goal both through its core business, which supports local communities via a fair pricing model; and through the work of inVision, its non-profit arm. inVision’s community empowerment programs help to advance education, sports, arts and sciences, gender equality and other vital initiatives.
For more information visit www.inDrive.com
SOURCE SHIELD