Luno's Fraud Prevention and Compliance Strategy

This case study details Luno's partnership with GeoComply to enhance its fraud prevention and compliance measures in the cryptocurrency sector. Luno, a UK-based cryptocurrency platform, faced significant challenges due to increased location spoofing attempts, particularly during heightened government scrutiny in Nigeria. Traditional IP geolocation methods proved inadequate against sophisticated fraud tactics, prompting Luno to seek a scalable solution. GeoComply provided advanced geolocation intelligence and fraud detection capabilities, which integrated seamlessly into Luno's existing infrastructure. The collaboration enabled Luno to accurately identify legitimate users, automate compliance processes, and enhance operational efficiency. Key results included the successful blocking of over 700,000 location spoofing attempts annually and the enabling of 31,000 legitimate users during a VPN surge. The partnership not only fortified Luno's platform against fraud but also ensured compliance across all jurisdictions, thereby maintaining user trust and regulatory relationships.