# Bluevine saved $150K in fraud losses and enhanced the customer experience $150K saved on avoided fraud losses from a single customer case “I have confidence in Inscribe. It’s proven to be a highly valuable tool that we rely on to prevent substantial losses.” Jakob Weyland Director, Risk Strategy ### About Bluevine is a fintech that provides checking, lines of credit, debit and credit cards, and accounts payable — all from one single digital banking platform specifically designed for small businesses. ### Industry Fintech ### Use Cases - Account opening - Underwriting ### Headquarters Jersey City, NJ ### Employees 500-1000 ### Solutions - Fraud Detection - Document Classification - Document Parsing ## Challenges ### Bluevine wants to minimize risk to maximize efficiency. When it comes to risk management, many organizations prioritize fraud prevention, focusing on identifying and stopping high-risk or malicious actors before they do significant damage. But for fintechs like Bluevine, an effective risk management strategy should also utilize the latest technological innovations to achieve maximum efficiency with minimal impact to good customers. “Having confidence in our decisions about who to onboard as a customer and what services to offer them is critical,” explains Jakob Weyland, who leads risk strategy for the organization. “There are two risks we face as a team: One is that we serve a high-risk customer and take an unnecessary loss. But the other is that we lose a good customer because we mistakenly believe their documentation may be fraudulent.” As a veteran fraud risk leader, Jakob is skilled at spotting fraudsters. However, he admits that relying on the human eye alone is no longer enough to catch the work of master manipulators. “When you work in risk management, you try to become an expert in what bank statements should look like. And quickly, you realize that’s really hard to do,” he explains. “I know the pain of that process when it’s done manually. When you rely only on human reviewers, you have human error and biases. Automating that process isn’t just cost-efficient, but also much more accurate.” For Bluevine, turning down good customers has other downstream effects, like bad reviews and customer complaints, which could lead to reputational harm. > "While trying to prevent fraud, there’s always the risk of losses; however, I believe even more painfully, you risk damaging your relationship with good customers. A wrong decision doesn’t just affect one customer. They tell others in their network, in the industry, and it starts to tarnish the brand." > Jakob Weyland > Director, Risk Strategy > Bluevine ## Solution ### Bluevine’s search for an efficiency-maximizing solution brought them to Inscribe. For Bluevine, finding the right risk intelligence partner to help them automate the document review process was based on pricing, performance, integration, and evolution. “Pricing and performance are always at the top of the list,” says Jakob. “With Inscribe, which is utilized across multiple parts of our business, it is important to not only have strong performance — it also needs to be economical, or the value is reduced.” Integration with Bluevine’s existing toolset and workflows was also crucial. “There are a lot of great products out there, but something vendors often overlook is the integration aspect,” he explains. “The integration process is so intensive that by the time you get the solution up and functional, it’s late in the game and losses are mounting.” Finally, Bluevine valued a tool that would evolve with the changing needs of the market. “Fraud changes over time,” explains Jakob. “There are some risk vendors that don’t adapt their products to keep pace with what’s happening in the fraud landscape.” All factors led Bluevine to Inscribe’s Risk Intelligence platform, which they implemented in their fraud detection and lending onboarding functions. The team utilizes Inscribe’s X-ray feature, which allows reviewers to pinpoint precisely where and how a document was changed. > "Sometimes you get into the mode where you believe much of what you’re seeing may be fraud — even as a seasoned investigator. Having a feature like X-ray gives us confidence in our decisions. If I had a tool like this in my previous role, it would have made my job significantly easier." > Jakob Weyland > Director, Risk Strategy > Bluevine ## Result ### Bluevine is cutting losses and fueling cost-effective growth with Inscribe. Automation with Inscribe in Bluevine’s fraud detection and underwriting processes has helped them operate more efficiently and accurately. They save time by avoiding manual reviews while also reducing errors that may let a malicious actor slip through or prevent a good customer from being served. “The tool itself is great. It fits into our workflow; it solves a problem that everybody's facing, which is to authenticate documents,” says Jakob. “Inscribe has proven to be a highly valuable tool that we rely on to prevent substantial losses.” Using Inscribe, Bluevine detected manipulations in a prospective customer’s bank statements, avoiding a potential $150K loss. In addition to preventing monetary losses, using Inscribe improves the experience for legitimate customers. “The ROI for us is in terms of dollar losses and experience, such as by reducing false positives,” explains Jakob. “Having that level of detail and confidence is really helpful.” Finally, Jakob and the Bluevine team believe they've found a true partner in Inscribe. “We see how the tool continually evolves,” says Jakob. “I have provided feedback on new features and it’s always taken into consideration. Working with Inscribe feels like a partnership.” > "I have confidence in Inscribe. What you offer in terms of performance, pricing, and integration — the product hits all three." > Jakob Weyland > Director, Risk Strategy > Bluevine