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Automatic Broker and Fraud Prevention
It starts with cardholder verification
Spinzo has adopted best-in-class "3D Secure" technology. This shifts fraud liability away from Spinzo and toward the issuing banks of credit cards. This is accomplished by partnering with those issuing banks to verify metadata from buyers and to determine if a buyer is trusted – this is typically done by ensuring that they have logged into the online banking account associated with the credit card, at some point in the past, using that device. If so, the transaction proceeds normally. If the buyer cannot be verified, the issuing bank prompts them with a text or email to verify themselves.
Getting fraud-smart with geo-data
At the point of transaction, Spinzo uses data from the payment processor to discern the location of the buyer based on the IP address. This is then compared with the billing address entered. In cases where the distance is estimated to be far away from the location of the device purchasing, Spinzo automatically enforces a full street-address match with the issuing bank, including the street number, name, and unit number (if applicable). This adds an extra layer of protection against stolen card farms.
The numbers speak for themselves
0.01%
Spinzo's fraudulent dispute rate according to Stripe (from a 3 month sample period of March 19, 2023 to June 17, 2023)
0.06%
"Similar Businesses" fraudulent dispute rate according to Stripe (from a 3 month sample period of March 19, 2023 to June 17, 2023)
$0
Total amount invoiced by Spinzo to clients for chargebacks of any nature in the past 5 years
Don't pay for chargebacks
Spinzo does not typically charge its clients for chargebacks, whether fraudulent or otherwise. This is a unique practice since many third-party providers would pass on chargeback losses. Spinzo handles chargebacks internally, and if lost, will typically pay out those chargebacks from Spinzo money on behalf of the client. The process is seamless and unknown to Spinzo clients. This protection is automatic, regardless of reason.
Stop brokers in their tracks
Spinzo prides itself on a unique process, called "follow-the-broker technology" to gain insight on brokers and block them from purchasing. Spinzo can block a broker based on numerous Spinzo-encrypted identifying elements. If a broker visits a Spinzo-powered page with any of identifying elements blocked, Spinzo allows them to continue their interaction on the page, all while accumulating additional data points on the broker.
Upon checkout, Spinzo pre-authorizes the credit card entered, in order to gain and share data with the payment processor on the known broker, who in many cases would be committing illegal acts if attempting to purchase with false information. Data is constantly being accumulated to add to Spinzo’s block lists. The process is automatic and allows the platform to develop a more holistic understanding of the broker.
Payment blocking done right
Spinzo has adopted two-phase transaction processing, pre-authorization then capture, which provides the ability to discover a new credit card of a broker that hasn't yet been used previously. For many other platforms to block a broker's credit card, that credit card will have had to have been used for a successful previous transaction. In Spinzo, once a broker is secretly identified, a pre-authorization on the card is performed, without capture. This allows Spinzo to then obtain a fingerprint of the credit card which is automatically blocked. The fingerprint can only be obtained by pre-authorization, which Spinzo does, then immediately releases, for the sole purpose of blocking the new credit card.
Any blocking activities of Spinzo (manual or automatic through follow-the-broker technology) is honored across all Spinzo clients. Brokers do not act on one property alone. They attempt mass purchases across many sports teams and venues. Spinzo blocks them across all clients.