authID Beem Case Study

The underbanked don’t have a simple, low cost, trustworthy way to send smaller amounts of money electronically. Beem provides financial services for the underbanked that includes money transfers as well as banking, small loans, insurance, credit monitoring and high yield savings. They allow their customers to withdraw verified bank deposits between $5-1000, early without any credit checks, interest, income restrictions, due dates and no tips. With over 1M customers using the platform monthly, Beem needed highly secure, biometric level accuracy that was just as fast as the current passive platforms. They also need to securely onboard another 50,000-100,000 clients each month.

With fraud trends evolving at breakneck speed and the risks of fintech attacks costing up to 100 million per incident, Beem had to add additional layers of security to ensure confidence in the onboarding of an identity and safely transferring money. They were very concerned about account take over (ATO) risks, ransomware and deepfakes.

Beem averages over a million users per month that require re-authentication, the ability to drive passwordless authentication while reducing the risk of ATO was a main goal by the Beem technical team. They also needed to have flexibility and easily integrate into their existing technical stack. Beem had an existing stack of IDV vendors for passive verification of an identity, for CIP, and traditional fraud checks. AuthID was selected over many other vendors to support Day 0 identity verification and seamlessly integrate with their existing stack. The speed at which the clients can be onboarded is one of the bigger benefits of authID and the biometric authentication occurs in 700 milliseconds or less.

The results have been excellent. 1 million users do multiple transaction per month and 50-100K new users per month are successfully onboarded to the Beem platform. The authID biometric solution is as fast as the traditional, non-biometric solutions (like typing in the login and 2FA), but it’s way more accurate. It avoids the slowness and friction of these legacy platforms clients. And authID is way faster than other biometric platforms. The client loves the trust, the user experience and the speed.