Bakkt, a leading cryptocurrency provider, embarked on a strategic transformation to enhance the security and efficiency of its user account management. Faced with a surge in transfer requests that required identity verification, Bakkt recognized the need for a proactive approach to safeguard their customer accounts, especially in an era of sophisticated threats like AI-generated deepfakes.
Problem
To streamline its offerings, Bakkt made a business decision to focus only on the most established cryptocurrencies. The pivot led to a dramatic increase in transfer requests from holders of the discontinued coins, and necessitated a significant overhaul in how Bakkt managed transfers. Bakkt’s previous process combined two methods of identity verification: visual verification via video call and having users send a photo of their ID document and a selfie. Both methods required subjective judgment by support agents and consumed huge amounts of the support team’s time. Furthermore, Bakkt was acutely aware of the emerging threat posed by deepfakes and the inherent vulnerability of a manual verification process, underscoring the urgent need for a better method.
Solution
In a forward-thinking move, Bakkt equipped their support team with Nametag. Through Nametag’s out-of-the-box console, Bakkt agents were immediately able to start sending, reviewing, and managing identity verification requests. Onboarding was fast and easy; agents required minimal training on Nametag’s intuitive interface. Verification through Nametag is substantially faster and smoother than before, while addressing critical threat vectors like AI-generated deepfakes.
Outcomes
Bakkt’s integration of Nametag into their support operations has yielded remarkable results. Nametag has substantially expedited the user verification process and reduced the workload on Bakkt's staff, saving the organization the equivalent of two full-time employees (FTEs). Users report a 2x better verification experience, benefiting from a process that’s both faster and more secure than before.
Moreover, through the adoption of Nametag, Bakkt has demonstrated its proactive stance in protecting its customers' accounts, reinforcing the company’s position as a responsible and innovative leader in the cryptocurrency market.
About Nametag
Nametag is the first identity verification platform built for helpdesks. Our out-of-the-box solutions quickly and securely verify that employees and customers are who they say they are during critical moments like onboardings, account recoveries, and high-risk transactions. Nametag's unique identity verification technology shuts down critical, overlooked threats like injection attacks, while detecting deepfakes and presentation attacks in real time. Innovative IT organizations use Nametag to save up to $162 per password reset, increase their helpdesk’s agent efficiency by 60%, and resolve employee account lockouts 60% faster.
Visit getnametag.com to learn more and see Nametag in action.
