Incognia Case Study

The Challenge

Scaling Without Compromising Quality

When Webull launched operations in Brazil, it grew quickly. Promotional campaigns drove user acquisition, but the onboarding process created friction that slowed legitimate account approvals and hurt conversion rates. Customers were frustrated, and manual review bottlenecks were building up.

That growth had a side effect. The same promotions attracting real users were also drawing in fraudulent activity: bonus abuse, account sharing, and users accessing the platform only to withdraw promotion funds. Traditional verification methods added friction for good users without catching coordinated abuse.

Webull Brazil needed a solution that could approve legitimate users instantly, without opening the door to organized fraud.

The Solution

Device and Location-Based Intelligent Verification

Webull Brazil deployed Incognia to approve legitimate users instantly at account opening, while identifying fraudulent devices and coordinated abuse networks.

The Results

From Volume Metrics to Value Metrics

The partnership allowed Webull Brazil to accelerate onboarding and build a more resilient customer acquisition strategy as it scaled in Brazil.

1. Automatic validation during onboarding.

The transition from a manual to an automated account opening verification model allowed almost all legitimate users to open their accounts instantly.

The "Low Risk" rate (zero friction) reached 92% in January 2026.

The volume of cases requiring manual review fell drastically, from 19.2% to just 2.5%, reducing the burden on the compliance team.

2. Visibility of Suspicious Networks

Incognia's device and location intelligence confirmed that organized fraud networks were exploiting Webull bonuses.

1.5% of the accounts in Incognia’s database were shared by two or more devices, with critical cases showing four or more distinct devices per account, which characterizes potential networks of "dummy accounts".

Incognia's graph analysis showed how these devices were interconnected across accounts, giving Webull Brazil the intelligence to shut down fraudulent accounts and block associated devices and locations—cutting off future fraud attempts at the source d.

3. Mapping of Geographic Risk Clusters

Heat map analysis revealed where promotional abuse was most concentrated, giving Webull Brazil the geographic intelligence to act on specific regions.

Incognia detected locations where multiple devices per account were systemic, with four or more devices signaling illicit sharing or improper third-party operation.

This allowed Webull to revise its marketing strategy and prioritize profitability by discontinuing campaigns that attracted high-risk profiles in mapped regions.

Suspicious Environment

HIGH RISK

4. Proactive Vulnerability Discovery (RATs)

In addition to coupon abuse, Incognia revealed an extra risk: the presence of Remote Access Tools (RATs).

Incognia identified 7,650 Android devices with apps like AnyDesk and TeamViewer enabled— primary tools used in RAT scams.

This allowed Webull to act proactively, protecting legitimate investors against account takeover attempts.

Webull Brazil achieves 92.5% frictionless onboarding and account protection with Incognia