From Global Financial Leaders To Startups, SEON Helps All Business Overcome Fraud
Budapest, Hungary, Sept. 11, 2020 (GLOBE NEWSWIRE) -- By Tamas Kadar, CEO at SEON
Since the start of the COVID-19 pandemic, we have seen the amount of fraud that companies face on a day-to-day basis rapidly increase. With customers being forced to shop online while lockdowns are in place, companies have had to enter the digital arena, many for the very first time.
As lockdowns begin to lift, it’s unlikely that industries will revert back to the way they were before any of this took place. Customers are now comfortable shopping online and online transaction volumes will remain higher than prior to the pandemic. However, this causes serious issues as fraud usually increases inline with online activity. That means that the heightened fraud activity we’ve experienced throughout the pandemic is also be here to stay.
The move online is undoubtedly positive for many businesses, but those that don’t pre-emptively protect against fraud may find themselves going out of business rather than prospering from diversification. At SEON, we recognise that the issue needs to be quickly addressed.
As a market-leading fraud management service that supports companies from a wide range of industries, we are ripping up the commercial rule book and actively helping to reduce the cost, time and challenges linked to combatting fraud. Our way of thinking and technologies make this possible, but it’s a step change for our industry and long overdue for businesses looking to protect their incomes. We want business owners to focus on growing and scaling their enterprises while enhancing their peace of mind, knowing hat they are protected against fraud without having to pay outdated prices for the privilege.
SERVING MERCHANTS AROUND THE WORLD
SEON was created after Bence Jendruszak – Co-Founder and COO – and I launched a crypto exchange that was constantly under attack by online fraud. We decided to tackle the issue head-on and create our own fraud prevention solution after failing to find a suitable existing service. We needed a platform that serviced businesses of all sizes and could be rapidly integrated – and that’s exactly what we built.
Once our creation proved effective, we were then approached by a range of other crypto platforms and high-risk merchants that were facing the same issues that we were.
SEON has now helped companies save more than 10 million Euros, reviewed over 50 million transactions and served more than 5,000 merchants. Our fraud screening solution can be integrated at any online point of authentication. It is noted for its data analytics functionality, data enrichment capabilities and flawless integration that can take place in a matter of minutes – a far cry away from the usual weeks that most fraud prevention tools take to integrate.
A COMPLETE END-TO-END SOLUTION
We have a number of solutions that are highly beneficial for helping merchants effectively combat fraud. The SEON sense platform is one that offers a comprehensive end-to-end solution for fraud managers.
Its flexible features mean the platform can be tailored to the different ways individual companies do business. Its fraud prevention is driven by transactional data, and the solution can be integrated with existing platforms seamlessly to deliver transparent scores within 200ms. The intuitive REST API can easily be integrated via code.
THE SEON INTELLIGENCE TOOL
Our Intelligence Tool increases fraud detection accuracy with just one click. Users can simply enter an email address, IP address, phone number or location into the browser extension to get background information. This data enables fraud managers to see complete user profiles and flag suspected fraudulent ones.
As a result, companies can detect fake accounts with ease. The processes we use to do this take place entirely behind the scenes in the back end, ensuring no unnecessary friction during payment processes.
Using the solution, companies can take advantage of SEON’s extensive data enrichment and enhance fraud prevention without the need for complex integrations. Results are available immediately.
HEADING INTO THE NEW NORMAL WITH THE RIGHT SOLUTIONS
As we head into the new normal, merchants need solutions that can be rapidly integrated and allow them to respond to online fraud just as quickly as they have moved online. Choosing the right solutions will play an important part in this.
To learn more about what solutions can help you adapt to the increased fraud levels being experienced in the new normal, visit: https://seon.io/
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