Cybersecurity Europe Fintech

SEON Launches Industry First Self-Service Fraud Prevention Tool

Fraud managers can access SEON’s new Intelligence Tool via downloadable chrome extension or API

SEON, the fraud fighters, has today announced the launch of the latest version of its self-service Intelligence Tool. The solution is an industry first and allows merchants to integrate the tool on their own within minutes, simply by downloading a chrome extension or API. This allows SEON customers to receive help and intelligence immediately before even speaking to a SEON advisor.

The unique and innovative tool gives businesses instant access to rich data taken from the email, phone number or IP addresses they gather from customers, while allowing them to collect all accessible data points about a customer’s digital footprint from social media profiles, available via open sources in the public domain. This is all done in actual real time removing the need for outdated databases.

The collection and use of this information when fighting fraud optimises the payment experience by maximising payment acceptance and minimising declines based on the most up-to-date information. This relieves friction which is time consuming and costly for businesses and can provide a poor experience for customers, all without compromising on security. This is something legacy fraud systems have been trying to tackle unsuccessfully for years,

What’s more, its rapid integration time means that it provides day-one value for fraud managers, who have access to real-time decisions and scoring in minutes. They can use the tool 24 hours a day, seven days a week.

The new tool can be integrated to work alongside a business’s existing fraud tools as well as working seamlessly with SEONs award winning fraud prevention platform and has a 7-day free trial, giving fraud managers a level of commercial flexibility previously unseen in the industry.

The new product launch also comes as SEON opens its new commercial HQ in London’s Soho, the business’ second European hub.

SEON’s CEO and Founder, Tamas Kadar, explained from his London HQ: “We launched SEON because the existing fraud prevention tools are not fit for purpose for the levels of intelligent fraud that we are all facing. In addition, when we created the Intelligence Tool, we wanted to produce a great solution that is loved by its users. It makes life much easier for fraud managers or anyone looking to safeguard transactions, giving them round-the-clock access to a platform which contains all the information needed to fight fraud.”

Set up by digital natives straight out of one of Europe’s leading universities – Corvinus University in Budapest – the company has already experienced rapid growth in the first two-and-a-half years of its life and its platform is being used by over 5,000 merchants. Already, its Intelligence Tool is being used 50 percent of these businesses, including notable merchants such as, KLM, Air France and AVIS.

Bence Jendruszak, COO and Co-Founder at SEON continued: “When we entered the fraud prevention industry, we knew we had to do things differently. We didn’t want to create a solution that took months to integrate, which included lengthy contracts and different solutions for different sized businesses. Instead, our solution is appropriate for any merchant. It can be downloaded and integrated almost immediately, has a monthly rolling contract that can be picked up and put down when needed, and also has a trial-period allowing fraud professionals to judge the product for themselves. It’s like Netflix but for protecting businesses.”

Moving forward, SEON will continue to add more and more social networks to its Intelligence Tool, giving businesses even more access to data that helps establish customers’ digital footprints. In addition, it aims to grant even easier access to SEON’s services with its new product-led strategy.

Author

  • Editorial Director of the The Fintech Times

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