SEON Partners With Creditstar to Bolster Fraud Detection for the Lenders
- Credit Cards , Fraud Detection , Compliance , AML and KYC
- 09.11.2021 03:00 pm
The joint venture will empower the finance company to quickly and seamlessly detect fraudsters through SEON’s Intelligence Tool
SEON, the fraud fighters, today announces its partnership with Creditstar, the short-term loan providers. By joining forces, SEON will enable Creditstar to utilise its Intelligence Tool for data enrichment, improving KYC processes, and mitigating financial losses through fraud detection.
The Intelligence Tool scans open-source databases to gather additional information about users based on factors such as email address, phone number or IP address. The phone API aggregates data sources, including social media accounts, to confirm identities and flag suspicious users. By integrating the Intelligence Tool, Creditstar will improve the performance of credit risk assessments, and unlock a wealth of additional data about any potential customers which will in turn reduce time spent tracing applicants to confirm their identity. This will serve to improve business results for Creditstar, including streamlining processes and improving the quality of its client portfolio. Ultimately, this will mean the cost of credit loss is lowered so the company can offer more attractive prices and conditions to its customers.
Speaking about the announcement, Aleksei Moronov, Head of Credit Risk at Creditstar, said: “Although relatively new, our partnership with SEON has already shown to be valuable to Creditstar, bolstering our KYC processes, providing rich data capture tools, and equipping us with the intel we need to be able minimise any risk of fraud and to recover debt.”
He added: “SEON came recommended to us by a mutual partner, and they haven’t fallen short of expectations at any point during the onboarding process, their communication with our team was seamless and it has been a smooth integration for our team. Not only that but we have been impressed at the flexible nature of their offering, which has enabled us to select a service that suits our needs exactly.”
Tamas Kadar, CEO and Co-Founder at SEON, said: “Finance companies are at risk of fraudsters taking advantage of account takeovers, pretending to be someone they’re not, in order to take out loans against their names. We firmly believe in preventing fraud where possible, rather than simply reacting to it, which is why we’re delighted to be able to appropriately equip Creditstar with the tools it needs to spot any such players and minimise the risk of what could be significant financial losses.”
To learn more about SEON and the services it provides, visit: https://seon.io/