SEON advances COVID-19 fraud strategies with a solution like no other

SEON advances COVID-19 fraud strategies with a solution like no other
17.06.2020 12:55 pm

SEON advances COVID-19 fraud strategies with a solution like no other

Fraud Detection

For many working online is their lifeline as we navigate the restrictions COVID-19 has placed on economies across the world. Tamas Kadar CEO of Hungarian start-up SEON, the fraud fighters, warns that many have been too slow to react to the increasing threat level posed by cybercriminals before and during the pandemic. As many industries have undergone a huge digital migration and businesses have had to rapidly respond by moving online, SEON is helping to speed up integration times associated with fraud prevention tools with a solution like no other seen in the market.

Unlike most fraud prevention solutions, SEON’s can be integrated into a business’ existing infrastructure in a matter of minutes of even hearing of the company – usually this process can take weeks. Online businesses across a range of industries, from retail to high-risk sectors, such as gaming, simply need to download the tool via a chrome extension, or API, giving them immediate access to fraud prevention services.

What’s more the solution works for any company, regardless of their size, bolstering inclusion and further removing barriers to fraud prevention during these critical times.

Tamas explained: “Recent history shows us that the fraud industry has lost its focus and is quite publicly losing the chase - we critically need more relevant data points to predict, not just analyse, behaviour. Especially as more businesses are quickly transforming to take advantage of digital opportunities during the global crisis. That means that any business using digital platforms needs to turn fraud prevention tools on instantly. This is where utilising familiar operating systems, APIs and Google Chrome have become essential.”

SEON highlights that some of the current tech advancements are actually helping and even harbouring fraudsters. For example, the anonymity movement is creating a safe haven for fraudsters/criminals to collaborate and expand. In parallel, the universal digitalisation of all consumer and business interactions is in full flow. Surging on even faster since the outbreak of the Covid-19 pandemic and leapfrogging previous processes and protocol. The pressure on businesses and fraud professionals to better protect these vital digital environments is mounting. 

Tamas continues, “Across the many industries, there is a level of something we call ‘data breach fatigue’ taking place, which can cause fraud prevention to become a tick box exercise and decreasing budget line. If this is not addressed on an emotional level in a business, as well as on a technology level, we will fall further behind fraudsters.”

SEON’s solution is aiming to relieve some of the pressure being experienced by fraud managers and staff during the crisis. Not only will it allow them to quickly respond to growing fraud near-immediately, but it removes the need for them to make any large and drastic decisions regarding contractual agreements. The solution has a free-trial period, is integrated on a 30-day rolling contract which can be cancelled and restarted from month-to-month, and it can be accessed 24/7 as a self-service tool.

 

To learn more about SEON and the work it’s doing during the crisis, visit: https://seon.io/

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