SEON Technologies is a fraud detection and prevention API, with real-time data enrichment, powerful scoring engine and whitebox machine learning system. We aim to reduce risk and boost conversions for highly targeted verticals such as banking, lending, FX and crypto trading, iGaming and ecommerce.
“Our vision is to create a safer environment for online high-risk merchants. This is why we developed SEON, a unified risk management solution able to serve the needs of fraud managers. Our aim is to combine the ease of integration with the depth of functionality, taking into consideration all of the relevant risk vectors.”Tamas Kadar – SEO Technologies
What problem are you trying to solve?
There are two ways we try to alleviate the challenges of online companies. We deliver effective risk prevention, and give businesses complete freedom in how they fight fraud. The key takeaway is to reduce the cost, time and resources lost to fraud.
We believe in order to detect and prevent fraud, one needs three things to grow a business with a complete peace of mind: access to better data, complete integration and implementation flexibility, and full transparency in how the products and the company works. These ideals are at the core of most fraud related problems, which we aim to solve.
How are you solving that problem?
At SEON, we try to deploy our prevention modules individually, or as a whole system to accelerate manual reviews, automate decisioning, and augment current detection workflow. We give our customer full user profiling with real-time data enrichment, phone and email analysis, device fingerprinting, and powerful Machine Learning rules that deliver accurate predictive risk scores. This way, we can detect and filter out unwanted or suspicious accounts or individuals without restricting actual account users.
How has the pandemic impacted your company?
The amount of fraud being experienced has dramatically increased and many businesses are ill-experienced to fend off these threats.
The Covid-19 outbreak has forced many industries to adapt to different ways of operating. Physical became virtual. Many businesses were forced to go online to stay afloat. Over recent months, we’ve seen certain retailers prosper and others struggle, but at the end of the day, nearly all have had to alter the way they do business.
This sudden shift to digitalization has changed the way we combat a rising number of fraudsters and cyber threats. As virtual stores are booming, unfortunately so is online fraud, as criminals can leverage the same digital technologies to scale their operations.
What is the next big challenge in information security?
There seems to be a sore awakening going on, that despite the fact that there have been talks for years about going digital, it seems as if key players and entities have been unprepared for the risks that lie in operating online. However, now that the pandemic has changed online business operations, it has opened new doors for information security and for SEON.
We’ve been pretty set on meeting a standard demand for common types of information security threats. But nowadays we’ve seen new waves of fraud for example, synthetic identities or SIM swapping attacks that need to be addressed.
How do people get involved/buy into your vision?
The short answer is to provide the best fraud solution there is. We’d like to ensure a fraud free world where online businesses don’t have to worry about fraudsters prying on their data.
But in order to do that we’re hoping to go on a global expansion spree to help as many online businesses as possible worldwide.
This March we’ve received our Series A funding, the biggest one yet for any Hungarian company, and we wish to go even further with this. As a rapidly growing company our hope is to continue our expansion to become one of the key players in creating a fraud free world.