Refund scammers are hidden pests, peeling away profit from businesses behind a wall of distraction and deception. Without the right solutions, scammers go undetected because their transactions are processed and logged in the same way as legitimate ones. We look at how refund scams work and how the right precautions can stop them from damaging your business. What Are Refund Scams? Refund scams involve a criminal tampering with a POS (point of sale) terminal so it sends them an unwarranted refund. Many scammers carry out refund scams in person, where they’re able to distract and manipulate their ..read more

Damage from cyberattacks will cost around $10.5 trillion per year by 2025, according to McKinsey. The entry point for fraudsters isn’t just a gap in security software but a gap in training. Verizon Business estimates that 74% of data breaches are down to individuals being absent-minded or tricked by social engineering attacks such as phishing emails. The answer is security awareness training. We look at what this term means and how it can help businesses. Reduce Fraud Rates by 70–99% Partner with SEON to reduce fraud in your business with real-time data enrichment, whitebox machine learning ..read more

KYC onboarding is the gathering of prospective customers’ information to prepare for Know Your Customer checks. Onboarding can take place as soon as someone registers interest in an organization. KYC onboarding is particularly relevant to heavily regulated bodies: banks, neobanks, lenders, and so on. The core pain point of KYC onboarding is friction. No customer wants to encounter it when they sign up with an organization. Nor is it just applicants who can be inconvenienced by onboarding. According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. Th ..read more

Reverse phone lookup is a vital tool in fraud prevention, lead generation, and much more. Many businesses and individuals benefit from using reverse phone lookups because they put many public records at the user’s fingertips, based on just a person’s phone number. The software involved tends to be very easy to use: You can check out how easy by entering a phone number into SEON’s reverse phone lookup tool below.   Let’s look into what reverse phone lookup is, how it works, and how it can help your business. What Is a Reverse Phone Lookup? A reverse phone lookup is a process designed to le ..read more

There are well over four billion email addresses in use globally. Reverse email lookup is an invaluable tool for anyone who wishes to learn more about an individual based only on the person’s email address. For an example of reverse email search in action, try out SEON’s email lookup widget:   Below, we look at what reverse email lookup is, how it works, and the many ways that it can benefit users. What Is a Reverse Email Lookup? Reverse email lookup can be carried out with either a dedicated software system or a search engine feature. It lets you enter an email address and get the owner ..read more

According to estimates from the United Nations in 2020, 2% to 5% of global gross domestic profit (GDP) each year is laundered money. That means money laundering can account for anywhere between $800 billion and $2 trillion annually. At the heart of this are illicit transactions that were not prevented at the time they were made. Thankfully, much of the answer to this corrupt financial activity boils down to organizations ensuring that they carry out an anti-money laundering process called Know Your Transaction (KYT). Let’s look into KYT, how it works, and what it means for organizations. What ..read more

Worldwide, shoppers are growing used to having convenient shopping experiences that are entirely virtual, up until the point their real purchase arrives at their door. Many expect this now as standard. This includes online storefronts, online banking to manage their funds digitally, and, naturally, digital payment options, including virtual credit cards (VCCs). According to Juniper, virtual cards are a growing market: Their market size was $2.4 trillion in 2022, and Juniper predicts that their worth will increase by 280% by 2027 – meaning the market could have a value of $9.1 trillion in the n ..read more

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. According to the FBI’s 2020 Internet Crime Report, 2020 alone saw 791,790 complaints of suspected internet crime – an increase of more than 300,000 since 2019. Reported losses in 2020 exceeded $4.2 billion. The report states that these victims mostly lost their money to BEC scams. Thankfully, as BEC attacks are often a product of human error, many can be avoided with due diligence and training – both of which can be enhanced with the right fraud prevention tools. Let’s look at what business ema ..read more

Check fraud, where fraudsters interfere with check payments, runs rampant in spite of the increase in digital payments. In fact, on February 27, 2023, FinCEN issued a report warning financial institutions of the rise in mail theft-related check fraud. According to the FTC via Statista, 2022 saw the loss of $178 million due to check fraud – ranking it even higher than payment app and payment service-based fraud at $163m. While it appears that checks are here to stay, so are the security concerns that come with them. Thankfully, their safer equivalent – high-security checks – are a versatile and ..read more

Churn rates are an inevitable part of doing business. In fact, according to Recurly, B2B and B2C organizations see the average loss of customers at a rate of 4.91% and 6.77% respectively over time. While churn rates may be unavoidable, they’re certainly not irreducible! As we’ll discuss, customers churn for all kinds of reasons. Let’s take a look at why this is, what churn rates are, and how SEON can help reduce them. What Is Churn Rate? Churn rate is the rate at which a business loses customers (known as customer churn). It is calculated based on the volume of customers or prospective custome ..read more