SEON
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SEON is offering end-to-end fraud prevention and detection tools for businesses. Our goal is to create a safer environment for online businesses, throughout relying on the analysis of unevaluated data by using masses of fraud inspection methods. Follow our blog that covers the latest insights and trends in online fraud,
SEON
1w ago
In a world where over 1.4 billion adults remain unbanked and 7.1 million households in the United States lack access to traditional financial services, the challenge of assessing creditworthiness is more pressing than ever. The gap is particularly pronounced in low and middle-income countries, where fewer than 10% of individuals are on file in public credit registries3.
The reliance on conventional credit data to evaluate financial trustworthiness is fraught with limitations, from scarcity to the inability to reflect rapidly changing financial behaviors. Traditional metrics often fail to predi ..read more
SEON
1w ago
Global online payment fraud is set to exceed $343 billion in the short timespan from 2023 to 2027. In an era where digital transitions are omnipresent, the menace of online fraud and money laundering is continuously escalating, necessitating advanced solutions that enable organizations to stay ahead and mitigate activities across diverse industries.
As an umbrella term, fraud risk management encompasses the systematic processes of identifying, assessing and responding to an organization’s fraud risk. Management often involves the tools and solutions deployed to detect, prevent and reduce fraud ..read more
SEON
2w ago
The United States is poised to witness losses increase to $3 billion by 2027, up from $1.94 billion in 2022, facing a formidable opponent in the financial sector: authorized push payment (APP) fraud. A type of social engineering fraud that relies on deception to prompt voluntary payments to fraudsters, APP fraud poses an escalating threat due to the integration of cutting-edge technologies such as artificial intelligence (AI) and machine learning (ML).
The rise in APP fraud does not denote a leap in sophistication, however, but rather highlights the adaptability of fraudsters to leverage ..read more
SEON
3w ago
Financial institutions worldwide are continuously evolving their strategies to combat fraud and money laundering, two threats that undermine the potential of our global financial systems. With the United Nations reporting that three to five percent of the global GDP is laundered annually and fraud costs worldwide reaching $5.13 trillion – a 56% increase over the past decade- many organizations are taking a new approach to integrating prevention and protection efforts.
As fraud gains in volume and velocity, so too will the need for fraudsters to launder their profits – and as cross-border ..read more
SEON
1M ago
The digital frontier is poised for exponential growth as advanced technologies reshape our world with innovation, convenience and efficiency. However, this expansion brings a corresponding need to evolve fraud prevention strategies to keep pace with advancing threats. Traditional anti-fraud methods, like one-time passwords (OTP), static passwords, two-factor authentication (2FA), physical biometrics and security questions, practices that once formed the cornerstone of fraud prevention efforts, now falter under the increasingly sophisticated tactics and emerging technologies being leveraged by ..read more
SEON
2M ago
The International Casinos Exhibition (ICE) stands as a cornerstone event for the global gaming industry, annually congregating gaming professionals, products and service solutions from a wide range of sectors – betting, bingo, casino, esports, lottery, mobile, online, social, sports betting and street. This year’s conference, held in early February at London’s ExCel exhibition center, served as a hub for innovation, collaboration and networking, bridging the gap between retail-based and digital channels.
As the provider of a comprehensive, end-to-end fraud prevention and anti-money laundering ..read more
SEON
3M ago
Having trouble protecting your user accounts? In this guide, we’ll see why accounts are targeted, how fraudsters acquire them, and, of course, which steps you should take to secure them.
This is your complete guide to understanding and detecting account takeover (ATO) fraud in your business.
What Is Account Takeover Fraud?
In layman’s terms, users may refer to account takeover fraud as account hacking – when they realize someone stole their online credentials. It is also considered a form of identity theft, because it happens when someone logs into an account that isn’t theirs to exploit ..read more
SEON
7M ago
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
SEON
7M ago
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
SEON
8M ago
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