SEON is a Business Reporter client.
SEON is disrupting the risk-tech industry by democratising fraud-fighting. It is the only enterprise-grade fraud prevention solution that offers a free trial with pay-as-you-go flexibility, making it easy for every online business to have fraud protection.
SEON founders Tamas Kadar and Bence Jendruszák started in crypto. They soon experienced constant attacks from fraudsters, and they couldn’t keep up with the volume of fraud attacks.
Desperate for a frictionless solution, they needed to get something quickly in place.
Everything required a set-up time of months. Being too slow to implement would cripple their business. Too many unnecessary features meant it was expensive and ID verification caused high friction for customer experience. It was quicker to build a fast, lightweight solution.
This homebrew solution quickly became in demand by many other online businesses. Built as flexible microservices with micro fees, it is easy to integrate. Pricing is transparent, and businesses can pick and mix features to only pay for what they need. This also made it easy for different types of businesses to connect and enhance an existing risk-tech.
In this video, Kadar and Jendruszák share SEON’s story of how it created an accessible, alternative fraud prevention solution to help all online businesses. They delve deeper into how SEON uses emails as the modern digital passport and how feedback loops allow human judgement to refine the algorithm. Unlike others, SEON purposefully uses whitebox machine learning for its visibility and transparency so that people can see how algorithm decisions are made.
Fraud is an evolving real-time problem in our ever-expanding digital world. We can only combat online fraud by working together as fraudsters do – creating innovative, relentless ways to be one step ahead of fraud threats. Building awareness and giving online businesses access to fraud protection from day one gives everyone a fairer chance to thrive in this digital world.
SEON now has 150 fraud fighters and counting. Headquartered in London, it is series A funded with a world-class engineering R&D base in Budapest and regional offices in the US and APAC to support global clients.
Find out more about how SEON detects and prevents fraud at seon.io/demo.
Originally published on Business Reporter
