SEON

In the digital age, online habits offer valuable insights into financial reliability. Here’s how lenders can collect alternative data for a smarter and more reliable way to assess creditworthiness: ✅ Digital footprint checks: Examining customers' online presence and social media activity to assess consistency and reliability. ✅ Social media analysis: Using social media behavior patterns to spot potential red flags, like erratic activity or fraud associations. ✅ Transactional data: Analyzing spending habits from digital wallets and payment apps to gauge financial stability and discipline. ✅ Behavioral biometrics: Monitoring device interaction patterns, like typing speed and mouse movements, to identify genuine customers and detect fraud. ✅ Community engagement: Evaluating participation in online communities to understand customers' interests and stability. ✅ Device fingerprinting: Checking information from devices accessing lending sites for signs of suspicious activity. ✅ Email profiling: Conducting reverse email lookups to flag suspicious or disposable domains. ✅ Phone analysis: Tracking phone numbers to assess financial stability or detect fraud. ✅ Location analysis: Filtering applications from high-risk areas to identify potential defaults and fraud. By leveraging these methods, lenders can form a more accurate and comprehensive credit profile, going beyond traditional metrics to understand true financial behavior. #CreditScoring #AlternativeData #Fintech #FinancialInnovation #Creditworthiness

Boosting fraud prevention and AML efforts through collaboration is a game-changer for financial institutions. 💡 Breaking down silos between teams leads to more efficient and effective operations. By leveraging AI for advanced data analysis while also staying ahead of regulations, institutions can enhance their capabilities. 💪 Centralizing data on unified platforms improves productivity and decision-making, ensuring a comprehensive view of financial activities. 💪 High-quality data is crucial: when teams share insights and tools, they can identify patterns and anomalies more quickly. This holistic approach not only strengthens fraud detection but also fortifies overall financial crime prevention. 💪 Embracing collaboration between fraud and AML teams transforms how financial crimes are detected and prevented. It’s not just about better protection; it’s about creating a seamless, more resilient financial system. Let’s prioritize teamwork+technology to safeguard our financial landscape 🚀 #FraudPrevention #AML #Fintech #Collaboration #AI #FinancialSecurity

In the digital world, most lenders already possess a tremendous amount of information that can be leveraged to evaluate new customers to grow market share while lowering default ratios, even without access to traditional credit histories. 🔍 While traditional credit scoring methods focus on factors like payment history, length of credit history or the number and types of credit accounts, alternative credit scoring introduces a new way of assessing creditworthiness based on data lenders already have at hand at the very first stage of onboarding. Alternative credit scoring goes beyond the usual metrics and paints a complete picture of customers by examining their digital footprints. Based on a single email, phone number or IP address, lenders can assess steady employment based on a LinkedIn account, see if they have regular interactions on Instagram, Twitter, or Facebook, which can indicate stability and consistency or check if they participate in digital communities and have subscriptions to services like Netflix or Disney+ for additional insights. By examining these alternative signals, lenders can form a more accurate and holistic view of an applicant’s creditworthiness. This new way of credit scoring can provide access to those with limited traditional credit history, make the online lending space more inclusive, and allow for a more precise assessment of financial reliability.  #CreditScoring #AlternativeCreditScoring #Fintech #FinancialInclusion #Creditworthiness #InnovationInFinance

We are thrilled to announce that for the second year in a row, SEON has been named one of the top companies in the Business Process Solutions category by CNBC's and Statista's The World’s Top Fintech Companies: 2024 report 🎉 In an ever-evolving fintech landscape, innovation is key. We're honored to contribute to the future of financial services alongside our peers. Here's to another year of growth and groundbreaking technological advancements 🚀 #Fintech #Innovation #AI #FraudPrevention #TopFintech2024

Amsterdam, here we come! We'll be in town for IGB Live next week 🚀 Come and say hi to us at booth 12-A69 and let’s discuss how we help iGaming operators fight bonus abuse. See you there 👊 #IGBLive #BonusAbuse #iGaming

Online lending is transforming how we access loans, but it's not without its risks. Here’s a rundown of the main risks involved and how to manage them: ❗Credit risk: As the primary challenge for online lenders, assessing the creditworthiness of customers, especially those who are unbanked or underbanked, can be tricky for digital platforms. A solid credit assessment process, utilizing alternative data in case traditional credit history is not available, is key to preventing defaults. ❗Operational risk: System failures, human errors, cyber threats and data breaches can disrupt operations. Investing in reliable tech and strong cybersecurity measures can help keep things running smoothly. ❗Fraud risk: From identity theft to synthetic identity fraud and account takeovers, the online lending space is a target for fraudsters. Using advanced fraud detection tools and secure verification processes is crucial to staying ahead of these threats. ❗Regulatory and compliance risk: Staying compliant with laws and regulations is a must. This includes data protection, consumer privacy, AML, and fair lending practices. Keeping up with changing regulations and ensuring compliance can prevent hefty penalties. ❗Market risk: Economic shifts, interest rate changes and evolving borrower behaviors can affect loan performance. Diversifying your loan portfolio and keeping a close eye on market conditions can help mitigate these risks. ❗Reputation risk: Bad publicity, unhappy customers or regulatory issues can harm your reputation. Providing excellent customer service and addressing issues quickly can help maintain trust and credibility. By staying on top of these risks, online lenders can create a secure and trustworthy lending environment for everyone involved. #DigitalLending #RiskManagement #Fintech #CreditRisk #OperationalRisk #FraudPrevention #RegulatoryCompliance #MarketRisk #ReputationManagement

As the excitement of the Euro Cup 2024 captivates audiences, the iGaming industry is busier than ever. This surge in activity brings not only opportunities but also challenges, particularly in combating fraud. We are thrilled to share a guest post on European Gaming Media's site by our CEO, Tamas Kadar 🚀 Dive into the essential strategies and tools needed to protect your gaming platform from fraudulent activities. From understanding common fraud types to implementing advanced detection techniques, this intro guide is a must-read for anyone in the iGaming sector. Stay ahead of the game and ensure your platform remains secure and trusted during this peak gaming season 👊 #EuroCup2024 #iGaming #FraudPrevention #SEON #GamingSecurity

Exciting couple of days ahead 🚀 We're heading to Fraud Leaders' Summit to discuss all things fraud prevention and detection. See you there 👋

With AI taking center stage in many aspects of our lives, it’s no surprise that it’s also becoming the MVP of fraud prevention. 🤖 Machine learning can help you look for suspicious patterns and suggest rules that could apply to your business. Finetuned with your feedback, it adapts to your risk tolerance, improving accuracy and speed. The ideal combination: a powerful AI-driven system unveiling potential risks validated by human intelligence. The algorithms initially learn from default transaction states, but you can make these even smarter to achieve unmatched accuracy by grouping similar transactions through labels. The result? Precision like never before. See through the tactics of bad players faster and more accurately to win the game against fraud 💪

🛑 3 signs to look out for to spot chargeback fraud 🛑 1️⃣ Lack of registered social media profiles: Collecting and analyzing social and digital signals to construct a comprehensive digital footprint is a good way to size up intentions: if a player lacks associated social media or online presence, you can suspect potential chargeback intent. 2️⃣ Discrepancy between card and IP country: Combining IP analysis with card BIN lookups unveils inconsistencies, such as a US card with a Russian IP. While this might not be a definite sign of fraud in itself, the mismatch can indicate a chargeback attempt requiring more in-depth analysis. 3️⃣ A rapid increase in deposits: A significant surge in deposits within 24 hours may signal a chargeback, as fraudsters often exploit stolen card numbers to withdraw winnings quickly. Check our recommended custom rules to spot such instances instantly. By setting up rules to spot these occurrences, stopping chargeback fraud is easier than ever. You don’t have to just accept chargebacks and online gambling fraud. Seeing through ill intent doesn’t have to be a mission impossible.