What is our primary use case?
SEON Fraud Prevention is our preferred platform for online fraud detection, and it also serves as our anti-money laundering platform. It helps us analyze various transactions that come through within our organization and detect any form of fraud, whether disguised as anti-money laundering or online fraud, allowing us to curtail and prevent any form of fraud before it occurs in our organization.
A specific example is that our company is a telecommunications company, and most of our transactions are fintech-based, whereby they are paid through online platforms. Most hackers or scammers target fintech-type transactions to scam users. SEON Fraud Prevention helped us when a group of hackers were trying to infiltrate and penetrate our fintech system that handles our financial transactions. They were disguised as potential users but wanted to sneak in malware that would siphon funds and open a gateway for unauthorized access. With SEON Fraud Prevention in place, we were able to detect them as not real users and lock them out of our system.
What is most valuable?
SEON Fraud Prevention ensures that we remain compliant on the compliance side. If you operate a fintech platform or work in the telecommunications industry, there are certain set industry standards that you must comply with. One of them is having a fraud prevention system in place to ensure that customer data, your finances, and fraud prevention are protected. SEON Fraud Prevention helps us remain industry compliant and conform to the set regulations and standards in our industry. We are able to get our renewal licenses and keep our operations running smoothly.
SEON Fraud Prevention has brought a positive impact to our organization. Fraud cases are detected early, and we have seen a reduction in fraud cases. The savings in cost are significant. When fraud happens, there is a huge cost in terms of compensation and trying to repair systems and prevent data leakage. When you have zero cases of fraud, you save on the cost of doing business and can scale up. Additionally, we have improved compliance. Compliance is a must because we have to operate within the set standards. With SEON Fraud Prevention in place, we become more compliant, credible, and able to build our organization in a positive manner.
SEON Fraud Prevention offers a number of features. The platform is highly scalable. The architecture behind the platform is designed so that if you need to increase your usage, it is easy and straightforward. You do not have to find alternative ways in order to have an increment in the versions that you are using. You are able to make decisions in real time because the platform, while being an AI-powered platform and incorporating machine learning, is able to give scores. After this analysis, you are able to see and flag out potential scammers and potential fraud based on real-time scores. Therefore, you are able to protect your data and work smoothly. Furthermore, its capabilities as a fraud detection platform are very accurate. You can never go wrong with the platform in place. SEON Fraud Prevention offers reliable services, and you are able to keep your organization safe at all times.
We rely mostly on the high accuracy detection of fraud on a day-to-day basis because the platform is our main preferred fraud detection platform. This is the core business that we have with the platform, and that is why we have it. Being accurate and detecting fraud in real time is our job, and it executes this job in real time. Additionally, the ability of SEON Fraud Prevention as a unified platform is valuable. We are able to have a two-in-one platform where you can detect fraud and also fight money laundering, because money laundering is a global phenomenon and you have to protect your organization and remain credible. With SEON Fraud Prevention, you are able to do those things accurately and in consequence and in togetherness, allowing you to remain secure.
What needs improvement?
SEON Fraud Prevention is not almost 100% accurate, but some areas where it can be improved are on the learning curve. It is a tech-savvy platform and requires the users to be also tech-savvy. When paired or left in the hands of people who do not understand the emerging issues in fraud detection and AI or machine learning, they are not able to run the platform well. This may expose the company to any form of fraud and lead to big losses. Furthermore, this is a platform that suits mid-sized and large enterprises who handle more customers and who have more frequency of fraud occurring. This phenomenon locks out small business users as they do not have that high risk or do not have that high frequency of being targeted by scammers or fraudsters. Those are some of the areas where it can be improved.
The initial configuration is an area for improvement. To make it secure and customizable, you have to configure it to suit your organization. Whether you are in the fintech industry, in insurance, or in a money handling business, you have that configuration period and it takes quite some time. This slows down the rate of usage of the platform.
For how long have I used the solution?
I have been using SEON Fraud Prevention for a period of five years.
What do I think about the stability of the solution?
SEON Fraud Prevention is stable. As long as you have the right investment in the resources needed to support the platform, it is stable and it offers around-the-clock protection.
What do I think about the scalability of the solution?
The scalability is straightforward and does not have any hidden cost. All you need to do is contact the vendor as you increase your users or as the organization size grows, and they are able to offer more premium versions or more scalable platforms.
How are customer service and support?
Customer support is efficient and reliable and is willing to help their clients, not only existing but potential clients, in understanding the platform and having their issues resolved on time.
How was the initial setup?
To make it secure and customizable, you have to configure the platform to suit your organization. Whether you are in the fintech industry, in insurance, or in a money handling business, you have that configuration period and it takes quite some time. This slows down the rate of usage of the platform.
What about the implementation team?
My experience was a positive one. We did not have any issues with the vendor. After our initial inquiry, we were given a quote of whatever we are paying. For the setup cost, it was on our side and we had done our research and invested in the right resources for how to host the platform. For the licensing, it depends on our users and it is straightforward. When we want to increase our users, we add more budget to the whole licensing budget. The experience was not challenging and we were happy with the whole experience.
What was our ROI?
We have seen a return on our investment. The cost of fraud or the cost of when money laundering happens and you are hit with a ban on your investment comes with huge cost and you lose a lot of money when you lose business. With SEON Fraud Prevention in place, we have saved money that could have been targeted by scammers by around 50%. This has also grown our profitability. Excluding taxes, we have seen a growth of around 30% in our profitability and we can say we have seen a return on our investment.
What's my experience with pricing, setup cost, and licensing?
My experience was a positive one. We did not have any issues with the vendor. After our initial inquiry, we were given a quote of whatever we are paying. For the setup cost, it was on our side and we had done our research and invested in the right resources for how to host the platform. For the licensing, it depends on our users and it is straightforward. When we want to increase our users, we add more budget to the whole licensing budget. The experience was not challenging and we were happy with the whole experience.
What other advice do I have?
SEON Fraud Prevention is an easy-to-use platform. It incorporates fraud prevention and anti-money laundering into it. Therefore, you are able to achieve two objectives in one solution. Additionally, it is a platform that is accurate and you will have real-time protection. It will ensure that you gain credibility and gain the confidence of your clients and other industry partners due to efficient detection and early prevention of fraud. My overall rating for this solution is 7.
Which deployment model are you using for this solution?
on-premises
