SEON and IDVerifact to boost fraud prevention capabilities

By Megha Bhattacharya

SEON has announced its partnership with digital identity solutions provider IDVerifact to strengthen the latter’s capabilities and extend its suite of solutions. IDVerifact will integrate SEON’s cloud-based machine learning platform, Intelligence Tool, into the IDVerifact platform to provide inputs for user profiling decisions on transactions, all in real-time.

SEON’s Intelligence Tool scans open-source databases and gathers extra information about users based on an email address, phone number or IP address. In addition, it enables users to simply check if an email address is valid or not and instantly get background information to create a complete user profile, flag fraudsters, confirm suspicions or remove doubts.

George Colwell, Sr. Vice President at IDVerifact, commented, “The issue we are seeing is that fraudulent activity is only increasing, yet there is no one size fits all standardised method for digital identity. But, no matter who you are or where you’re transacting, it should be secure. That’s why we developed a one stop shop for digital identity solutions, enabling customers to choose from a menu of data attributes that uniquely suit their organisation. We believe that SEON is an ideal partner to support us in reaching our goals.”

He added, “Not only was it a meeting of minds when it comes to approach and our complimentary offerings, but the team at SEON also understand that there is no space for standing still so we all must continually evolve. We know that as our partners grow, so too will we.”

Tamas Kadar, CEO and Co-Founder at SEON, said, “By integrating SEON’s Intelligence Tool, IDVerifact has assembled a next-level toolbox for fraud protection, including digital identity verification, compliance, risk assessment, data capture, tokenisation and encryption. Together we are helping organisations to create safe environments to conduct transactions at the speed of today’s business.”