SEON announces the update of its fraud detection solutions
By Joy Dumasia
SEON, the fraud fighters, is strengthening its mission to eradicate online fraud; it updated its fraud detection solution with new capabilities that will increase its ability to detect fraud while decreasing false positives from legitimate customers. The new update is based on careful analysis by SEON’s data science team. The in-house fraud experts found patterns that point to specific settings being used for fraud attempts, and flagging these settings have improved SEON’s accuracy with risk scores.
Fraud is continually evolving, and with fraudsters becoming increasingly professional and creating their own ‘fraud as a service’ software that anyone can use, it is more important than ever that anti-fraud companies like SEON can discover patterns in the data that is generated from the millions of transactions that pass through the company’s AI-enabled tools. SEON’s solution was already able to create risk profiles from 500 different parameters. This update significantly increases its capabilities, preventing more fraud attempts before they happen and decreasing the likelihood that legitimate transactions are flagged as fraud.
SEON’s fraud detection solution detects burner phones, virtual numbers, disposable phone numbers and identifies even more carriers and networks to prevent false positives. It is almost trivially easy to generate a realistic-looking phone number. Some sites will allow you to do so that can be found through a Google search rather than the depths of the dark web, and temporary phone numbers are also available. Fake phone numbers are used to cheat existing fraud prevention solutions, hence why SEON has added this to its arsenal of fraud detection features.
Jimmy Fong, Chief Commercial Officer at SEON, said: “We openly share our new findings on fraud behaviour patterns because this transparent way we display our risk scoring decisions also helps customers learn how to best protect themselves. Creating awareness and sharing knowledge on new ways to detect fraud brings us all one step closer to creating a safer digital environment for every business.”