back Back

SEON partners with Creditstar to bolster fraud detection for the lenders

By Joy Dumasia

November 12, 2021

  • Creditstar
  • Europe
  • FinTech
Share

SEON, the fraud fighters, announces its partnership with Creditstar, the short-term loan provider. By joining forces, SEON will enable Creditstar to utilise its Intelligence Tool for data enrichment, improving KYC processes, and mitigating financial losses through fraud detection. 

The Intelligence Tool scans open-source databases to gather additional information about users based on factors such as email address, phone number or IP address. The phone API aggregates data sources to confirm identities and flag suspicious users, including social media accounts. By integrating the Intelligence Tool, Creditstar will improve the performance of credit risk assessments and unlock a wealth of additional data about any potential customers, reducing time spent tracing applicants to confirm their identity.

This will serve to improve business results for Creditstar, including streamlining processes and improving the quality of its client portfolio. Ultimately, this will mean the cost of credit loss is lowered to offer more attractive prices and conditions to its customers. 

Tamas Kadar, CEO and Co-Founder at SEON, said: “Finance companies are at risk of fraudsters taking advantage of account takeovers, pretending to be someone they’re not, in order to take out loans against their names. We firmly believe in preventing fraud where possible, rather than simply reacting to it, which is why we’re delighted to be able to appropriately equip Creditstar with the tools it needs to spot any such players and minimise the risk of what could be significant financial losses.”

Recently, IBS Intelligence reported that 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.

Previous Article

November 11, 2021

Jana Small Finance Bank partners with all three TReDS platforms

Read More
Next Article

November 12, 2021

BharatPe to launch ‘Merchant Shareholding Program’ for its merchants

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

Creditstar

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 13, 2024

4 Cybersecurity firms using AI to thwart financial crime in the UK

Read More

June 11, 2024

Public-facing applications and APIs are the most common targets of cyberattacks

Read More

May 31, 2024

Mangopay launches new AI-driven Fraud Prevention solution

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023