SEON partners with Creditstar to bolster fraud detection for the lenders

By Joy Dumasia

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.