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SEON partners up with BNPL companies to tackle fraud in the space

By Joy Dumasia

February 18, 2022

  • AML
  • BNPL
  • Buy Now Pay Later
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SEON, Online Fraud Fighters, Europe, Africa, Neobanks, Carbon, FairMoneySEON has secured partnership agreements with several leading companies in the global BNPL sector. The agreements speak to a growing trend within the emerging space, where SEON’s comprehensive digital footprint data enrichment service is used alongside know-your-customer (KYC) checks to mitigate the risks of fraud effectively. 

The BNPL industry continues to grow across all corners of the globe, with more people now choosing the alternative payment method when making daily purchases. Increasingly, many of these services are backed by online fraud prevention company SEON and its unique way of using additional data signals to help BNPL providers make more insightful decisions. With access to additional data points, businesses in the sector have reduced the risk of fraud significantly by ensuring that potential users are genuine. 

SEON recently announced new partnership agreements with two BNPL companies, ViaBill and Tamara. Before this, SEON has announced partnerships with other leaders in the BNPL space, including but not limited to Afterpay, Mokka, Sezzle. By combining comprehensive data enrichment using digital footprints and modernised device fingerprinting technology, SEON delivers more excellent fraud protection to these BNPL businesses when dealing with fake users, fraud rings and bot attacks.      

SEON is helping the BNPL industry flourish in developing nations, where the risk of fraud is often higher. The company’s affordable solution enables FinTech startups in high-growth countries to enact stringent fraud prevention protocols cost-effectively. In doing so, SEON is helping to create a secure environment for businesses in the sector and democratising financial BNPL services across all world regions. 

SEON’s solution can be incorporated seamlessly within existing KYC check protocols or used to formulate new systems entirely. At its core, the technology has been designed to have minimal impact on the customer experience and buyer journey. Similarly, as the company’s solution can be onboarded in a cost and time-efficient manner, it’s ideal for any FinTech startup working on a lean budget and facing an urgent need to get up and running quickly. 

Jimmy Fong, Chief Commercial Officer at SEON, commented: “We continue to make great strides in the BNPL sector and are delighted to see our innovative technology at the heart of so many leading fintech services. Across the world, people increasingly want access to flexible payment options, but this approach comes with inherent risks. By incorporating our suite of fraud prevention solutions, credit enablers in the field can mitigate this risk in a cost-effective, straightforward manner.”

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