SEON partners with tbi bank to bolster fraud prevention

January 18, 2023

Online fraud prevention company SEON has partnered with challenger bank tbi bank, which sees it deploy its machine learning-powered fraud detection platform.

As part of the partnership, tbi bank will incorporate SEON’s fraud prevention system into its customer onboarding journey. This will ensure better and safe financing experiences for its customers, as well as improve the user experience, it said. The tool will also allow tbi to filter out fraud attempts in real-time.

Due to its API-first approach, SEON’s platform was onboarded by tbi bank within hours.

SEON claims its technology leverages machine learning to assess and act on the risk of online fraud in a quick manner. The technology was also able to integrate with the existing infrastructure.

Speaking on the new partnership, SEON chief commercial officer Jimmy Fong said, “SEON is the perfect tool for challenger banks like tbi bank, providing these organisations with a powerful tool in the fight against fraud.

“Our automated system offers clear results to clients at the point of sign up in a transparent and reliable manner, thus helping to verify potential new users with zero friction.”

This is just the start of a wider collaboration between tbi bank and SEON, they added.

tbi bank chief credit officer Costin Mincovici added, “Our team has the ultimate goal of serving customers’ real needs, so we added a fraud solution to quickly filter out high-risk users, without increasing friction for our valuable customers. The additional data provided by SEON adds valuable information to our database, allowing us to improve and update our risk models with Machine Learning methodologies.”

SEON offers a platform to help companies stop fraud before it happens, with real-time digital, social, phone, email, IP, and device data to make better risk decisions.

Late last year, the company launched the ‘forever free’ version of its fraud prevention platform. This free plan supports up to 2,000 API calls each month and includes support from SEON’s customer success team.