Soft2Bet Automates Risk Reviews, Freeing Up 40% of Their Resources

About

Soft2Bet provides iGaming software solutions for sports betting platforms and online casinos, with a holistic goal of making the industry more reputable and responsible.

The company pursues this lofty goal through several different streams and has quickly taken its lion’s share of the iGaming market, now providing its service to over 450,000+ live events and 7,000+ games. 

Challenge

These astounding growth numbers, however, were not reached without a solid risk strategy. Vladislav Notevskyi, Head of KYC at Soft2Bet, explains:

“We’re an iGaming success story, which means constantly increasing volumes of players and transactions. But this hypergrowth put our review teams under a great amount of pressure – especially in the risk and fraud department.” 

As they scaled, they faced attacks like bonus abuse, identity fraud, and fraudulent deposits made with stolen credit cards. These challenges led to resource strain, high chargeback rates, and operational inefficiencies that conflicted with the company’s values.

One major challenge was bonus abuse, where fraudsters created multiple accounts to exploit welcome offers, skewing data and cutting into profits. Another issue was the use of stolen identities for fake signups, which burdened the KYC team and let fraudsters claim rewards they didn’t deserve. Most critically, fraudulent deposits using stolen credit cards increased chargeback rates, which could damage Soft2Bet’s relationships with payment processors and attract regulatory scrutiny., which goes completely against Soft2Bet’s ideals. A solution had to be found.

Solution

SEON was quickly integrated into their existing anti-risk workflows. The flexibility of the risk scoring for fraud allows Vladislav and his team to automate risk management, instantly declining obvious fraudsters and allowing good customers to start playing in seconds.

The rules were also customized based on Soft2Bet’s unique business experience, and deployed at the registration, login, and deposit stages to mitigate multiple possible risk vectors.:

• At registration, SEON checked for signs of fake accounts, utilizing digital footprinting to assess whether users were who they claimed to be.
• At login, SEON used device intelligence to detect unauthorized access attempts.
• At the deposit stage, SEON’s tools scrutinized payment methods, flagging fraudulent transactions made with stolen cards. This multi-layered approach helped Soft2Bet significantly reduce fraud risks while protecting the customer experience.

Results

The current results speak for themselves, as Vladislav’s team benefits from:

• 40% reduction in manual queries, freeing up team resources to focus on more complex cases.
• 20% faster manual reviews, improving efficiency in handling the increased volume of transactions.
• Enhanced fraud detection across registration, login, and deposit stages, reducing bonus abuse, fraudulent signups, and chargeback rates.
• Improved customer experience, with legitimate players able to enjoy seamless registration and deposit processes, while security measures protected the platform’s integrity.

And while Vladislav had plenty of praise for SEON’s customer success team and user-friendly UX, ultimately, the goal is to optimize his business processes to make life easier for his team.

SEON radically improved our fraud prevention efficiency. The automation saves us time and effort that we can now dedicate to improving and updating our current procedures, policies, and rules – all so we can drive Soft2Bet’s mission to make iGaming more reputable and responsible worldwide.

Vladislav Notevskyi