Neobank Fraud

“We’re constantly scouting the best partners on the market to improve and speed up our processes without compromising on security or quality. SEON’s tools allow us to be frictionless and effective.”

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SEON redefines fraud and risk mitigation for neobanks. By leveraging real-time alternative data, you can accelerate signups, authenticate good customers worldwide, and provide a frictionless user experience without sacrificing security.

As a gateway for legitimate customers and a brick wall for suspicious accounts, we meet the demands of a digital generation who expects a seamless account creation and onboarding experience.

Let Your Neobank Grow with SEON

When it comes to suspicious online behavior, you have to spot it to stop it. That’s where SEON comes in.

From account creation to transactions and login, neobank customers expect a seamless experience. SEON helps you secure every step of that journey while giving you the solutions to reduce onboarding friction and ultimately block and flag fake accounts and fraudulent transactions.


Automate up to 95% of fraud checks

We allow rapid decision making to ensure suspicious accounts are flagged and rejected – leaving more time to approve legitimate users and ensure onboarding friction is kept at bay.


Drop fraudulent registrations by up to 90%

Our automated risk scoring can be tweaked and tested, meaning your fraud fighting efforts can be customized to your business needs – allowing dramatic decreases in fake accounts and other suspicious sign-ups.


Increase your transaction monitoring confidence by 89%

SEON’s powerful transaction monitoring capabilities can give you and your staff assurance that they’re approving, flagging and blocking the right online exchanges with speed and precision.

SEON gets you from being reactive with fraud prevention measures to being proactive. Our insights and tech help your teams be innovative and transformative.

Level 1 - Basic & Reactive
  • Use SEON to monitor traffic and new account registrations
  • Device fingerprinting and geolocation running in the background stops bad traffic from creating accounts
Level 2 - Strategic & Proactive
  • End-to-end activity monitoring detects anomalies during logins, account detail changes, and transaction monitoring
  • Keep a log of historical customer behavior to spot suspicious activities
Level 3 - Innovative
  • AI and machine learning detects patterns at scale
  • Reduce manual review times, so your teams can be more efficient
  • SEON gets smarter with every feedback you teach it
Level 4 - Transformative
  • Revenue is a team sport
  • Top clients and industry leaders use our insights to better understand, profile and acquire the right customers
  • Cross-functional teams uses SEON to identify high-value customers
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"SEON improves our accuracy by an extra 200 basis points. That doesn’t sound like a lot, but we are talking about 200 basis points of fraud cases we would be losing otherwise. And it’s often the last few points that are so hard to win as we fine-tune our models."
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Dmitri Lihhatsov
Fincrime Product Owner
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"We have significantly improved our ability to blacklist threats, achieving dozens per minute compared to the previous rate of one per minute. This enhanced capability has enabled us to meet regulatory requirements while scaling our operations to cater to the rapidly expanding customer base."
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Cecilia Lopez
Head of Decisioning
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"We’re constantly scouting the best partners on the market to improve and speed up our processes without compromising on security or quality. SEON’s tools allow us to be frictionless and effective."
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Martina Virgilio
Anti-Financial Crime Manager

How SEON Stops Fraud for Neobanks

Fight Criminal Stints Using Digital FootprintsFight Criminal Stints Using Digital Footprints

Fight Criminal Stints Using Digital Footprints

SEON can help combat suspicious individuals before they even register online to your neobank.

Digital profiling checks, such as email lookup and IP geolocation, can identify suspicious users and traffic from the moment they land on your website or app.

Be a Rule Maker to Fight the Rule BreakersBe a Rule Maker to Fight the Rule Breakers

Be a Rule Maker to Fight the Rule Breakers

SEON lets you make your own custom rules to reduce fraud with dynamic friction.

This means that suspicious individuals looking to carry out account takeovers will be more likely to hit a wall of security measures when their credentials and account properties reflect foul play.

Find Your Anti-Fraud Rhythms with Machine Learning AlgorithmsFind Your Anti-Fraud Rhythms with Machine Learning Algorithms

Find Your Anti-Fraud Rhythms with Machine Learning Algorithms

SEON uses machine learning algorithms to automatically flag suspicious accounts and transactions.

The data gathered can be used by the solution to recommend new custom rules that help you tailor your fraud prevention criteria to both your own risk appetite and the specific needs of your neobank.

Read More About Neobank Fraud

Neobank Fraud

Neobanks are part of a fast-growing industry whose very online nature attracts fraudsters trying to scam their way into bank accounts.

With the potential to be subjected to phishing attacks and stolen passwords through to bot attacks and deepfake-based synthetic identity fraud, the whole vertical is a target for financial criminals of all experience levels.

You need to know who you’re dealing with, where they’re operating from, and both what and who they’re connected to. Let's now take a closer look at how SEON’s solution can provide a frictionless onboarding experience and help you monitor suspicious transactions and other activities with ease.

Its digital footprinting capabilities means it’s instantly available to tell you what digital and social media presence, if any, your users have. This is a new alternative way of detecting suspicious characteristics about a person – or indeed an altogether fake account – without even having to run KYC checks.

Moreover, SEON’s IP geolocation and device fingerprinting checks are able to determine many suspicious aspects of an account – from users trying to log in from suspicious locations and devices to transactions in a time zone that doesn’t match the person’s ostensible billing address.

On top of all this, SEON also identifies connections between accounts, allowing you to spot the potential for criminal affiliations online. Why do all these accounts share that one password hash? Why do they all use the same device, browser and cookie configurations?

These are all questions that SEON can help you tackle – and doing so will pay dividends to both your fraud prevention and anti-money laundering efforts.


How can SEON help neobanks counter fraud?

SEON’s digital footprinting and ability to monitor for fraud patterns end-to-end plus detecting hidden account connections are some of the many crucial capabilities it has, and all of them can be applied to help you detect, thwart, and identify suspicious individuals and activities that could otherwise threaten your neobank.

Can SEON detect suspicious transactions for neobanks?

Yes: SEON offers a comprehensive end-to-end fraud prevention monitoring suite that can inform your approaches to identifying illicit payments and other suspicious activities from your neobank users. For example, sudden transactions that are made at over 200% of the user’s average spending habits can be flagged for review, or even automatically blocked by the solution.

Are there fraud attacks that are specific to neobanking?

There are certain trends that apply more to neobanking than they do to other industries. For example, the potential for new account fraud, phishing, and promo abuse is attractive to neobanking fraudsters because – if unchecked – the whole online vertical can be exploited by illicit remote registrations, social engineering attacks, and multi-accounting attempts.

Start fighting fraud now

Ready to see your fraud rates drop by the hour?
Get in touch for your free trial or to see how SEON can help your business grow safely today.

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