Carbon leverages SEON’s custom rules to automate 95%+ of their fraud checks and save 75% of time

About

Founded in 2012 by brothers Chijioke and Ngozi Dozie, Carbon has grown into a leading digital financial services provider, serving over 1.8 million customers. As Carbon expanded its reach, offering a wide range of digital banking services, the need for robust fraud prevention became critical.

Challenge

Access to credit is crucial for improving quality of life, yet millions are excluded due to limited financial histories. Carbon’s mission is to bridge this gap by providing loans and banking services that improve the quality of life for those without traditional credit histories. However, effectively filtering out potential financial crime risks without creating friction for genuine customers presented a significant challenge.

The Solution

To address this challenge, Carbon partnered with SEON to implement a highly customizable and adaptive fraud prevention solution. Collaborating closely with SEON’s customer support team, Carbon was able to implement over 200 custom rules tailored specifically to their needs. These rules were crafted from various APIs and configurations, including:

• Digital Footprinting: Carbon utilized alternative data sources to onboard customers lacking financial histories by analyzing their online presence across 90+ digital and social accounts.
• Device Intelligence: This feature helped identify suspicious setups, such as devices that remained permanently charged, device and password hashes, and known fraudulent software configurations.
• IP Verification: SEON’s platform enabled Carbon to detect locations that didn’t match the expected patterns, such as sign-ups from outside the country, which could indicate potential fraud.

These advanced measures reduced manual fraud check times from 20 minutes to just 5, significantly improving operational efficiency.

After working closely with the incredible customer support at SEON, we now have a deep understanding of the platform and are able to implement specific rules in under 5 minutes, truly emphasizing just how customizable SEON can be.

Cecilia Lopez

Results

The benefits of SEON’s solution for Carbon were clear:

• Increased Efficiency: By centralizing and automating fraud detection processes, Carbon dramatically reduced the time and resources spent on manual checks. Manual review times became 75% faster, thanks to SEON serving as a single source of truth.
• Improved Customer Experience: Automating 95% of fraud checks allowed Carbon to maintain a smooth, frictionless customer journey. This efficiency is crucial for attracting and retaining users in the highly competitive digital banking space.
• Enhanced Fraud Detection and Compliance: Carbon’s ability to blacklist threats improved significantly, increasing from one threat per minute to dozens. This efficiency allowed them to meet regulatory requirements and scale their operations without the need for additional analysts.

Thanks to our adoption of SEON, 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. We are confident that with SEON, we can further increase this number without compromising our security measures

Cecilia Lopez

Carbon’s partnership with SEON has been instrumental in delivering secure and accessible financial services to millions. The customizable fraud prevention platform has empowered Carbon to scale rapidly while protecting their growing customer base. As Carbon continues to meet the demands of the fast-evolving digital banking landscape, SEON remains a key partner in setting new standards for fintech security.

For more information about Carbon, visit www.getcarbon.co