Sun Finance’s Fraud Challenges
We’re always looking for new ways to find potential fraud, and one of our biggest challenges is in confirming the customer identity.
A fast growing company always makes you a target for fraudsters, and this is particularly true in the world of online lending. Sun Finance’s challenges were the ones other companies in the vertical are struggling to fend off, namely: fake identity fraud, synthetic identity fraud and ATO (account takeover).
“We’re always looking for new ways to find potential fraud” Kaspars says. “One of our biggest challenge is in confirming the customer identity – if application says customer name is John Smith we must be sure that we deal with real John Smith not someone who pretends to be him”
To help improve their verification processes, Sun Finance already employed device intelligence tools, email verification tools, and data from credit bureaus. “But we still needed to improve our success rate,” Kaspars continues. “It was a must to scale the company without refusing valid applications due to false positives.”
SEON’s Social Media Profiling Seals the Deal
We tested SEON’s email analysis tool with our own emails, and the results were incredibly accurate. We’ve had other demos where it all looks good on paper, and the test case doesn’t really deliver.
After one of Sun Finance’s data scientists became aware of SEON, a presentation was set up. A number of features were immediately appealing to the whole team, such as the great documentation and ease of integration.
“We tested SEON’s email analysis tool with our own emails, and the results were incredibly accurate,” Kaspars says. “We’ve had other demos where it all looks good on paper, and the test case doesn’t really deliver.”
Moreover, SEON’s social media profiling was the feature the team was the most excited about. “We had a feeling social media presence could help validate a user identity,” Kaspars continues. “But SEON’s Intelligence Tool was really what we needed to establish that correlation.”