Soft2Bet Automates Risk Reviews, Freeing Up 40% of Their Resources
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.
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.”
And the KYC, Risk, and Fraud teams had to deal with a wide range of attacks: bonus abuse, signups using stolen identities, and, more worryingly, fraudulent deposits made with stolen credit cards.
This not only caused a drain on their resources but also put the company’s security at risk. Onboarding fraudsters and high chargeback rates are an operational nightmare, which goes completely against Soft2Bet’s ideals. A solution had to be found.
“We’ve always taken security very seriously at Soft2Bet, and our ISO-27001 certification is proof of that. So it made sense to partner with SEON, who is also certified, offers effective anti-fraud tools, and shares our values regarding transparency and security.”
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.
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Partner with SEON to reduce fraud in your business with real-time data enrichment, whitebox machine learning, and advanced APIs.
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Finally, by taking control of SEON’s Fraud APIs, the team is now building another automation at the withdrawal and payment stage, where only high-risk actions must be manually reviewed. And the current results speak for themselves, as Vladislav’s team benefits from:
- 40% drop in manual queries.
- 20% faster manual reviews.
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.”
For more information about Soft2Bet, please visit www.soft2bet.com
Head of KYC
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