e-Ticket Marketplace Lowers Fraudulent Transactions to 0.01%
About Tickething
Every startup founder knows they must offer real solutions to real problems, which is exactly how Tickething was born. After realising how difficult it was to resell or acquire legitimate second-hand e-tickets for events, the Hungarian startup was launched to offer the world’s safest and friendliest fan-to-fan ticket marketplace. Partnering with a number of renowned European festivals and events, Tickething takes every step necessary to ensure users are trustworthy. This allows fans to sell or buy e-tickets for any kind of event, such as concerts and festivals with complete peace of mind. More importantly, the platform works fast and transparently to ensure fans never miss out on last-minute opportunities.
Tickething – Ticket Fraud Challenges
Online marketplaces of any kind are fertile ground for scammers. It’s easier than ever to acquire fake credentials and stolen credit card numbers, which fraudsters use to purchase tickets. They then resell them for real profit to unsuspecting buyers, which means real fans are often in for a bad surprise.
As a fan-to-fan e-ticket resale marketplace, we had many issues with tickets purchased through stolen credit cards and offered for resale. Fraudsters tried to use our platform to cash out, which harmed our reputation and user trust.
Filtering out bad individuals was therefore the number one high priority for Tickethings’ business plan. Unfortunately, this meant increasing manual reviews, which was costly for the company, in terms of time, resources and budget.
How SEON Impacted Fraud
To filter out suspicious users before sign up, Tickething began researching fraud prevention tools. They needed it to integrate seamlessly within their platform, preferably fast, and with complete control. After hearing about SEON through word of mouth, they decided to integrate its fraud prevention API.
We were looking for an integrated solution that works with our payment solutions, and would also allow us to run security checks on our users at different steps of the user journey. SEON proved to be the perfect fit for our platform.
Allow rapid decision making for a frictionless onboarding experience. Leverage real-time digital foot printing to quickly identify fraudsters.
Results of the implementation
Reduced suspicious transactions to
0.01%
Automated entire fraud prevention
through API.
Virtually eradicated
manual reviews
The Tickething team was immediately won over by the flexibility and easy integration of SEON’s API. And the results weren’t disappointing either: after a few months only, suspicious fraud transactions decreased from 0.9% to 0.01% virtually eradicating the need for manual reviews in the process.
Since all the fraud screening and flagging is done automatically, Tickething’s team managed to increase productivity, reduce overheads, and refocus their efforts where it matters the most: giving real fans full control over their event tickets.
CEO
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