In an increasingly competitive market, VPN providers like Buffered cannot afford to see their margins decimated by chargeback rates.
Integrating SEON into their platform helped Buffered reduce chargeback rates by 91%, increase their bottom line, and remain competitive.
- Drastically reduced chargeback rates
- Decreased manual queries
- Increased fraud catch rates
- Delivered results after 30 days only
- Machine learning system improved results after 6 months
Enabling an additional layer of security over your connection is in high demand. It is a service VPN or Virtual Private Networks offer, and the market is growing at a swift pace. According to a report by Market Research Future, it is predicted to reach $106B by 2022, at a CAGR of 13%.
Buffered is one of these providers, delivering a private, safe and fair use of the Internet for all their users. Combining high speed servers and a unique military-grade encryption protocol, their technology has been praised by CNET, PCMag US, BEST VPN, The Sydney Morning Herald, and Wired, amongst others.
Creating a safe environment for Internet users doesn’t protect VPN companies from cybercrime themselves. Chargeback fraud is especially frequent, and in the case of Buffered, a threat to their existence. “We knew our military-grade encryption was one of our USPs,” says Gergely Kalman, CEO at Buffered. “But fighting against fraud was eating into our margins, which was seriously going to damage us in the long term”
After trying several fraud prevention systems, they settled on SEON for their platform. “We knew SEON gave us the flexibility we needed,” Gergely says. “For instance, we could immediately filter out users from high-risk countries, and it was very easy to do it from the admin panel”.
RESULTS OF THE IMPLEMENTATION
chargeback rate reduced by
time to take effect
“I couldn’t believe how fast the results came,” says Gergely. “Our chargeback rates dropped by 91% in one month only.” Moreover, the number of manual queries and fraud catch rates continued to improve after the initial 30 days as the system adjusted itself – part of the benefits of deploying a machine-learning algorithm to fine-tune accuracy.
On top of the 91% reduction rate, Buffered was especially pleased with how seamless the integration process was. “The APIs made a big difference to us,” Gergely continues. “This is all part of what makes SEON special. We saved time and effort on the integration, which allowed us to focus on growing and maintaining a sustainable business in the long run.”
(For more information about Buffered, please visit buffered.com)