How does consumer reporting brand GIACT compare with SEON when it comes to preventing fraud and gauging who among your customers is legitimate and who is a bad actor?
Read on for a head-to-head comparison to find where each one shines and who it’s best suited for.
Disclaimer: Everything written about the companies mentioned in this article was gleaned from online research including user reviews. We did not have time to manually test all the tools. However, we ensured the information was correct as of Q1 2023. Feel free to contact us to request an update/correction.
Also known as Giact Systems, this vendor was founded in 2004 in Dallas, Texas. Its success as a startup culminated in an acquisition by financial data infrastructure company Refinitiv in December of 2020.
Then and now, the focus has been on providing advanced functionality and assurance for financial companies in their dealings with the public. To do so, GIACT targets four primary touchpoints: account opening, account maintenance, compliance, and securing payments.
Protection from fraud and other threats is the goal of this brand, and it employs both traditional and non-traditional data sources to achieve it. It works around the world and has received positive reviews from the businesses that deploy its products.
However, it has also attracted some criticism from members of the public who hold it responsible for their applications and/or payments getting rejected in what, by their own accounts, would be false positives.
- EPIC Platform: Fully integrated product to manage the entire customer lifecycle, from digital enrolment and onboarding to payments.
- gAUTHENTICATE: Authenticate customers’ identity and ownership of bank accounts.
- EMI: Standing for Email and Social Media Intelligence, this GIACT solution validates customers using their social media profiles.
- gVERIFY: Consumer and business bank account status verification for safer transactions – in real-time or batch mode.
- A wide range of solutions enabling financial organizations to verify and authenticate customers at different points of their transactions.
- Each of GIACT’s products can be used as standalone, combined or as part of an end-to-end platform.
- PEP lists for real-time OFAC screening.
- A more legacy-based system with no option to implement custom rules.
- Limited integration options with other products & vendors; only focused on combining other Refinitiv acquisitions.
SEON vs GIACT Features Comparison Table
|Email data enrichment||Yes||Yes|
|Phone data enrichment||Yes||No|
|Find user social media||Yes, checks 50+ platforms||Yes|
|Machine learning suggestions||Yes||Yes|
|Industry preset rules||Yes||Yes|
|Custom API fields||Yes||No|
|Integration with other tools||Yes||Yes|
|Cost per month||Flexible tiered pricing based on API requests starting from $299.||N/A. Contact their sales team|
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Where SEON Wins Over GIACT
- IP analysis and phone-based data enrichment help minimize disruption and churn rates.
- More flexible products that can be used by companies in various industries.
- Can be trialed for free, and the available demo is conducted with customer batch data.
Where GIACT Wins over SEON
- Casts a wider risk prevention net for financial companies in particular by verifying accounts and beneficiary ownership.
- Provides consumer and business authentication functionality using different methods – phone, internal data, third-party databases.
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