What’s The Advantage of Modular Fraud Prevention Services?

What’s The Advantage of Modular Fraud Prevention Services?

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by Tamas Kadar

SEON was built from the ground up with a modular approach to fraud prevention services. Here’s what that means.

Traditionally, fraud platforms are a take it or leave it proposition. Regardless of your business vertical, you’re forced to buy the whole package, or look for alternatives.

At SEON, we wanted our tools to be buyer-focused. We intentionally decoupled our tech to be as modular as possible, which would allow it to adapt to specific tech requirements. 

Fraud Prevention Competitor Comparison

Here are the reasons we believe this approach is particularly useful, and details about what we call modular in the first place.

Forget About Rip and Replace

The fraud market is complex, with a myriad of options available to users. And since the problem of fraud isn’t a new one, many organizations already have systems in place, either in-house or from a third party vendor. 

But what happens when you need to update your current tech stack? You’re left with one option only: rip and replace. This is costly, time consuming, and can derail business operations during the integration time, which can last up to a couple of weeks at least. 

This is why frictionless integration is a core feature of SEON. But before we go into details about our flexibility, let’s look at how our end-to-end solution works.

The Full SEON Fraud Prevention process

If you need a complete end-to-end fraud detection platform, this is how our Sense Platform functions:

  1. We receive data about a user (via the Fraud API and Device Fingerprinting)
  2. We use data enrichment with our Email, Phone and IP modules, which also includes Social Media Lookup
  3. SEON’s Scoring Engine then triggers the rules
  4. You see a risk score, which allows you to automatically APPROVE, DENY or REVIEW user actions.
Sense Platform and Intelligence Tool differences

Data Enrichment For All: The Intelligence Tool

One interesting thing we realized was that in the four-step process highlighted above, step #2 was particularly in demand from certain clients.

They wanted to use our advanced data enrichment capabilities, but to bring the results into their own fraud system or for manual reviews. 

This is precisely what gave birth to the Intelligence Tool. It is made of modules for Email, Phone and IP analysis, but you can choose which ones you need, and integrate them with complete flexibility via:

  • API: our well-documented REST APIs make it easy to get started within hours,
  • Chrome extension: anyone can manually tap into our vast network of data in one-click, directly from their browser,
  • Admin Panel: where you can copy and paste data manually, directly into SEON’s GUI.

Regardless of how you use these modules, the results come in real-time, and with complete transparency in terms of check results: all the metadata and every point are included in the response. 

And you always get a risk score, explained via human readable rules, to block fraudsters and understand why they have been flagged in the first place.

Let’s Meet Every Fraud Prevention Needs

The ability to leverage the data enrichment tools independently is proving particularly popular with certain industries. 

  • Online lending operators and fintechs: tend to use data enrichment as part of a pre KYC check. The risk scoring is usually done in-house with their proprietary digital credit scoring systems.
  • Gambling and iGaming operators usually require full end-to-end solutions, that look at user data from the moment they land on their website, to the moment they cash out their chips. They need specific risk rules that can adapt to meet new regulations such as self-exclusion laws, for instance.

In short, there are as many fraud prevention stacks as there are companies out there. So why would one-size-fits-all work, when we know that fraud attack vectors change depending on the industry and current trends?

Customizing the Output for Better Productivity

So you can pick and choose which fraud prevention services you need, and get complete freedom about how to use them. But what about the results?

Well, here again, SEON is designed for flexibility and customization. Some fraud managers already use our system creatively, for instance by getting Slack notifications about unusually high transactions. Others feed the enriched customer data into their CRM to gain a 360 view of their users.

And our upcoming Zapier integration will enable fraud managers to automate their workflows with even more freedom, and with even more web apps. 

Modular or End-to-End, We Streamline Fraud Workflows

For organizations who have never deployed a fraud detection system, our end-to-end solution is extremely powerful, efficient, and intuitive. 

The Sense platform provides all the team management features you need, accessible from an admin panel with outstanding user experience and customizable widgets.

But those who only need to improve their current fraud tech also get the same powerful data enrichment tools available as a plug and play setup. They can choose how to feed the data into their system and utilize the output as needed.

This is what SEON means by modular. Not just the ability to pick and choose your tools, but also to have complete control over how you use them.

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Tamas Kadar

Tamas is the founder and CEO of SEON and an expert in all the technological aspects of fraud prevention.

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