SEON augments fraud detection and reduces false positives for tech companies

Tuesday 19 October 2021 13:55 CET | News

Hungary-based fraud prevention company SEON has updated its fraud detection solution with new capacities that augment fraud detection while reducing false positives.

SEON’s solution was already able to create risk profiles from 500 different parameters, and this update increases its capabilities, preventing more fraud attempts before they happen. According to the press release, device fingerprinting is a powerful tool when countering fraud, as fraudsters will rarely if ever use ‘normal’ setups. The company states that fraudsters will want to both hide their identity and have automated systems carry out multiple fraud attempts at once.

SEON’s fraud detection solution also detects burner phones, virtual numbers, disposable phone numbers and identifies more carriers and networks to prevent false positives. Fake phone numbers are used to cheat fraud prevention solutions, hence why SEON has added this to its arsenal of fraud detection features. Similarly, SEON tracks suspicious IP addresses that have been associated with SSH brute force attacks, hacking attempts, malicious IPs, Postfix/IMAP scans, Telnet scans, and spam hosts.

This solution can also detect new threats like the ERMAC trojan, which spreads over phones using the Android operating system and can potentially compromise bank accounts. 

The update will be available to all current SEON users, as well as all new SEON users. It is the latest in a string of updates, new features and new integrations that SEON have offered in 2021, which includes everything from simplifying GDPR compliance to an app for the Shopify online store.

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Keywords: fraud prevention, SEON, product upgrade, digital identity, fraud detection
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Hungary
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