SEON Tackles Fraud in the BNPL SpaceJosephine Melvinon February 22, 2022 at 12:43 TechRound

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The world’s fastest growing fraud prevention business is on a mission to eradicate fraud in the Buy Now, Pay Later (BNPL) sector.

Online fraud fighters, SEON has secured partnership agreements with several leading companies in the global BNPL sector. The agreements speak to a growing trend within the emerging space, where SEON’s comprehensive digital footprint data enrichment service is used alongside know-your-customer (KYC) checks to effectively mitigate the risks of fraud.

The BNPL industry continues to grow across all corners of the globe, with more people now choosing the alternative payment method when making daily purchases. Increasingly, many of these services are backed by online fraud prevention company SEON and its unique way of using additional data signals to help BNPL providers make more insightful decisions. With access to additional data points, businesses in the sector have been able to greatly reduce the risk of fraud, by ensuring that potential users are genuine.

Highlighting its success in the sector, SEON recently announced new partnership agreements with two BNPL companies; ViaBill and Tamara. Prior to this, SEON has announced partnerships with other leaders in the BNPL space, including, but not limited to: Afterpay, Mokka, Sezzle.

By combining comprehensive data enrichment using digital footprints and modernised device fingerprinting technology, SEON is delivering greater fraud protection to these BNPL businesses when dealing with fake users, fraud rings and bot attacks.

 

 

More broadly, by providing this security, SEON is helping the BNPL industry to flourish in developing nations, where the risk of fraud is often higher. The company’s affordable solution is enabling fintech startups in high-growth countries to enact stringent fraud prevention protocols in a cost-effective manner. In doing so, SEON is helping to create a secure environment for businesses in the sector and democratising financial BNPL services across all regions of the world.

SEON’s solution can be incorporated seamlessly within existing KYC check protocols, or used to formulate new systems entirely. At its core, the technology has been designed to have minimal impact on the customer experience and buyer journey. Similarly, as the company’s solution can be onboarded in a cost and time efficient manner, it’s ideal for any fintech startup working on a lean budget and facing an urgent need to get up and running quickly.

Speaking on his company’s work in the BNPL sector, Jimmy Fong, Chief Commercial Officer at SEON commented: “We continue to make great strides in the BNPL sector and are delighted to see our innovative technology at the heart of so many leading fintech services. Across the world, people increasingly want access to flexible payment options, but this approach comes with inherent risks. By incorporating our suite of fraud prevention solutions, credit enablers in the field can mitigate this risk in a cost-effective, straightforward manner.”

Moving forward, SEON will continue to sign new partnership agreements with businesses in the BNPL space as it looks to help the developing sector continue growing from strength to strength. The company’s solution may soon become a necessity in the field, with the alternative payment method beginning to receive more scrutiny from the media and regulatory bodies. Fortunately, SEON’s accessible, affordable and effective solution provides an ideal option for mainstream adoption.

For more information about SEON, please visit: www.seon.io

 

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