Fraud fighters, SEON has revealed a raft of new updates to improve its system, and to help minimize false results. The company’s new updates will enhance the accuracy of its IP, BIN, email, phone, and platform checks.
Last month, online fraud prevention experts, SEON, released a report explaining how the worsening global economic climate was contributing to a spike in online fraud attempts. The findings revealed fraud attempts and threats have soared in recent years, with the monetary losses associated with fraud now at an all-time high. As a result, businesses increasingly need robust security solutions to stay safe online.
Thankfully, SEON is on a mission to help online businesses of all sizes to be better equipped against this challenge. To this end, the company continues to evolve its solution to provide users with even greater protection and accuracy against online fraud attempts.
Recently, SEON rolled out a new version of its Phone API, v.1.4 that includes detection and recognition of even more phone carriers and networks. Alongside that, the company has launched its IP API update, which hones in on even more accuracy when pinpointing an IP’s location.
In addition, SEON’s BIN API, which is often used by merchants to get more information about a card, has also been updated. Thanks to the update, the new system is now able to detect even more payment cards, including pre-paid cards, virtual cards, and gift cards. For the most part, users do not need to make any changes to receive these benefits, aside from the Phone API, which requires users to be operating on SEON’s V1.4 system.
Alongside these updates, SEON has provided users with more control over their digital and social media timeout and accuracy settings. Moving forward, users are now able to prioritize key digital and social signals that are popular in their region. For example, a merchant in the US might want to prioritize Twitter over a platform like LINE, whereas in Asian territories the inverse approach will likely be more popular.
SEON has also introduced an all-new lightning track system, which can cut response times significantly and enables near real-time transaction analysis. Designed as an option for its highly time-sensitive customers, including those businesses in the payment gateways, payment processors and eCommerce sectors, SEON’s lightning track system reduces fraud prevention times to a few hundred milliseconds. What’s more, with lightning track, users can pair real-time transaction analysis with feedback, without using Label API separately. This enables users to feedback and train SEON’s machine learning algorithm even quicker and easier.
Speaking on the update, Amanda Lieu, Director Brand, Product Marketing & Growth commented: “We work hard to ensure we listen to and act on the feedback of our customers. Online fraud grows in the face of rising economic uncertainty. Fraudsters are relentless, but so are we. That’s why we continuously evolve and work at ways to refine our solution. Now, through this new raft of updates, our customers are now better prepared than ever to win the fight against the fraudsters”
