Member Article

SEON and IDVerifact team up to crack down on digital identity fraud

SEON, the fraud fighters, today announces its partnership with IDVerifact, the advanced digital identity solution. Last year it was reported that nearly half of companies experienced a fraud in the past 24 months. Recognising the increasing surge in fraud and digital identity theft, IDVerifact sought to strengthen their capabilities by partnering with SEON to extend its comprehensive suite of solutions.

IDVerifact removes the challenges associated with a traditional approach to onboarding, maintaining and optimising multiple digital identity partners. It achieves this with a complete suite of continually evolving digital identity solutions, allowing organisations to rapidly capture the data attributes required to complete trusted business transactions with their clients. As part of the deal, IDVerifact will integrate SEON’s cloud-based machine learning platform, Intelligence Tool, into the IDVerifact platform to provide inputs for user profiling decisions on transactions, all in real-time.

Built for data enrichment, SEON’s Intelligence Tool scans open-source databases and gathers extra information about users based on an email address, phone number or IP address. In addition, it enables users to simply check if an email address is valid or not and instantly get background information to create a complete user profile, flag fraudsters, confirm suspicions or remove doubts.

George Colwell, Sr. Vice President at IDVerifact, commented: “The issue we are seeing is that fraudulent activity is only increasing, yet there is no one size fits all standardised method for digital identity. But, no matter who you are or where you’re transacting, it should be secure. That’s why we developed a one stop shop for digital identity solutions, enabling customers to choose from a menu of data attributes that uniquely suit their organisation. We believe that SEON is an ideal partner to support us in reaching our goals.

He added: “Not only was it a meeting of minds when it comes to approach and our complimentary offerings, but the team at SEON also understand that there is no space for standing still so we all must continually evolve. We know that as our partners grow, so too will we.”

Tamas Kadar, CEO and Co-Founder at SEON, said: “By integrating SEON’s Intelligence Tool, IDVerifact has assembled a next-level toolbox for fraud protection, including digital identity verification, compliance, risk assessment, data capture, tokenisation and encryption. Together we are helping organisations to create safe environments to conduct transactions at the speed of today’s business.”

This was posted in Bdaily's Members' News section by Lilidh .