With the advent of the digital age, fraudulent activities and practices have become a growing problem for individuals, businesses, and even governments. Implementing a fraud prevention strategy is no longer a matter of choice; it is a necessity if different segments of society are to reap the enormous benefits offered by digitalization. This consideration of eliminating and curbing cyber fraud inspired Tamas Kadar and Bence Jendruszak to lay the foundations of SEON.
The SEON categorizes itself as a fraud prevention software company. It specializes in real-time fraud detection. Established in 2018 with offices in London, Budapest, Jakarta, Indonesia, and Austin, Texas, the company has a business network that spans the globe.
Utilizing this network, the company’s vision of establishing a fraud-free world has expanded worldwide, making it the fastest-growing fraud prevention company worldwide. The company’s target market includes all online companies, regardless of their size and business sector. Its primary goal is to provide an efficient and affordable fraud prevention strategy.
This strategy is devised through machine learning and human intelligence algorithms. This allows the company to integrate its method into the business’s digital system in a matter of minutes, allowing it to provide real-time reactions, effectively stopping fraudsters before they can cause any damage.
As any fraud prevention strategy is not a one-size-fits-all solution, the company offers a vast arsenal of fraud prevention tools such as device and browser fingerprinting, email and social media lookup tools, and IP address analysis.
These tools adapt to the client’s business, irrespective of their sector, enabling them to implement the tools into their cybersecurity strategy. With these tools taking care of detecting and preventing fraudulent activities, companies can concentrate on growing their business operations.
Tamas Kadar and Bence Jendruszak, founders of SEON, utilized their personal and professional experiences to create an optimal fraud prevention strategy. Interestingly, they became the company’s first customers.
The two founders became friends owing to their shared interests as students at the Corvinus University of Budapest. Their mutual interest in cryptocurrency prompted them to start their first business: a crypto exchange for Central and Eastern Europe (CEE).
At the time, cryptocurrency was yet to gain popularity and development. The phenomenon was relatively less widespread in their part of the world, which convinced them that they had a winning idea. Hoping this factor would contribute to their success, the founders were bitterly disappointed when cyber fraudsters quickly annihilated their dreams.
The moment their site went live, it became targeted by fraud attempts. The founders immediately started looking for companies that could help them reduce cyber fraud risk. But none of the companies they considered were a good fit. A gap existed in providing fraud-prevention solutions for businesses working in high-risk niches like the crypto exchange.
The companies considered such danger a normal part of business operations. Tamas and Bence couldn’t accept this, so they decided to create their own fraud management solution. While it was initially meant only for their business, companies in similar situations soon reached out, asking if they could employ the innovative method on their own sites. And so, the idea for SEON was born.
The company has expanded worldwide with over 5,000 customers in different industries, from iGaming, payment getaways, banking, and lending institutions to travel, ticketing, and crypto. The adaptive nature of the company’s fraud prevention tools meets the requirements of various clients, including Revolut, Patreon, AirFrance, KLM, NuBank, Sorare, and Ladbrokes, among many others.
According to Jacqueline Hart, Head of Trust and Safety at Patreon, SEON’s fraud prevention strategy offers smooth dealings with clients since it provides more information about customers while preventing fraud. The company’s unique combination of tools allows it to gather enough information about the users and create individual customer profiles.
The clients can use these profiles to recognize any discrepancies as soon as they happen, preventing fraudsters from exploiting them while minimizing false positives. The company enjoys its clients’ feedback and looks forward to every company reporting that they managed to cut fraudulent behavior by implementing its tools.
It can be hard to start a new company and turn a profit. However, the company has become profitable since the end of 2019, merely two years since its inception. In 2021, the company received Series A funding from Creandum, followed by an additional $94 million in Series B funding from IVP.
The company plans to use this funding to expand its presence to North America, LATAM, and the APAC region. They hope more companies will recognize the benefits of this accessible and flexible fraud prevention solution to become the go-to solution for stopping cyber fraud worldwide.
Message to customers and viewers
“Our online presence is constantly growing and shows no signs of stopping. Technology development and the digital transformation of businesses have made that possible for us, but that has also opened the doors for fraudsters. If we want to remain safe, online security needs to become everybody’s responsibility. Large data breaches result from human error and could be easily prevented if we all invested a little time in raising our cybersecurity awareness.
By becoming more mindful about how we interact online and implementing cybersecurity solutions, we would be able to stop fraudsters from exploiting our weaknesses and stay safe online. Fraud has always been present in businesses, but due to the development of technology, it has reached new heights. This puts every company or individual that does business online in danger of becoming a victim.
Cybercriminals and fraudsters use new technologies to reach more victims to exploit, and it is time to end it. By implementing an efficient fraud prevention strategy, businesses can stop fraudulent behavior before it causes any damage. Unfortunately, we no longer have the option of believing the best will happen and that fraudsters won’t target us. It is time we became more proactive in staying ahead of cybercriminals and ensuring our online safety.”
