Product: SEON Google Chrome Fraud Extension
Company: SEON Technologies Ltd.
SEON, a fraud prevention solutions provider, added SEON Google Chrome Fraud Extension to its expanding technology suite. Designed to seamlessly integrate into any infrastructure, the solution draws on data from across the internet to protect a company's digital footprint by weaning out false accounts, stopping fraudulent transactions before they occur. The tool runs in the background, providing a frictionless fraud prevention experience to all types and sizes of businesses, company representatives stated.
"When it comes to fraud, the main issues we've experienced during the pandemic are exactly the same as before, only on a greater scale," said Tamás Kádár, CEO at SEON. "With countries in lockdown and shops closed for business, many companies have had to move online to survive, and as a result we've seen the mass digitization of many industries."
Kádár observed that online businesses are having to rapidly respond to increased fraud levels, as card not present (CNP) fraudsters exploit work-from-home environments and real customers commit fraud during widespread, pandemic-related business interruptions. This combination of criminal fraud and friendly fraud places undue pressure on ecommerce businesses, he stated.
"Friendly fraud occurs when a consumer contests a transaction that took place with a merchant despite that transaction being completely legitimate," Kádár said. "Often it is claimed that products didn't arrive, arrived damaged or weren't as advertised. This is extremely difficult to disprove when the seller of those products wasn't there at the point of exchange and with many customers shopping online during lockdown."
Predicting criminal behavior is a critical requirement for any business that uses digital platforms, especially now, as businesses around the world migrate to online commerce, Kádár noted. SEON's Chrome extension tool can anticipate fraud by leveraging relevant data points. He added that the tool is easy to integrate by downloading the Google Chrome extension or using an API.
As he reflected on the today's threat environment, Kádár noted that the anonymity movement is creating a safe haven for fraudsters and criminals to collaborate. These expanding criminal forums, combined with global migration of businesses from physical to digital commerce, place additional pressure on businesses and fraud professionals to protect digital assets and environments, he added.
SEON's solution is designed to mitigate fraud during the current crisis and beyond by enabling users to react to threats continuously and expeditiously, without burdensome contractual agreements, the company stated. The always-on, always-connected solution is available 24/7 as a self-service tool. Following a free-trial period, the solution can be used on a month-to-month basis and cancelled and restarted at any time.
Kádár pointed out that SEON's platform is adaptable to businesses regardless of size. The platform provides exceptional detail about its ongoing threat mitigation activities, he noted.
"Machine learning is highly automated and doesn't give much insight into why certain decisions have been made, such as rejecting a customer's payment," Kádár said. "On the other hand, supervised learning is much more transparent and can report on the decisions it has made. This information is highly important and valuable for merchants as it gives them information on where their fraud is coming from, while enabling them to make the correct decisions for different cases."
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