News from the Wire

SEON, Patreon partner to fight subscription fraud

Tuesday, September 29, 2020 — 10:55:00 (EDT)

Budapest, HU. 29 September 2020: SEON, the fraud fighters, has today announced its partnership with Patreon, the leading membership platform, home to over 200,000 creators and supported by more than 6 million active patrons, which will be utilising SEON’s unique and innovative fraud prevention solution to help fight fraud and abuse in its membership platform.

Launched in 2013, Patreon empowers membership businesses for creators by giving them the tools needed to acquire, manage, and energize their paying patrons and recently achieved unicorn status. The company follows a subscription-style payment model, where fans pay their favourite creators a monthly amount of their choice in exchange for exclusive access, extra content, or a closer look into their creative journey. However, while the internet has opened up new possibilities for creators to expand their audiences and to share their works, it comes with its challenges, such as internet breaches and the selling of data on the dark web.

By integrating the solution via an API or chrome extension, Patreon will have near-immediate access to SEON’s services and will be able to skip the long integration times experienced when it comes to most fraud prevention tools.

The company will have instant access to rich data taken from the email, phone number or IP addresses it gathers from customers, while also collecting all accessible data points about customers’ digital footprints from social media profiles, available via open sources in the public domain. This allows Patreon to identify which users are genuine and which accounts are fraudulent, protecting its customers and creators from online fraud.

Patreon will integrate SEON’s tool alongside its existing fraud solutions, ensuring a fully optimised payment experience by maximising payment acceptance and minimising declines based on having the most up-to-date information. What’s more, SEON’s processes take place in real time and entirely in the back-end so patrons won’t experience any additional friction during the payment process, while security is bolstered.

Jacqueline Hart, Trust & Safety at Patreon, said: “We were impressed with the amount of information SEON could provide on an email address to give us comfort in whom we are doing business with. Being able to give enriched data and save the step of having a human chase down the information on a customer was a step up for us in our fight against fraud and abuse.”

Tamas Kadar, CEO and Founder at SEON, commented: “When we created SEON, we made it our mission to fight fraud differently from existing technologies, in Patreon we found a customer with the same disruptive spirit. Patreon saw the value of how it makes life easier for its fraud team to safeguard transactions and have round-the-clock access to a platform which contains all the information needed to fight fraud.”

About SEON

Despite the vast global market that is online fraud prevention, SEON founders Tamas and Bence, found no suitable solution for their own budding crypto business – so they built one like no other. New to ‘fraud’ they leapfrogged legacy technology to create a digital native solution, which is intuitive to changing fraud behaviour and environments.

Online security is increasing in priority daily, and the former classmates were quick to get the attention of investors, raising €1.5M in seed funding from PortfoLion – part of the influential OTP group – so far.

SEON is now one of the rare start-ups to be profitable only 2 years after launch, tripling year on year gross revenue and with 95% inbound. Why? Because the founders have created a business so relevant to the way we live our business and personal lives today. They are not afraid to confront an industry that they believe to be failing, and their approach works.

SEON helps online businesses of all sizes fight back against fraud. It was built out of necessity and aims to remove the barriers to fraud prevention that many companies face, with rapid integration times, rolling monthly contracts and a one-size-fits-all platform that is easy to operate and is accessible 24/7.

SEON’s technology draws on data from across the internet to establish customers’ digital footprints to wean out false accounts and prevent fraudulent transactions from taking place. All of SEON’s tools work in the back-end to remove any friction associated with fraud prevention. To learn more about the company, visit: seon.io/

About Patreon

Patreon is a creator-founded membership platform for artists and their most passionate fans. We help creators support their work through direct fan membership, so they can afford the freedom to do their best work, and the stability to build an independent creative career. In turn, fans get a chance to get access to community, exclusive content, and the chance to become active participants in the work they love. Our end-game? A new creative economy that’s changing the way art is valued. When fans can be more than followers, artists can finally get rewarded for the impact they have on our lives. To learn more about Patreon, please visit: www.patreon.com/

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Source: Company press release.