UK, Tuesday 18 May 2021 – Data driven technology company Connected Data has partnered with global fraud fighter, SEON, to bring a fresh and more effective perspective to debt prevention and reduction. The aim of the partnership is to introduce data and techniques successfully used in fraud detection and prevention, to the debt management process – a first for the industry.
The partnership with SEON continues to highlight how Connected Data is bringing innovation to the way organisations manage their debt portfolios. This is because SEON’s approach to fraud prevention involves the aggregation of information in near real-time from over 20 social media platforms – the widest range of social media profiling offered by any anti-fraud tools. It investigates how contact details are used across multiple social media sites, the longevity of those details and whether they have appeared in data breaches over the years. In less than a second, it returns an accurate risk score enabling businesses to filter out low risk, genuine customers, so they can focus resources more effectively on high-risk customers or potential fraudsters. SEON has been highlighted in the 2019 RegTech100 list as one of the world’s most innovative companies.
Connected Data has successfully pivoted this approach to fraud prevention into debt prevention. The partnership will provide a vital new layer to the debt management process and a much stronger indication of how likely a person is to engage through the contact details that a business has for them. For example, an email address’ use across multiple social media platforms indicates it is used in day-to-day activity, while data breaches associated with the email indicate that it has been owned for some time and used to register for various services and accounts online. This gives a clearer indication of whether the email address is right for engaging and resolving debt issues or if other contacts routes are needed. The process is automated, so it very quickly and effectively segments those contact channels that are more likely to be the current primary contact channels details for the customer.
Kirk Fletcher, CEO of Connected Data, said: “This is a great example of how Connected Data blends different datasets to achieve fairer and more positive outcomes. Quite rightly the prevention of fraud is a major focus for our customers. Through our SEON partnership we are deploying the same impact into debt prevention – a business process that merits equal focus across any organisation. Organisations need to be able to not only reach their customers but engage with them through the most effective contact channels. Having valid, relevant, contact details is essential to this and our unique partnership with SEON is making it possible. It means organisations can maintain good relationships with those customers and focus their resources where they are needed most. It is a simple, but highly effective strategy.”
He added: “This unique approach to preventing and reducing debt has already sparked a lot of interest in the market from providers who are keen to find new ways to resolve debt issues and measure the engagement impact of their current contact channel data.”
Jimmy Fong, Chief Commercial Officer at SEON, commented: “We are thrilled to partner and power Connected Data in such a unique way. Our success in the fraud fighting space has grown rapidly as we knew we could offer a more effective, affordable, flexible, intuitive solution that clearly proves its ROI. Connected Data is a like-minded company that is doing the same with debt prevention and this synergy will work perfectly to help improve the way organisations manage their debt portfolios. Together we know that our partnership will have a strong impact in fighting fraud and reducing debt across the globe.”
SEON joins several leading data solutions providers in the UK that have partnered with Connected Data to truly data enable debt management processes.
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. Its 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 and 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: https://seon.io/
About Connected Data
Connected Data transforms an organisation’s insight across its debt management process, simplifying the deployment of predictive data, removing data noise and identifying opportunities to prevent and reduce debt across its organisation. Connected Data works in partnership with eight UK leading data solutions providers to truly data enable debt management processes.