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In a move designed to optimize user experiences and filter out fraud attempts, online fraud prevention experts, SEON has partnered with challenger bank, tbi bank, to leverage its Machine Learning based fraud detection platform. 

As we kick off 2023, fraud remains a pervasive trend among online banks. Thankfully, a growing number of companies in the sector are becoming more aware of the problem and are increasingly looking to build effective protocols that mitigate the issue before it affects customers. Working in this vein is tbi bank, one of Southeast Europe’s fastest-growing challenger banks, which recently partnered with online fraud prevention experts, SEON. 

As part of the new partnership, tbi bank will incorporate SEON’s powerful online fraud prevention system into its customer onboarding journey. The move has been designed to enable better and safer financing experiences for the bank’s customers and is centered around a broader desire to enhance user experiences across the company’s vast network of business and retail customers. 

Alongside optimizing user experiences, the tools provided by SEON will help tbi bank to filter out fraud attempts in real-time. The company’s revolutionary system harnesses the immense power of Machine Learning to assess and act on the risk of online fraud in an incredibly responsive manner. With SEON’s assistance, tbi bank will soon be able to reduce the costs and resources it’s previously lost to fraud.

Whereas some online fraud prevention platforms require users to trade off customer experience with security, SEON’s solution leverages powerful AI systems to provide a ‘best of both worlds’ situation that’s perfectly suited to the demands of modern banking customers. Moving forward, tbi bank will be able to offer an enhanced customer onboarding journey to its users, without sacrificing important security checks. 

What’s more, thanks to its API-first approach, SEON’s system was onboarded by tbi bank in only a matter of hours. This efficiency was a major benefit for the challenger bank, who were able to integrate the company’s complete and transparent solution into their existing fraud prevention infrastructure seamlessly. In doing so, tbi bank was able to eliminate the time and cost demands usually required to undertake such an upgrade. 

Speaking on the new partnership, Jimmy Fong, Chief Commercial Officer at SEON commented: “SEON is the perfect tool for challenger banks like tbi bank, providing these organizations with a powerful tool in the fight against fraud. Our automated system offers clear results to clients at the point of sign up in a transparent and reliable manner, thus helping to verify potential new users with zero friction.”

Costin Mincovici, Chief Credit Officer at tbi bank commented: “Our team has the ultimate goal of serving customers’ real needs, so we added a fraud solution to quickly filter out high-risk users, without increasing friction for our valuable customers. The additional data provided by SEON adds valuable information to our database, allowing us to improve and update our risk models with Machine Learning methodologies.” 

The new partnership marks the beginning of a bigger collaboration between SEON and tbi bank, which will see the fraud prevention experts join the financial institution’s larger ecosystem of customer and business protection tools. The company’s capabilities in this exciting space are now well-established and prior to partnering with tbi bank, SEON has already worked with sector leaders, including Revolut, FairMoney, Carbon and Nubank. 

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