SEON Technologies is a software company that helps reduce the costs, time and resources lost to fraud. We deploy our prevention modules individually, or as a whole system to accelerate manual reviews, automate decisioning, and augment our customer’s detection workflow for any suspicious user activities.
Tell us about yourself?
I started SEON with my co-founder when we were still students in university and built it from scratch. I graduated from Corvinus University, where I studied Deep Info Comms. This is where I saw first-hand how fraudsters and hackers looked to get around security measures.
What is the inspiration behind your business?
SEON’s story began when Bence Jendruszák, our COO and I first met at university in 2013 and their mutual interest in cryptocurrencies became apparent. Our first project was actually a crypto exchange for the Central and Eastern European region. However, our project soon became a victim of regular fraud and there were no viable fraud prevention solutions.
This sparked the first idea of establishing a viable business.
What is your magic sauce?
SEON has developed two software tools that can help our client’s detect fraudulent behaviour and eliminate malicious intent from the start. Since a majority of fraudsters use similar methods like email phishing and fake identities or reverse chargebacks, we have implemented a system to filter and cherry-pick these users’ behaviour.
An outline of your magic sauce. How do you differ from the competition?
To simplify everything, artificial intelligence and supervised machine learning are a major part of our solutions that give us a competitive edge.
They allow us to keep adapting new methods because fraudsters are always trying something new. If we had adopted the approach that other companies use we would not be nearly as successful as we have been. What’s more, our clients come from diverse industries, from igaming to online lending to travel.
How has the pandemic impacted your company?
Online fraud has always been prevalent. However, because of the pandemic, online presence and thus fraud has risen. This gave us an opportunity to take action and help companies from falling victim to repetitive fraudsters and scammers.
Despite the many difficulties that the pandemic and the lockdown has left us with, it gave the company a chance to make use of what it can offer our clients and to further expand. Many businesses have moved into the online space very quickly without being aware of fraudsters’ methods to deceive businesses.
Where do you see your company going in 5 years?
We will definitely continue our expansion both online and offline. We already have eyes on establishing and growing our offices in Austin and Jakarta to help our customers from all over the world to fight fraud.
However, looking in the long run, we are hoping to secure our series B and maybe series C funding to further propel the growth of our business.
What has been your biggest setback so far?
Despite the fact that there have been talks for years about going digital, it seems as if key players and entities are still unprepared for the risks that lie in operating online. One of our challenges is to help and build awareness of the issue and how our software tools can mitigate the problems that lie with fraud.
What has been your biggest win so far?
We have made the headlines in our many offices in Budapest after securing our series A funding of 12 million dollars by Creandum. This has been the biggest series A investment in Hungary so far and we’re really proud of this achievement.
How do people get involved/buy into your vision?
Fraud will always be present no matter what. But what we truly want is to fight towards establishing a fraud free world or reduce it by a fraction. That is the ultimate goal that we believe many can picture and agree with.
We want businesses to operate with an ease of mind, knowing that they can proceed with their everyday tasks with less and less worry of becoming victims of fraud.