Hungary-based fraud prevention company SEON has partnered with tbi bank to deploy its machine learning-based fraud detection platform. As part of the new partnership, tbi bank will incorporate SEON’s 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 centred around a broader desire to enhance user experiences across the company’s network of business and retail customers. Alongside optimising 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 power of machine learning to assess and act on the risk of online fraud in a very responsive manner.

With SEON’s assistance, tbi bank will soon be able to reduce the costs and resources it’s previously lost to fraud. Preventing fraud without degrading user experience Whereas some online fraud prevention platforms require users to trade off customer experience with security, SEON’s solution leverages AI systems to provide a ‘best of both worlds’ situation that’s suited to the demands of modern banking customers. Moving forward, tbi bank will be able to offer an augmented 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.

Speking on the partnership, officials from tbi bank said that their team has the ultimate goal of serving customers’ real needs, so they added a fraud solution to quickly filter out high-risk users, without increasing friction for valuable customers. The additional data provided by SEON adds valuable information to their database, allowing to improve and update 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 the likes of Revolut, FairMoney, Carbon, and Nubank. .