Before SEON was integrated, Soft2Bet faced various operational hurdles that slowed their risk processes down:
- Prolonged manual reviews
- Rampant bonus abuse
- Operational inefficiencies
- Common occurrences of IDs being stolen
- Elevated chargeback rates
- Prendeo, SEON Integration: Success in Scaling
As SEON merged in smoothly, Soft2Bet reaped incredible benefits:
- Increased automation and simplified processes
- Dashboards that provide real-time visibility into customer behavior
- The All-in-One protection for every phase of the customer journey
Fast Growth and Increasing Fraud Issues
With its player base and transaction volume increasing, Soft2Bet’s risk and fraud teams were overwhelmed. As the Chief Compliance Officer pointed out:
“Our iGaming performance has driven exponential growth in both players and transactions. Such hypergrowth put a tremendous strain on our risk and fraud review teams.”
This prompted rapid growth, alongside some serious issues like bonus abuse where fraudsters opened multiple accounts to use up welcome bonuses, identity theft that resulted in fake signups, undeserved bonuses, and deposits made with stolen credit cards that drove chargeback rates through the roof. These problems not only stretched resources, but risked relationships with payment providers and compliance with the law.
Deployment of Tailor-Made Anti-Fraud Solution
Within a short period, Soft2Bet integrated SEON into their anti-risk ecosystem. Now taking advantage of SEON’s dynamic fraud risk scoring, Soft2Bet automates its risk management, automatically blocking clear cases of fraud and allowing authentic users to start playing span within seconds. Personalized business rules, adapted from Soft2Bet’s proprietary insights, were employed at pivotal junctures:
- Registration: SEON examines digital footprints to identify possible fraud accounts.
- Sign-In: Device intelligence flags attempts to access accounts without authorization.
- Deposit: Payment processes are strictly verified, and suspicious transactions are flagged instantly.
The Business Impact and Measurable Improvements
SEON has brought plenty of benefits since its integration:
- A 40% decrease in manual queries, redirecting resources to more complex problems
- A 20% reduction in manual review times that increases overall efficiency
- Significant reductions in abuse of bonuses, false registrations, and chargebacks as a result of enhanced fraud detection at every level
- Genuine users enjoy a smooth experience with easy registration and deposit processes protected by strong security measures
SBOBET: A Giant Step Forward for iGaming security
As the Chief Compliance Officer wrote:
“SEON revolutionised our fraud prevention process. It allows us to spend time improving processes, policies and procedures as automation has helped hundreds of hours of redundant work. This step is a key part of our mission to create a more responsible and respectable iGaming industry around the world.”
In doing so, Soft2Bet has both streamlined its risk management process as well as establishing a new standard in keeping the customer journey secure while executing operational excellence through its partnership with SEON.
