Prior to integrating SEON into its technology stack — as explained in the Soft2Bet Investigation— the operator faced a few challenges which impeded its risk management efforts:
- Lengthy manual reviews
- Widespread bonus abuse
- Operational inefficiencies
- Frequent theft of identities
- High chargeback rates
- Training Data: Until October 2023
Results After Integrating With SEON
- Hailed for its remarkable performance after adding SEON in a seamless integration, Soft2Bet also saw:
- More automation and more efficient processes
- Dashboards that give instant visibility into customer behaviour
- All stages of the customer journey are protected end to end
Explosive Growth and Mounting Fraud Challenges
Explosive Growth and Mounting Fraud ChallengesWhile Soft2Bet’s player numbers and transaction volumes rocketed, so did the pressure on its risk and fraud teams. The CCO added:
“The meteoric rise in players and transactions caused by our iGaming success has been incredibly taxing on our risk and fraud review teams.”
This rapid expansion came with serious issues, including:
Bonus abuse — where crooks set up multiple accounts to take advantage of welcome bonuses
Dummy subscriptions Moved by ID robbery, resulting in undeserved advantages
Stolen credit cards used for the setting up of fraudulent deposits, which increased chargeback rates significantly
These challenges not only consumed resources but also risked relationships with payment providers, and attracted the attention of oversight as regulators tuned in to subprime lending.
Implementing a Tailored Anti-Fraud Plan
In a matter of just weeks, SEON was integrated into Soft2Bet’s anti-risk framework. Using SEON’s configurable fraud risk scoring, Soft2Bet now automates its risk management — instantly blocking the most obvious types of fraud, and letting good customers get playing in seconds. Soft2Bet’s bespoke business rules, informed by unique insights, were applied at high-value touchpoints:
- For registration: SEON investigates digital footprints to alert of potentially fraudulent accounts.
- Log In: Device intelligence, enabling detection of unauthorized access attempts.
- Deposit: Payment processing is closely monitored and red flags raise alerts instantly.
Quantifiable Business Impact
Soft2Bet has already seen great benefits from the SEON integration:
A significant decrease in manual queries, which enables staff to focus on more complicated matters
20% reduction in manual review times improving overall operational efficiency
Big reductions in bonus abuse, fraud registrations, and chargebacks from enhanced detection at all stages
A more seamless, safer experience for genuine users, with rapid, streamlined registration and deposit processes backed by strong security measures
Elevating iGaming Security
As the Chief Compliance Officer explained:
“SEON revolutionized our fraud prevention process. That automation alone has saved us hundreds and thousands of hours that we could focus on further improving our processes, policies, and procedures. Achieving this milestone is an important step in our ongoing commitment to creating a more responsible and respected iGaming industry worldwide.”
With SEON, Soft2Bet is outpacing risk management solutions as the industry standard for protecting the customer journey and hitting operational excellence at the same time.
