As developers of both sports betting platforms and online casinos alongside their corresponding software, leading software provider Soft2Bet believes to be on a mission of making iGaming industry respectable and responsible. The company has quickly taken a large portion of the iGaming share with the offer of over 450,000 live events & 7,000 games.
Challenges Before SEON
Soft2Bet experienced various problems that limited its operations before collaborating with SEON:
- Time-consuming, manual review processes
- Widespread bonus abuse
- Operational inefficiencies
- Incidents of stolen IDs
- High chargeback rates
Improvements with SEON
With SEON integrated, Soft2Bet saw quite a lot of payoffs:
- Improved efficiency and more automation
- Dashboards that provide real-time visibility into customer behavior
- End to end protection across the customer journey
The Challenge
Soft2Bet had experienced rapid growth, and its review teams — in particular risk and fraud — were becoming overwhelmed by the increasing numbers of players and transactions.
“We are an iGaming success story and we see player and transaction volumes continuing to grow. But this hypergrowth created substantial strain on our review teams, especially in risk and fraud.”
While this hyper-acceleration of growth was exciting, it also brought issues with it: bonus abuse (where a fraudster abuses welcome offers by opening hundreds of accounts), identity fraud (which produces fake sign-ups and unwarranted incentives), and deposits paid via stolen cards (leading to increasing chargeback rates). The issues not only cost resources, but also threatened the relationship with payment processors and drew the attention of regulators. Considering Soft2Bet’s focus on security — as verified by its ISO-27001 certification — the ideal partner was SEON, a certified provider whose powerful anti-fraud tools come with values around transparency and security.
The Solution
SEON was implemented in no time into Soft2Bet’s existing anti-risk systems. Using SEON’s flexible fraud risk scoring, the company now automatically manages risk, blocking obvious fraudsters in real-time, but letting real customers begin playing in seconds. Despite these significant technology inputs, Soft2Bet implemented custom business rules born from their unique applications at each relevant risk vector—registration, login and deposit—to manage:
- Registration: SEON investigated digital traces to detect the possibility of false accounts.
- SIGN IN: Unauthorized access attempts were detected using device analysis.
- Deposit: The payment methods underwent strict security checks and suspicious transactions processed with a stolen card were marked right away.
This multi-faceted approach effectively decreases fraud exposure without impacting the customer experience.
Results
- ParaThe advantages of SEON’s integration are simple:
- A 40% decrease in manual queries, allowing resources to focus on more complex challenges.
- 20% reduction in manual reviews impacting overall operational efficiency.
- Limited bonus abuse, fraud registrations, and chargebacks, as a result of enhanced fraud detection during registration, login, and deposits
- A better experience for authentic players, with effortless sign-up and deposit processes, whilst still upholding solid security protocols to ensure the integrity of the platform.
As the Chief Compliance Officer Put it:
“SEON revolutionized our approach to preventing fraud. With the save in time and effort from the automation we can now spend more time fine tuning and improving our processes, policies, and procedures. This further assists our mission to make iGaming as responsible and reputable on a global scale as possible.”
By partnering with SEON, Soft2Bet has optimized its risk management and set a benchmark for responsive customer journey protection that achieves operational excellence.