Credit, Collections & Insolvency News
Data-driven technology company Connected Data has announced that it has partnered with global fraud fighter, SEON, to introduce data and techniques successfully used in fraud detection and prevention, to the debt management process.
SEON’s approach to fraud prevention involves the aggregation of information in near real-time from over 20 social media platforms – the widest range of social media profiling offered by any anti-fraud tools. It investigates how contact details are used across multiple social media sites, the longevity of those details and whether they have appeared in data breaches over the years. In less than a second, it returns an accurate risk score enabling businesses to filter out low risk, genuine customers, so they can focus resources more effectively on high-risk customers or potential fraudsters.
Connected Data says that the partnership will provide a vital new layer to the debt management process and will demonstrate a stronger indication of how likely a person is to engage through the contact details that a business has for them. For example, an email address’ use across multiple social media platforms indicates it is used in day-to-day activity, while data breaches associated with the email indicate that it has been owned for some time and used to register for various services and accounts online. This gives a clearer indication of whether the email address is right for engaging and resolving debt issues or if other contacts routes are needed. The process is automated, so it very quickly and effectively segments those contact channels that are more likely to be the current primary contact channels details for the customer.
Kirk Fletcher, CEO of Connected Data, said “This is a great example of how Connected Data blends different datasets to achieve fairer and more positive outcomes. Quite rightly the prevention of fraud is a major focus for our customers. Through our SEON partnership we are deploying the same impact into debt prevention – a business process that merits equal focus across any organisation. Organisations need to be able to not only reach their customers but engage with them through the most effective contact channels. Having valid, relevant, contact details is essential to this and our unique partnership with SEON is making it possible. It means organisations can maintain good relationships with those customers and focus their resources where they are needed most. It is a simple, but highly effective strategy.”
“This unique approach to preventing and reducing debt has already sparked a lot of interest in the market from providers who are keen to find new ways to resolve debt issues and measure the engagement impact of their current contact channel data.”
Jimmy Fong, Chief Commercial Officer at SEON, said “We are thrilled to partner and power Connected Data in such a unique way. Our success in the fraud fighting space has grown rapidly as we knew we could offer a more effective, affordable, flexible, intuitive solution that clearly proves its ROI. Connected Data is a like-minded company that is doing the same with debt prevention and this synergy will work perfectly to help improve the way organisations manage their debt portfolios. Together we know that our partnership will have a strong impact in fighting fraud and reducing debt across the globe.”
