MoneyMe has chosen SEON's platform to enhance its fraud prevention and credit decisioning capabilities amid increasing digital lending activity in Australia.
The partnership, announced by SEON, sees MoneyMe deploying the unified fraud detection platform across its auto loans, credit cards and personal loans portfolio. This move comes as payment fraud losses in the Asia Pacific are projected to exceed USD $362 billion between 2023 and 2028, with identity-related frauds on the rise due to data breaches and advanced, artificial intelligence-driven methods.
SEON's suite will provide MoneyMe with advanced tools in device intelligence, behavioural analysis and detection of second-party fraud. This decision follows MoneyMe's assessment of several fraud prevention vendors and aligns with the company's objective to proactively strengthen its risk management strategies while maintaining its standard for customer experience.
Platform capabilities
MoneyMe's phased introduction of SEON's technology will involve using the system both for fraud prevention and for enhancing credit decisioning processes. SEON's data engine integrates multiple data points, aiming to increase visibility across all risk vectors for MoneyMe's teams, and to enable a coordinated approach between the lender's fraud, risk and compliance units.
"SEON stood out for its flexibility, strong device intelligence and scalability," said Jonathan Wu, MoneyMe's Chief Operations Officer and Chief Product Officer. "Its platform will help us consolidate tools, reduce complexity and enhance both fraud prevention and operational efficiency as we grow."
MoneyMe is seeking to improve its ability to identify complex fraudulent patterns in real-time and to adapt its fraud detection approaches as new threats emerge. The lender also intends to use SEON's integrated dashboard to consolidate risk insights and coordinate responses across different departments.
Future plans
According to MoneyMe, incorporating SEON's technology is also expected to add more data points for credit modelling, with the aim of improving the accuracy of lending decisions and generating cost savings in areas such as Know Your Customer (KYC) checks and customer onboarding processes. MoneyMe also plans to extend SEON's involvement to include transaction monitoring in future phases.
Troy Nyi Nyi, Senior Vice President and GM, APAC at SEON, commented:
"MoneyMe is the kind of forward-looking fintech we built SEON for. By combining device intelligence, digital footprinting and real-time compliance in one centralized command center, we're helping them to both stop fraud before it starts and scale securely."
The new deployment aims to provide a central hub for MoneyMe's ongoing efforts to mitigate fraud and comply with regulatory requirements amidst its expansion.
Sector trends
The collaboration is set against a backdrop of heightened fraud risk throughout the Asia Pacific region. Experts point to a "wave of sophisticated attacks" that are rapidly evolving, often leveraging data breaches and artificial intelligence to defraud both banks and their customers. As digital lenders scale operations and increase reliance on advanced technology, the need for integrated and adaptive risk management tools continues to grow.
MoneyMe's use of SEON's platform reflects broader industry trends towards consolidating technology and data resources to improve both security and operational efficiency. With regulators also increasing scrutiny on financial crime controls in the sector, lenders are expected to balance compliance with the delivery of seamless customer experiences.
The companies have signaled that future work may include refining transaction monitoring and onboarding workflows as threats evolve and lending operations expand.
