Lucinity Makes a Strategic Alliance With SEON To Explore Synergies In AML Compliance And Fraud Management


Lucinity, developer of the AI-driven anti-money laundering (AML) software, has partnered with fraud management company SEON to include real-time fraud prevention capabilities in its AML compliance software.

Lucinity’s AML solution leverages artificial intelligence (AI) to support human insights, providing greater efficiency and productivity for compliance risk professionals.

SEON’s fraud prevention solution will now be available through Lucinity’s platform, providing customers with holistic compliance risk services from transaction monitoring to real-time fraud detection and prevention.

Founded in 2017, SEON has served more than 5,000 customers globally and is growing rapidly. Its solution simplifies fraud management by validating purchasers’ identities and flagging fraudulent transactions in a matter of seconds. SEON offers real-time credit card payments monitoring, leveraging predefined and customizable rules designed to monitor credit card transactional activity at scale. This enables SEON to detect illicit behaviour through cutting-edge intellectual property (IP), device fingerprinting, and social media monitoring.

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By bringing SEON’s real-time data into Lucinity’s AML software, the partnership will break down barriers of siloed areas of AML and fraud to analyse risk and behaviour holistically. Compliance professionals will now be able to consolidate their compliance risk activities in one platform and link money laundering and fraud cases. Intuitive visualisations will provide users with the ability to make decisions efficiently and at speed. This will enable fraud analysts to approve or reject a transaction within Lucinity’s AML solution and connect with the payment processor to stop a fraudulent transaction.

Jimmy Fong, Chief Commercial Officer at SEON commented: “As we see an increasing overlap between money laundering and online fraud, it makes complete sense for a compliance risk leader like Lucinity to expand its offering with SEON’s anti-fraud features. We couldn’t be prouder to have our technology selected by Lucinity and can’t wait to see how it will help its customers break down the barriers of data silos.”

“One of Lucinity’s core values is shared intelligence. It means playing to our respective strengths to achieve a greater goal, which is exactly what we are trying to do with SEON,” added Jeremy Doyle, VP of Enterprise and Partnerships at Lucinity. “We truly believe that bringing AML transaction monitoring and fraud prevention together is the next natural step in fighting financial crime more effectively.”

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