SEON Case Study | Hackrate

Meet SEON: AI-powered defense against fraud & money laundering

SEON is the industry’s only end-to-end fraud prevention solution that utilizes advanced AI to stop fraud before it happens.

Their team helps online businesses minimize risks and financial losses from fraudulent techniques, such as account takeovers, bonus abuse, bot attacks, synthetic identities, chargebacks, and money laundering, regardless of size and industry.

US expansion challenge: strict cybersecurity requirements

Following a successful growth trajectory across Europe, Latin America, and Asia-Pacific, the SEON team set their sights on the United States. For a European company expanding into the US, implementing a bug bounty program is a necessity, as the US regulatory landscape is strict on data security and consumer protection.

Recognizing the importance of robust security measures, SEON conducted a thorough evaluation process of various security testing providers. Ultimately, the Hackrate team’s expertise and strong customer focus convinced them, and they chose our managed private bug bounty program to support them throughout the expansion.

Crowdsourced security testing & instant reports

"Hackrate’s ethical hackers uncovered several vulnerabilities we might have missed with traditional methods. We also received clear and detailed vulnerability reports with accurate severity assessments that have been invaluable in prioritizing fixes and ensuring the ongoing security of our platform."

Richard Kirner
Head of Security, SEON

The initial kickoff phase and the testing went smoothly on both sides. The SEON team provided a meticulously prepared testing environment that mirrored their live environment, making it easier for ethical hackers to participate effectively, leading to a more productive bug bounty program.

While traditional penetration testing provides a strong foundation, Hackrate’s bug bounty program goes a step further. Our diverse ethical hacker community brings fresh perspectives and out-of-the-box thinking, enabling them to discover vulnerabilities that traditional testing methods might miss.

The severity of each vulnerability was clearly communicated in accurate, comprehensive reports, which enabled the SEON team to prioritize fixes and ensure their systems remained secure.

The results: Improved security, regulatory compliance, & successful expansion

“The expansion move into the US market required a robust security strategy that builds trust with both businesses and regulators. Hackrate’s proactive approach addressed potential weaknesses and showcased our commitment to meeting the high data security standards expected in the US.”

Richard Kirner
Head of Security, SEON

This collaborative security strategy has not only helped SEON improve their security posture, but also enabled them to foster trust with US businesses and regulators. Having completed a successful expansion, the company offers its industry-leading fraud prevention solutions in the North American market.

It’s time to integrate bug bounty and vulnerability disclosure into your cybersecurity strategy.

Leverage Hackrate's global community of ethical hackers as an assurance against software bugs.

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Hackrate

Our platform helps companies to identify software vulnerabilities in a cost-efficient way. It provides a secure and centralized view of ethical hacking projects for your company.