SEON and Prodigy's IDVerifact team up to crack down on digital identity fraud

TORONTO, June 8, 2021 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced an agreement entered into between its wholly-owned subsidiary, IDVerifact Inc. and Seon, the fraud fighters.

Last year it was reported that nearly half of companies experienced a fraud in the past 24 months. Recognising the increasing surge in fraud and digital identity theft, IDVerifact sought to strengthen its capabilities by partnering with SEON to extend its comprehensive suite of solutions.

IDVerifact removes the challenges associated with a traditional approach to onboarding, maintaining and optimising multiple digital identity partners. It achieves this with a complete suite of continually evolving digital identity solutions, allowing organisations to rapidly capture the data attributes required to complete trusted business transactions with their clients. As part of the agreement, IDVerifact will integrate SEON's cloud-based machine learning platform, Intelligence Tool, into the IDVerifact platform to provide inputs for user profiling decisions on transactions, all in real-time.

Built for data enrichment, SEON's Intelligence Tool scans open-source databases and gathers extra information about users based on an email address, phone number or IP address. In addition, it enables users to simply check if an email address is valid or not and instantly get background information to create a complete user profile, flag fraudsters, confirm suspicions or remove doubts.

George Colwell, Sr. Vice President at IDVerifact, commented: "The issue we are seeing is that fraudulent activity is only increasing, yet there is no one size fits all standardised method for digital identity. But, no matter who you are or where you're transacting, it should be secure. That's why we developed a one stop shop for digital identity solutions, enabling customers to choose from a menu of data attributes that uniquely suit their organisation. We believe that SEON is an ideal partner to support us in reaching our goals.

He added: "Not only was it a meeting of minds when it comes to approach and our complimentary offerings, but the team at SEON also understand that there is no space for standing still so we all must continually evolve. We know that as our partners grow, so too will we."

Tamas Kadar, CEO and Co-Founder at SEON, said: "By integrating SEON's Intelligence Tool, IDVerifact has assembled a next-level toolbox for fraud protection, including digital identity verification, compliance, risk assessment, data capture, tokenisation and encryption. Together we are helping organisations to create safe environments to conduct transactions at the speed of today's business."

To learn more, visit our websites, https://prodigy.ventures/ and  https://idverifact.com/

To learn more about SEON and the services it provides, visit: https://seon.io/

About Prodigy Ventures Inc.

Prodigy delivers Fintech innovation. The Company provides leading edge platforms, including IDVerifact™ for digital identity , and new Fintech platforms for open banking and payments. Our services business, Prodigy Labs™, integrates and customizes our platforms for unique enterprise customer requirements, and provides technology services for digital identity, payments, open banking and digital transformation. Digital transformation services include strategy, architecture, design, project management, agile development, quality engineering and staff augmentation. Prodigy has been recognized as one of Canada's fastest growing companies with multiple awards: Deloitte's Fast 50 Canada and Fast 500 North America (2016, 2017, 2018), Branham 300 (2017, 2018), Growth List (2018, 2019 and 2020), Canada's Top Growing Companies (2019 and 2020).

About SEON 
SEON helps online businesses of all sizes fight back against fraud. It was built out of necessity and aims to remove the barriers to fraud prevention that many companies face, with rapid integration times, rolling monthly contracts and a one-size-fits-all platform that is easy to operate and is accessible 24/7. Its technology draws on data from across the internet to establish customers' digital footprints to wean out false accounts and prevent fraudulent transactions from taking place and all of SEON's tools work in the back-end to remove any friction associated with fraud prevention. To learn more about the company, visit: https://seon.io/

Forward-Looking and Cautionary Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's Management's Discussion and Analysis for the three months ended March 31, 2021, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Prodigy Ventures Inc.

PRODIGY VENTURES INC., Yana Glushchenko, Marketing and Communications Lead, [email protected], 647-808-5081; Andrew Hilton, Chief Financial Officer, [email protected], 416-606-8833