Feedzai Updates Software Platform to Enhance Fraud Risk Management Services

 

San Mateo, CA and New York, NY – September 10, 2015 – Feedzai, a data science company that uses real-time, machine-based learning to analyze big data and minimize risk in the financial services industry, today announced a partnership with Socure, the industry leader in real-time online identity verification solutions. Working together, the two companies will provide their mutual clients with a “plug-and-play” solution that combines online and social data-based authentication with fraud risk scoring.

Feedzai will incorporate the Socure Social Biometrics™ Platform as part of its Fraud Prevention That Learns™ software to provide ultra-fast processing of Big Data to minimize fraudulent transactions, chargebacks and reduce manual reviews costs for financial institutions.

Feedzai also announced updates to its software platform that provide improved risk management and fraud prevention solutions. Its powerful machine learning software is now being used for a variety of financial applications beyond transaction authorization, such as new account opening and loss prevention.

“Financial organizations today face many risks that were not present even a few years ago, like ‘card not present’ fraud and the large number of consumers who are creditworthy but credit history-poor,” said Nuno Sebastiao, co-founder and CEO of Feedzai. “At the same time, there is an enormous amount of data that these organizations can use, not only to provide better experiences for their customers and prospects, but to differentiate themselves in the marketplace as well. Over the last year, we’ve fine tuned our machine learning platform to help organizations manage risks and rationalize data output from various internal systems.”

With the Socure partnership, online and social data becomes another source of data that Feedzai’s software uses to detect fraud and minimize risks. Additional data sources used by Feedzai include session clickstream, access frequency, and malware signatures, among others. Feedzai’s Fraud Prevention That Learns™ platform is now being used in the following cases outside of transaction authorization:

  • Merchant Signup: Verifies, underwrites and monitors merchants against collusion and insolvency.
  • Account Opening: Works to onboard and verify new account applications and “thin-file” applications.
  • Chargeback Management: Prevents payment chargeback reversals, disputes, penalty fees or merchandise loss due to fraudulent sales.
  • Information Services: Performs advanced data visualization through its analytics platform.
  • Loss Prevention: Monitors internal processes and external data sources to protect against data exfiltration and employee collusion.

“The transaction fraud protection Feedzai provides for financial institutions is best of breed for the industry,” said Sunil Madhu, co-founder and CEO of Socure. “Social Biometrics from Socure is the perfect complement, making it even more powerful. The power of the joint solution from Socure and Feedzai is the biggest innovation to the B2C identity lifecycle for some time to come,” he added.

 As instances of credit card fraud, identity theft, and related risks to financial payments systems continue to grow, the danger for private citizens, banks and other institutions takes an increasingly costly toll. Socure works to protect them by leveraging its patented Social Biometrics technology—at the cutting edge of analytics, machine learning, facial recognition and artificial intelligence.

Feedzai Fraud Prevention That Learns™ technology fuses big data and machine learning to allow analysts to distinguish normal from abnormal behaviors, which can predict and prevent losses in real-time. The software uses complex event processing to aggregate and process high-volume streams of big data, including mobile and social data streams, to create deep learning profiles for each customer, merchant, location or POS device, product, with up to a three-year history of data behind it. This analysis and process helps acquirers, issuers, and retailers mitigate risk, guard every transaction, and preserve the customer experience.

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 About Feedzai

Every day, the world produces petabytes of data, and Feedzai enables businesses to accurately analyze this information to keep their customers’ data and transactions safe at any place in real-time. Customers use Feedzai’s Fraud Prevention That Learns™ software to reduce risks associated with banking and shopping, whether it’s in person, online or via mobile devices, by detecting fraud through deep historical and behavioral analysis of the organization’s data. Feedzai’s customers, consisting of payment networks, processors, banks, and retailers have found that Feedzai's machine learning software detects fraud by as much as 10 days earlier than other solutions and exposes up to 60 percent more fraud cases with lower false alarms, which can save millions of dollars in fraud loss. Feedzai is a global company with US headquarters in San Mateo, and is backed by OAK HC/FT, Sapphire Ventures, Data Collective and other international investors. For additional information, visit http://www.feedzai.com.

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Socure is the leading platform for digital identity trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 500 customers across the financial services, gaming, telecom, and e-commerce industries, including three of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, and over 100 of the largest and most successful FinTechs. Marquee customers include Chime, Varo Money, Public, Stash, and DraftKings. Investors include Accel, Commerce Ventures, Scale Venture Partners, Flint Capital, Capital One Ventures, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures, and others.

Socure has received numerous industry awards and accolades, including being named to Forbes America’s Best Startup Employers 2021, being awarded Best New Technology Introduced over the Last 12 Months – Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being ranked number 70 in Deloitte’s Technology Fast 500™, being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, being named to CB Insights: The FinTech 250, and being awarded Finovate’s Award for Best Use of AI/ML, to name a few.

Contact

Janine Savarese
Savarese Communications
(908) 461-5767
jsavlowe@savcopr.com