Feedzai Launches Social Connector to Help Banks and Consumers Make Commerce Safer

San Mateo, California and London, England, Feb. 11, 2014 – Feedzai, a big data science and software company that uses real-time, machine-based learning to prevent fraud, today announced its Social Connector™ software that lets banks and consumers use social media infrastructure to make commerce safer. The new social connector enhances protection for financial institutions within omnichannel commerce, as social data is infused into Feedzai’s fraud prevention software to better predict and prevent payment loss in real-time.

The Feedzai Social Connector for its Fraud Prevention That Learns™ technology offers a way for consumers to connect their social media accounts on Facebook, Twitter, Google+ or Yelp to their mobile banking applications. Consumers can privately check in with their financial institutions to alert their bank of activity and location, which allows for greater control of false alarms, for example, while traveling or conducting out of character behavior.

“Consumers check in on Facebook over 1.8 million times a day, and some of that data can be helpful for authorizing financial transactions. I know first-hand that traveling internationally can be a huge red flag for authorizing transactions, and with this new connector, consumers can check in with their financial institutions before they travel to ensure they can continue to use their credit cards successfully on their trip,” said Nuno Sebastiao, CEO of Feedzai. “This will also help banks further understand their customers’ buying behavior, and reduce the number of flagged transactions that must be reviewed to provide better customer service.”

A study, “2014 Consumer Reaction to Financial Data Breaches” conducted online by Harris Poll on behalf of Feedzai in January 2014 among 2,047 U.S. adults ages 18 and older finds that one in five (18 percent) consumers who have a social media account/profile and are aware of recent data breaches would be willing to include their bank in their social media list of contacts in order to safeguard their money.

“Consumers need an incentive, such as keeping money safe, in order to connect with banks. By adding a financial institution to their circle of trust within a social network and as long as the communication is private, it will help to ensure that consumers will have seamless experiences while shopping, wherever they are on the channel they choose,” continued Sebastiao.

Feedzai’s Fraud Prevention Software That Learns™ utilizes machine learning to predict and prevent payment loss in real time based on behavioral analysis and understanding the way consumers behave when they make purchases. The software uses big data to create profiles on each customer, merchant, location or POS device, with up to a three- year history of data behind it, helping acquirers, issues and retailers mitigate risk and preserve the customer experience.

Feedzai is presenting a demo of this new technology for banks at FinovateEurope 2014. To learn more about Feedzai, visit www.feedzai.com.

About Feedzai

Feedzai is a big data science and software company that uses real-time, machine-based learning to help payment providers, banks and retailers prevent fraud in omnichannel commerce. Feedzai is a global company, with US headquarters in San Mateo and is backed by SAP Ventures, big data investment firm Data Collective, and other international investors. Companies that rely on Feedzai include Coca-Cola, Logica, Vodafone, Ericsson, SIBs Payment Solutions, Horizon Wind Energy, and Servebase Credit Card Solutions.

Methodology

This survey was conducted online within the United States by Harris Poll on behalf of Feedzai from January 28-30, 2014 among 2,047 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Jennifer Conway at [email protected] or 978-463-0289.

 

Press Contact:

Jennifer Conway

[email protected]

978-463-0289