Feedzai Launches Fraud Prevention Platform in U.S.
San Mateo, Calif. – Jan. 29, 2014 – Feedzai, a data science company that uses real-time, machine-based learning to prevent fraud, today announced it is now available in the U.S. market. The only fraud prevention solution available for omnichannel commerce, Feedzai was founded by aerospace engineers and data scientists who have found a way to analyze and use big data to anticipate and earlier detect fraud.
“As the 2013 retail season just closed, the discussion of fraud in omnichannel commerce bubbled to the surface due to a number of data breaches. Consumers are buying across physical and digital channels and it is important for fraud prevention systems to work across all technologies, from legacy systems to new mobile card readers,” said Nuno Sebastiao, CEO of Feedzai. “Online sales are still hovering around six percent of all retail sales, and recent events have shown that fraud is not just an online problem. Our software has the ability to analyze data from any platform to detect breaches by as much as ten days earlier than other solutions and expose more fraud cases, all with lower false alarms.”
Feedzai started in Europe, and is also available in South America, Europe, and Africa. With its foray into the U.S. market, Feedzai will begin selling to payment networks, banks and retailers to prevent fraud in omnichannel commerce. The company has recently signed on two new customers, including Yoco, a financial technology venture developing mobile driven solutions to help small businesses grow, and Nigeria’s national processing network.
Feedzai Fraud Prevention That Learns™ technology fuses machine learning and lets any analysts predict and prevent electronic payment loss in real time based on behavioral analysis and understanding of the way consumers behave when they make purchases, online or in-store. The software uses massive data, including mobile and social data streams, to create deep learning profiles for each customer, merchant, location or POS device, with up to a three-year history of data behind it.
This data helps acquirers, issuers and retailers mitigate risk, guard every transaction and preserve the customer experience.
Feedzai Risk & Fraud software also offers:
- Payment providers the ability to manage ri
- Issuers one-to-one behavioral profiling for every cardholder and reduces having to block good card transactions, keeping customers l
- Acquirers the ability to perform continuous merchant underwriting by predicting merchant insolvency or unfunded chargebacks earlier, before the damage occurs.
- Retailers the ability to reduce order review and rejection rates during checkout, as well as the ability to score orders taken from any channel wherever the consumer is shopping.
Feedzai has been working with a number of customers to fight fraud, including Coca-Cola, Logica, Vodafone, Ericsson, SIBs Payment Solutions, Horizon Wind Energy, and Servebase Credit Card Solutions. The company is backed by SAP Ventures, big data investment firm Data Collective, and other international investors for a total of $4.3 million.
About Feedzai:
Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.
Media Contacts:
Feedzai [email protected]