US: Feedzai launches fraud prevention platform

Feedzai, a fraud prevention solution available for omni-channel commerce, was founded by aerospace engineers and data scientists who have found a way to analyse and use big data to anticipate and earlier detect fraud.

Feedzai started in Europe and is currently also available in South America, and Africa. By launching into the US market, Feedzai will begin selling to payment networks, banks and retailers to prevent fraud in omni-channel 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 Nigerias national processing network.

Feedzai Fraud Prevention That Learns technology fuses machine learning and lets any analysts predict and prevent electronic payment loss based on behavioural 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 enables:

• Payment providers the ability to manage risk.
• Issuers one-to-one behavioural profiling for every cardholder.
• Acquirers to perform continuous merchant underwriting by predicting merchant insolvency or unfunded chargebacks earlier.
• Retailers 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 USD 4.3 million.