Feedzai, a data science company that uses real-time, machine-based learning to analyze big data and minimize risk in the financial services industry, inked 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.
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.
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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