In January, Feedzai launched in the U.S. a fraud-prevention solution available for omnichannel commerce. Founded by aerospace engineers and data scientists, the company provides a means by which merchants, processors and other organizations may use Big Data to anticipate and detect fraud earlier.
In a recent podcast interview with Market Platform Dynamics CEO Karen Webster, company CEO Nuno Sebastiao described the company’s system, created originally in Europe, as one that uses a combination of real time, machine-learning technologies to essentially help the payment ecosystems of networks, banks and retailers.
Fraudsters today use a combination of online, physical and other entities to perpetrate fraud, and Feedzai’s system deals with all channels where fraud could impact commerce, he said.
(Jump to: 2:23)”By having this omnichannel focus, we’re taking data from different layers and different actors in the ecosystem,” Sebastiao said, noting that Feedzai also ensures it keep the data private.
Feedzai’s system can identify patterns across the various actors and create mutual benefits for all of the them, he said. With its machine-learning approaches, Feedzai’s system can watch the trail of a fraudster, what the different entities involved are, and how the events happened, Sebastiao said. And this helps to understand and predict where fraud is most likely to happen.