Feedzai Launches Omnichannel Fraud Solution in U.S.
Jan. 30, 2014
European data-science company Feedzai unveiled its antifraud technology today in the U.S. The company said its platform uses machine-based learning in real time to fight fraud in the e-commerce, mobile and physical sales channels. The company has integrated its technology with payment providers, issuers, acquirers and retailers in Europe, South America and Africa. In the U.S., where recent security breaches at Target, Neiman Marcus and now, evidently, Michael’s have made risk management an even hotter topic than usual, Feedzai’s solution will analyze Big Data to anticipate card-not-present fraud and detect it earlier, according to Nuno Sebastiao, the company’s CEO.
“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 Sebastiao. “Online sales are still hovering around 6 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 clients include Coca-Cola, Logica, Vodafone, Ericsson, SIBs Payment Solutions, Horizon Wind Energy, and Servebase Credit Card Solutions. The company has raised $4.3 million so far from investors including SAP Ventures and Data Collective.
Sebastiao, whose background features a stint at the European Space Agency helping develop its satellite simulation infrastructure, recently sat down with CardNotPresent.com to discuss the evolution of alternative payment providers and their role in disrupting the traditional payment network.