Feedzai Leverages Social Media Data to Fight Fraud
Feb. 17, 2014
Feedzai, a European antifraud technology provider that recently made its solution available in the U.S. , last week said it has launched a new software product that “infuses” social data into its fraud-prevention technology to better predict fraud in real time.
Feedzai’s Social Connector is aimed at consumers, who can connect their social media accounts to their mobile banking applications. Users can then “check in” privately so their issuing bank knows their activity and location, reducing false positives while traveling or engaging in out-of-character behavior that might otherwise generate a fraud response.
“Consumers check in on Facebook over 1.8 million times a day, and some of that data can be helpful for authorizing financial transactions. I know first-hand that traveling internationally can be a huge red flag for authorizing transactions, and with this new connector, consumers can check in with their financial institutions before they travel to ensure they can continue to use their credit cards successfully on their trip,” said Nuno Sebastiao, CEO of Feedzai. “This will also help banks further understand their customers’ buying behavior, and reduce the number of flagged transactions that must be reviewed to provide better customer service.”