September 10, 2015 -
Risk and fraud management software developer Feedzai announced it has partnered with Socure to provide their mutual clients with a “plug-and-play” solution that combines online and social biometric 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 quickly process big data to reduce fraudulent transactions, chargebacks and decrease manual reviews costs for financial institutions.
The risk and fraud management firm has also made updates to its software platform that provide improved risk management and fraud prevention solutions.
By partnering with Socure, Feedzai is able to add online and social data as another source of data its software uses to detect fraud and reduce risks.
Additional data sources used by Feedzai include session clickstream, access frequency, and malware signatures.
Aside from transaction authorization, Feedzai’s Fraud Prevention That Learns platform is now being used in other cases, including merchant signup, account opening, chargeback management, information services, and loss prevention.
“The transaction fraud protection Feedzai provides for financial institutions is best of breed for the industry,” said Sunil Madhu, co-founder and CEO of Socure. “Social Biometrics from Socure is the perfect complement, making it even more powerful. The power of the joint solution from Socure and Feedzai is the biggest innovation to the B2C identity lifecycle for some time to come.”
Socure’s patented Social Biometrics technology combines analytics, machine learning, facial recognition and artificial intelligence to verify the authenticity of customer identities registered on websites and mobile applications in an effort to prevent financial fraud.
Enterprises using Social Biometrics APIs achieve higher user acceptance rates with reduced friction, fraud losses and manual review costs, according to Socure.
Feedzai Fraud Prevention That Learns technology leverages big data and machine learning to allow analysts to differentiate normal from abnormal behaviors, which can help predict and prevent losses in real-time.
Previously reported, Flint Capital an international venture capital fund investing across US, Israel and Europe, has joined a $2.5 million round to finance online identity verification firm Socure.