Feedzai, a Portuguese business intelligence applications provider, has launched its Social Connector software to allow banks and consumers use social media infrastructure for safe trading.
According to Feedzai, Social Connector will enhance protection for financial institutions within omnichannel commerce, as social data is infused into its fraud prevention software to better predict and prevent payment loss in real-time.
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The Feedzai Social Connector for its Fraud Prevention That Learns technology will allow consumers to connect their social media accounts on Facebook, Twitter, Google+ or Yelp to their mobile banking applications.
As a result, consumers will be able to privately check in with their financial institutions to alert their bank of activity and location.
Feedzai said that its Fraud Prevention Software That Learns uses machine learning to predict and prevent payment loss in real time based on behavioral analysis and understanding the way consumers behave when they make purchases.
The software uses big data to create profiles on each customer, merchant, location or POS device, with up to a three-year history of data behind it, helping acquirers, issues and retailers mitigate risk and preserve the customer experience.
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By GlobalDataFeedzai CEO, Nuno Sebastiao, said that the new connector will enable banks to understand their customers’ buying behavior, and reduce the number of flagged transactions that must be reviewed to provide customer service.
