Feedzai, a data science company that uses real-time, machine-based learning to prevent fraud, said it has said a deal in Nigeria to mitigate loss to payment services providers in the country.
The technology company says that deal with an unnamed “Nigeria’s national processing network” is part of two new signups driving its foray into the African technology market.
Feedzai also announced that it is now available in the U.S. market offering the only fraud prevention solution available for omnichannel commerce.
Feedzai, which was founded by aerospace engineers and data scientists who have found a way to analyse and use big data to anticipate and earlier detect fraud, started in Europe and has expanded to South America, Europe and Africa.
“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,” Nuno Sebastiao, CEO of Feedzai, says.
According to him, “online sales are still hovering around six per cent of all retail sales, and recent events have shown that fraud is not just an online problem. Our software has the ability to analyse 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.”
He says that with its foray into the U.S. market, Feedzai will begin selling to payment networks, banks and retailers to prevent fraud in omnichannel commerce.
This comes after Feedzai recently signed on two new customers, including Yoco, a financial technology venture developing mobile driven solutions to help small businesses grow, and Nigeria’s national processing network.
Feedzai Fraud Prevention That Learns technology fuses machine learning and lets any analysts predict and prevent electronic payment loss in real time based on behavioral analysis and understanding of the way consumers behave when they make purchases, online or in-store.
According to the company, the software uses massive data, including mobile and social data streams, to create deep learning profiles for each customer, merchant, location or POS device, with up to a three-year history of data behind it. This data helps acquirers, issuers and retailers mitigate risk, guard every transaction and preserve the customer experience.