Fraud prevention is one area where big data offers much promise. So it is no surprise to learn that Feedzai, a company that specializes in leveraging big data to help companies prevent fraud, has developed technology that brings the blessings of big data-powered, anti-fraud prevention to the masses.
The new technology is called Data Science Studio, and it promises to give organizations large and small the ability to use “advanced machine learning techniques” to fight fraud on their own.
Feedzai CEO Nuno Sebastiao says that “by putting a sophisticated, yet easy-to-use, environment for data-science modeling in the hands of all the teams and people who need it, we’re democratizing big data for our customers.”
From left: Feedzai VP of Sales Nuno Pires and CEO Nuno Sebastiao demonstrated Feedzai fraud prevention at FinovateEurope 2014 in London.
Todd Clark, general manager STAR Network at First Data Corporation added that “software like Feedzai’s is doing natively more and more of what data scientists do. Now we have the capabilities to get our data modeling done within days and weeks, not months, with data science already built in.”
With Data Science Studio, business professionals with nontechnical backgrounds can now build, deploy, and manage predictive analytics models. The platform is available as a cloud-based solution or on-premise, and while users won’t need technical know-how in order to build their own anti-fraud models, they will need—as CMS Wire pointed out in their coverage of the news—”domain expertise in risk or fraud management.”
Feedzai has had a busy 2015. The company last month announced a partnership with fellow Finovate alum, Emailage, combining email risk assessment with its own fraud-risk scoring. And in September, Feedzai teamed up with another Finovate alum, Socure, bringing together its anti-fraud technology and Socure’s real-time online identity-verification solution. The company has more than $26 million in capital, having raised more than $17 million in a Series B round in May.
Feedzai was founded in 2008 and is headquartered in San Mateo, California. The company demonstrated its fraud prevention solution during its Finovate debut at FinovateEurope 2014 in London. For information about our upcoming conference in London on 9/10 February 2016, visit our FinovateEurope 2016 page.
