The new social connector upgrades protection for financial institutions within omnichannel commerce, as social data is infused into Feedzai’s fraud prevention software to predict and prevent payment loss.
The Feedzai Social Connector for its Fraud Prevention That Learns technology enables consumers to connect their social media accounts on Facebook, Twitter, Google+ or Yelp to their mobile banking applications.
Consumers can privately check in with their financial institutions to alert their bank of activity and location, which allows for control of false positives, for example, while traveling or conducting out of character behaviour.
An upcoming study, “2014 Consumer Reaction to Financial Data Breaches” conducted by Nielsen on behalf of Feedzai finds that two in five consumers (40%) would be willing to privately connect with their banking institution on Facebook in order to safeguard their money.
Feedzai’s Fraud Prevention Software That Learns uses machine learning to predict and prevent payment loss based on behavioural 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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