Feedzai, a big data science and software company that uses real-time, machine-based learning to prevent fraud, has announced its Social Connector software that will enable banks and consumers to use social media style infrastructure to make commerce safer.
The Feedzai Social Connector for its Fraud Prevention That Learns technology offers consumers a way to connect their social media accounts 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 greater control.
“Consumers check in on Facebook over 1.8 million times a day, and some of that data can be helpful for authorizing financial transactions. I know first-hand that traveling internationally can be a huge red flag for authorizing transactions, and with this new connector, consumers can check in with their financial institutions before they travel to ensure they can continue to use their credit cards successfully on their trip,” said Nuno Sebastiao, CEO of Feedzai. “This will also help banks further understand their customers’ buying behaviour, and reduce the number of flagged transactions that must be reviewed to provide better customer service.”
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