Feedzai is launching a developer portal today to provide open access to its Fraud API. Feedzai's mission is to prevent fraud across multiple channels in commerce, by working with payment providers, banks and retailers. Fraud in commerce is an exponentially growing problem. So much so that Feedzai CEO Nuno Sebastiao spoke of the need to "help win back the day for retailers." In today's world, if it isn't real-time detection, it isn't good enough. With the Fedzai Fraud API, developers can deliver timely explanations indicating to retailers whether to reject or accept specific transactions.
As the company commented, a fraud score has to be delivered on all transactions:
The new Feedzai Fraud API utilizes the company’s Fraud Prevention That Learns™ software which processes big data, including mobile and social data streams, in real-time to create deep learning profiles for each customer, retailer, location or POS device, product, with up to a three-year history of data behind it. This data helps retailers and banks mitigate risk, guard every transaction and preserve the customer buying experience. The API will allow developers to send payment data and receive a fraud score with easy-to-understand explanations, allowing fraud detection by leveraging Feedzai’s omnichannel models residing on its artificial intelligence platform.
The API, available through the developer center, uses whitebox scoring. Plug-ins include integrations with crowdsourcing systems, two-factor authentication through mobile, and integrations within payment gateways. The Feedzai Fraud API will be at the Money20/20 Hackathon on Nov. 1-2 in Las Vegas. The winning prize for using Feedzai's API is $20,000 and more.