Feedzai has partnered with North American Bancard (NAB) to launch a new fraud solution to enhance fraud protections and risk management for merchants.
The partnership will see NAB leverage customised fraud prevention tools which will address both existing and new types of fraud. Through AI-powered, real-time insights it will detect fraud patterns and transaction anomalies.
Merchants will be able to bolster anti-fraud capabilities and NAB can accelerate merchant onboarding while lowering consumer friction and false positives.
By working together, NAB and Feedzai are hoping to decrease the risk of fraudulent transactions while streamlining customer experiences, the companies said.
Feedzai head of product Saurabh Bajaj said, “Digital transformation across industries has been great for consumers, but also for increasingly sophisticated fraudsters looking for new ways to commit fraud. That’s why we need a real-time AI engine that can secure transactions, using intelligence across all business channels. That’s how we secure transactions, while also evolving to meet new challenges while growing alongside these businesses.”
This deal comes hot off the heels of Feedzai’s deal with Austria-based Raiffeisen Bank International to support its fraud prevention powers. The deal sees the bank use real-time monitoring of payment channels to better identify fraud.
Feedzai builds anti-fraud and risk solutions which let financial services analyse their data streams and uncover any incidents or threats of fraud. By analysing data and generating fraud insights, it is able to build risk score to improve KYC, OFAC, ID checks and account verification.
The FinTech company also recently signed a deal with US challenger bank Varo Money to also support it with its fraud protection needs.
Copyright © 2019 FinTech Global
