Feedzai is launching new apps to enable the more than 150,000 online retailers using Shopify and Bigcommerce to protect their stores from cyber-criminals with machine-learning fraud detection software.
The Feedzai apps provide retailers with real-time information about customers and transactions. The apps flag suspicious activity, prompting merchants to take a deeper look to determine whether a particular transaction should be accepted or denied.
Machine-learning software is a self-updating fraud detection method. It can be an alternative or a complement to rules-based systems, which require humans to manually update the software with each type of behavior they want to flag.
The Feedzai app brings multiple fraud-detection methods together, including device ID recognition, IP geo-location, behavioral analysis and disposable emails. The app also gives retailers a list of reasons the transaction should be blocked or allowed.
"Fraud is crossing channels where data breached from stores is then used to exploit e-commerce channels and vice versa," said Nuno Sebastiao, chief executive of Feedzai, in an August 5 press release. "We see that 68% of cross-channel fraud starts online before migrating in-store, so we want to give all e-commerce retailers access to the tools necessary to help them protect their business."
Shopify has more than 100,000 merchant customers and Bigcommerce has more than 50,000. Vodafone, Coca-Cola and Horizon Wind Energy are a few of the retailers that use Feedzai fraud detection.