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An Update on Feedzai

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By Nuno Sebastiao

What a tremendous time to be working in the field of machine learning, and in the financial industry. From data breaches at retailers to increased use of mobile devices for payments, there is never a dull moment in this fast-paced industry.

Last year brought a lot of promise for Feedzai. We established our United States headquarters, entered the Brazilian and Indian markets, and have been working with a number of large banks, acquirers and merchants to make commerce safer. And, our machine learning technology analyzed over $750 million in payment volume; we’re on track to do much more than that this year.

The prevalence of fraud is helping to drive our success. Banking and payments are changing rapidly – mobile devices are becoming the preferred method of payment, credit cards in the US are adopting EMV technology, and fraudsters are trying to stay one step ahead of us all. And, they are often successful, as we’ve seen with major data breaches at retailers, financial institutions and insurance providers just to name a few.

With these changes brings vast amounts of data. All of these data points are coming from various sources – POS devices, mobile devices, computers online, etc., and to make commerce safer, they have to be analyzed in real time. We know that machine learning and behavioral analytics are crucial in making commerce safer for everyone involved, and rule-based fraud detection solutions just do not work any longer – primarily due to this virtual tsunami of data.

Last year Feedzai also launched our fraud detection service API for developers, which has seen exponential growth since its launch at Money20/20 in October 2014. This allows us to further collaborate with some of the great developers out there, and find new uses for our platform. Through our developer portal, we’ve has seen more than 300 percent growth in transactions in just four months and a dramatic surge in its certified partner program.

We’ve validated a lot of what we’ve already initially discovered about retailer needs by handling the millions of dollars of purchases that have come through the Feedzai API in the last several months. These businesses are looking for plug-in software with open architecture like Kill Bill, a certified partner of Feedzai that offers flexible subscription for billing and payments, which can better handle highly custom business logic. Our certified partners continue to innovate by embedding anti-fraud as a service to ultimately create beautiful and safe experiences for sellers and buyers.

feedzai

 

Scoring from Feedzai allows merchants to see the fraud score (0-1000), with an explanation as to why the score was provided so users have the intelligence to decide to accept or reject the transaction.

Nuno Sebastiao is a co-founder and CEO of Feedzai. Previously, Nuno led the development of the European Space Agency Satellite Simulation Infrastructure. He holds an MBA from London Business School.

Winners of the 2012 European Enterprise Promotion Awards

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Winners of the 2012 European Enterprise Promotion Awards

Winners of the 2012 European Enterprise Promotion Awards

Category | Grand Jury Prize

A special prize awarded to the entrepreneurial initiative considered the most creative and inspiring in Europe

Winner

Making enterprise a realistic option for the hard-to-reach

Outset, YKTO Ltd, United Kingdom

Outset-YKTO

Outset is designed to show the unemployed that self-employment and enterprise is a realistic alternative to unemployment.

Specifically created to help the most vulnerable groups, including the long-term unemployed, recently redundant, under-25s, women, people from minority ethnic backgrounds, people with mental and physical disabilities and those who are over 50 years of age, the programme takes a unique approach to supporting start-ups. A national project that works in urban and rural settings, it seeks to change beliefs about the ability to start a small business.

The project ethos involves using support teams that often have similar challenging backgrounds, come from the same local areas and have had first-hand experience of being self-employed or running a business. Outset actively reaches, through all types of community spaces, from sports centres to Diwali and Chinese New Year festivals to find the people that will benefit most. This in-person outreach is reinforced by highly effective, targeted promotions including radio ads with direct response SMS facilities, quirky and enticing posters, postcards and flyers plus online and email marketing and lots of social media such as Facebook and Twitter. We use normal, jargon-free language.

Since the start of the programme, Outset has engaged with over 6,000 people. Of those, 673 have started a business, together creating 890 jobs. Outset Finance has helped its clients raise £790,258 from a variety of funding sources to either start or expand their business.

Most importantly, the businesses that Outset support do last: survival rates, particularly for women entrepreneurs, far outstrip national averages. Within disadvantaged client groups, conversion rates from engagement to start are approximately 1:5 and Outset’s new business survival rate after four years is over 80%.

Contact

Bev Hurley, Chief Executive

St John’s Innovation Centre, Cowley Road, Cambridge CB4 0WS, UK

bev.hurley@ytko.com

www.outset.biz

 

Category | Promoting the Entrepreneurial Spirit

Recognising actions that promote an entrepreneurial culture and mindset and raise awareness about entrepreneurship in society.

Winner

Boosting women’s entrepreneurship by providing easy access to financing Women’s Co-operative Bank Ltd Women’s Co-operative Bank ‘initiative’ Ltd, Cyprus

The Women’s Co-operative Bank seeks to boost women’s entrepreneurship by providing easy access to financing. The organisation identifies gaps in the economy, promotes support programmes for female entrepreneurs and provides free advice and guidance, as well as loans, that are tailor-made to the needs of small business owners. Since the project began, women’s entrepreneurship has increased in Cyprus overall from 12% in 2001, to 28% in 2012.

Contact

Artemis Toumazi, Chairman/Director

Sinergatikos Organismos Protovoulias, Ginekon Kiprou Ltd, 30 Pavlou Valdaseridi Street, Branches 1-4, 6018 Larnaca, Postal Code 42251 6530, Larnaca, Cyprus

womens.coop.bank@cytanet.com.cy

www.womenscoopbank.com.cy

 

Category | Investing in Skills

Recognises regional or local initiatives to improve entrepreneurial, vocational, technical and managerial skills

Winner

Fostering knowledge transfer and digital visualisation

Visualisation Park, Sweden

Visualisation Park in Sweden focuses on the commercial application of digital visualisation technology. Using a business park model, the location in Eksjö offers a home to a cluster of businesses with expertise in this emerging field. They are gathered around Campus i12, which offers a range of vocational courses. 50 partner companies support the educational programmes and the Park provides a meeting place for educational environment and industry to identify and develop projects. Since it was founded in July 2009 the number of partner companies has more than doubled, to over 100. Most importantly, students’ attitudes shifted. More of them are now inclined to be entrepreneurs themselves, either by launching their own start-up or freelancing.

Contact

Joakim Falkäng, Manager

Visualisation Park, Kaserngatan 26, SE-575 35 Eksjö, Sweden

joakim@vispark.se

www.vispark.se

 

Category | Improving the Business Environment

Recognising measures to simplify administrative procedures for businesses, particularly for start-ups

Winner

Tackling difficulties faced by SMEs in urban areas

FaciliTO, Municipality of Turin, Italy

FaciliTO is a model that the Municipality of Turin adopted to tackle the difficulties that small enterprises encounter in struggling urban areas. Micro and small businesses in Turin have faced particular difficulty in accessing credit, which is often due to the absence of project expertise. FaciliTO attempts to meet these needs by providing free consultations to support the development of business plans as well as direct financial support. Over 200 businesses have accessed FaciliTO and 93 of them have received financial support.

Contact

Elisa Rosso, Servizio Fondi europei Innovazione

Sviluppo Economico, Via Braccini 2, Cap 10144, Turin, Italy

elisa.rosso@comune.torino.it

www.comune.torino.it

 

Category | Supporting the Internationalisation of Business

Recognises policies to encourage enterprises and particularly small and medium-sized businesses to benefit more from the opportunities offered by markets both inside and outside the European Union

Winner

Co-operating to bring Douro wines to the world

Douro Boys, Aicep Portugal Global, Portugal

A group of five small wine producers from the Douro region worked together to create the Douro Boys brand. Designed to exchange information and support each other to steadily improve the quality of the wines they produce, the group also aims to co-ordinate a marketing strategy centred on promoting the Douro region and its wines to the world. Between 2002 and 2011, the exports of wine from the five producers increased from €4.7 million to €11 million, an increase of 134%.

Contact

Jorge Holtreman Roquette, Administrator for Quinta do Crasto SA

aicep Portugal Global, Agência para o Investimento e Comércio Externo de Portugal, EPE

O’Porto Bessa Leite Complex, Rua António Bessa Leite, 1430 – 2o Andar, 4150-074 Porto

comercial.pme.nort@portugalglobal.pt

info@douroboys.com

www.portugalglobal.pt

www.douroboys.com

 

Category | Responsible and Inclusive Entrepreneurship

Recognises regional or local actions promoting corporate social responsibility and sustainable business practices

Winner

Supporting disabled people into the workplace, Disabled at Work, Denizli Municipality, Turkey

Disability is a major cause of social exclusion and poverty, primarily due to the lack of employment opportunities. Disabled at Work, a joint Turkish-Dutch project, seeks to change attitudes and support the integration of physically disabled people into the labour market. The group comprises 16 organisations from Turkey and the Netherlands. The projects provide training as well as a matching programme which offers disabled people mentors as they prepare to enter the workforce. At the end of the programme, 194 people had been trained and 65 were employed.

Contact

Ms Pınar GÜLMEZ AĞIRBAŞ, Director of Survey and Project Department

Altıntop Mahallesi Lise Caddesi No:1, 20100 Denizli, Turkey

pgulmez@denizli.bel.tr

www.denizli.bel.tr

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