Fraud protection startup Feedzai, Inc. has announced a new partnership with online identity verification firm Socure, Inc. that will see the two offer a joint fraud protection solution for financial institutions.

The new product is described as a “plug-and-play” solution that combines online and social data-based authentication with fraud risk scoring, and sees Feedzai incorporating Socure’s Social Biometrics Platform as part of its Fraud Prevention That Learns software to deliver what is said to be ultra-fast processing of Big Data to minimize fraudulent transactions and to reduce manual reviews costs for financial institutions.

Under the partnership Socure’s online and social data becomes an additional source of data that Feedzai’s software uses to detect fraud and minimize risks across transactions including merchant signups, account openings, chargeback management, information services provision, and loss prevention.

Along with the new partnership, Feedzai also announced updates that provide improved risk management and fraud prevention solutions to its core platform, providing increased capability to its machine learning software.

“Financial organizations today face many risks that were not present even a few years ago, like ‘card not present’ fraud and the large number of consumers who are creditworthy but credit history poor,” Feedzai Co-founder and Chief Executive Officer Nuno Sebastiao said in a statement sent to SiliconANGLE.  “At the same time, there is an enormous amount of data that these organizations can use, not only to provide better experiences for their customers and prospects, but to differentiate themselves in the marketplace as well…we’ve fine tuned our machine learning platform to help organizations manage risks and rationalize data output from various internal systems.”

“Social Biometrics from Socure is the perfect complement, making [our platform] even more powerful,”Sebastiao went on. ” The power of the joint solution from Socure and Feedzai is the biggest innovation to the B2C identity lifecycle for some time to come.”

San Mateo, CA-based Feedzai has been on a run lately including raising a $17.5 million Series B round back in May as it continues to build its business.

Perhaps not well known outside of the online identity solutions space, Socure has been growing as well, having most recently raised $2.5 million through debt financing in August; the partnership with Feedzai sees part of its product offering being primarily targeted at financial institutions for the first time.

The new joint service offering is available from Feedzai starting today.

Image credit: screenshot/ Socure