Two of the most disruptive global companies working in data analytics have announced a partnership that will establish a new standard for e-commerce fraud analytics.
Irish real-time identity validation company Trustev has selected Datameer, the leader in Hadoop-based big data analytics, to help deliver insights from Trustev's identity engine.
Trustev uses real-time, online identity verification to prevent fraud in e-commerce transactions by focusing on validating the individual making the transaction, not just the payment method they're using. The platform delivers individual, real-time decisions using multiple dynamic data sources -- behavioral, transactional and social -- instead of restrictive rules-based decisioning and profiling. In the 12 months since being founded, Trustev has been named Europe's Top Technology Startup by the EU Commission and one of Forbes Magazine's Hottest Global Startups.
Used by major brands across numerous industries, Datameer is the only self-service big data analytics tool built natively on Hadoop that empowers anyone to integrate, analyze and visualize data of any type, size or source. Trustev is using Datameer in two capacities: first, to integrate and analyze diverse datasets to help enhance Trustev's proprietary algorithms and increase the overall accuracy of Trustev's fraud detection system; and second, to help deliver those insights to Trustev end-users via an interactive dashboard.
"Analyzing and processing the huge volumes of data that Trustev uses, and then delivering a result in real time wouldn't be possible without the data analytics provided by Datameer," said Chris Kennedy, Trustev co-founder and chief technology officer. "Since we are bringing a totally new approach to the detection and elimination of fraud, we had a very specific set of requirements that we needed to fulfill, and legacy providers fell short. Datameer was the only company that met our full partnership criteria. We see our partnership with them as being an integral part of our business going forward."
"It's extremely exciting to be working with one of Europe's hottest startups, and know the impact this data-driven approach will have on the future of e-commerce," said Stefan Groschupf, CEO of Datameer. "Trustev is a prime example of a brand new breed of companies that uses data to make the world a better place, and it's great to be working with them to achieve their vision of a world without fraud."