by Robert Harris • 3 minutes • Company News • July 9, 2024
Feedzai is a Leader in the 2024 IDC MarketScape for Enterprise Fraud Solutions
All expertise and insights are from human Feedzians, but we may leverage AI to enhance phrasing or efficiency. Welcome to the future.
Exciting news! Feedzai, the world’s first RiskOps platform, is proud to have been named a Leader in IDC MarketScape: Worldwide Enterprise Fraud Solutions 2024 Vendor Assessment (March 2024, IDC #US51939124). This recognition is the latest recognition that we believe highlights our commitment to fraud prevention and safer, more secure commerce.
Here’s what the IDC MarketScape had to say about Feedzai.
Feedzai is a Leader in the IDC MarketScape for Enterprise Fraud Solutions 2024
Feedzai has been named a Leader in the IDC MarketScape: Worldwide Enterprise Fraud Solutions 2024 Vendor Assessment report (March 2024, […]
An Omnichannel Approach to Fraud Prevention
The IDC MarketScape report notes that our solution “designed to be omnichannel, enabling its fraud solution to monitor different customer interaction methods. Feedzai utilizes real-time customer interaction and transaction data to increase accuracy and improve the customer experience.”
Learning from Behavioral Digital Patterns
The report also notes, “The risk scoring process used by Feedzai is based on behavioral and transactional patterns that continuously learn and evolve over time, which is beneficial given the nature of fraud typologies to change rather quickly. Users of the Feedzai fraud solution can also adjust parameters and thresholds to better align with the business risk appetite of their financial institution.”
Flexible Rules for Different Channels and Regions
More than a one-size-fits-all approach is needed. Financial institutions need a fraud prevention solution tailored to their local geography, the most common fraud types they encounter, and the banking channels they utilize. The IDC MarketScape report noted, “The Feedzai fraud solution can also adjust fraud countermeasures with rules and machine learning models that can leverage data across all channels and geographies, enabling either a globally consistent approach or a regionally tailored approach to fraud prevention.”
Innovative Pricing
The IDC MarketScape report stated, “Feedzai received the best rating from customers regarding total cost of ownership, possibly due to the contract option that structures part of Feedzai’s compensation to be based on a proportion of the reduction in fraud losses by using Feedzai’s fraud solution. This innovative approach to pricing its fraud solution may attract additional customers and provide a competitive edge.”
About the IDC MarketScape Report
The market for fraud risk management solutions has expanded in recent years, incorporating new payment methods and types that require new fraud detection and prevention solutions. The IDC MarketScape report noted, “The marketplace for fraud risk management solutions has been growing in recent years, as the payments types and payment methods have expanded due to growing numbers of online retailers and financial technology companies that are involved in the payments process.”
“Feedzai’s solution offers an omnichannel approach to fraud prevention, a notable market differentatior. Utilizing real-time customer interaction and transaction data enables financial institutions to improve both accuracy and the customer experience,” said Thomas Shuster, Research Director, Capital Markets at IDC Financial Insights at IDC.
“Their dynamic risk-scoring process continuously evolves, adapting to new fraud tactics and allowing institutions to adjust parameters to match their unique risk appetite. IDC’s recognition underscores Feedzai’s commitment to keeping transactions safe and secure using its tailored approach to fraud prevention.”
This rise in fraud risk management solutions is necessary as bad actors increase and innovate their efforts. The US Federal Trade Commission recently reported that consumers lost over $10 billion USD to fraud and scams last year, with losses from investment scams greater than any other fraud or scam category.
Feedzai’s Commitment to Safer Commerce
We believe this latest recognition further solidifies Feedzai’s position as a fraud prevention leader. We were recently named a Leading Contender in Datos Insights’ Behavioral Biometrics Market Analysis for our groundbreaking work in behavioral biometrics and device fingerprinting. Our biometrics solution was also recognized in the SPARK Matrix™: Behavioral Biometrics, 2023 report from Quadrant Solutions. Meanwhile, the analytics firm Chartis named Feedzai Best Enterprise Fraud Solution in RiskTech100 .
We believe our most recent recognition from the IDC MarketScape reaffirms our commitment to making payments and commerce safer, more secure, and more convenient for everyone. We remain laser-focused on helping fraud analysts stay a step ahead of fraudsters by putting AI and machine learning at the forefront of fraud prevention efforts. We are committed to helping financial institutions protect their brands, bottom lines, and customers from fraud by rapidly detecting and responding to suspicious activities.