Feedzai recognized as a strong performer for enterprise fraud management by a top analyst firm.

The Forrester WaveTM Enterprise Fraud Management, Q3 2021 report edition published today, and Feedzai is beyond proud to be recognized as a strong performer.

Forrester evaluated the top eight enterprise fraud vendors across thirty-five criteria. Feedzai received the highest scores possible — five out of five — in twelve criteria, including data integration, rules-based risk scoring and alerting, model building, and segmentation and behavioral profiles. And that was before we announced our acquisition of Revelock, the world’s most advanced biometric platform.

Workflow and Ease of Model-Building Capabilities Were Differentiators for Vendors in the EFM Wave

Forrester provides the EFM report to help enterprise fraud management teams select a solution partner. In the report, they recommend that organizations work with vendors that can offer three main features:

  • Flexible and customizable model workflows
  • Integration of internal and third-party data with a focus on data quality and quantity
  • Automatic customer and entity segmentation maintenance

We believe Forrester’s essential criteria aptly describe our platform and are the reason we were named a Strong Performer. From day one, Feedzai was built from the ground up to easily expand to new channels, geographies, and payment types so that we support our client’s growth, not get in their way. Something that a rigid, inflexible system unfortunately does.

Democratization of Machine Learning

Receiving the highest scores possible in essential technology areas – namely the criteria of data integration, rules-based risk scoring and alerting, and model building – touches on one of our proudest achievements: the democratization of machine learning.

We’ve democratized machine learning by putting advanced model-building capabilities directly in the hands of financial crime analysts. This means teams can build a new machine learning model in our sandbox environment, create new feature parameters, test whether or not they perform against historical data, and if they do, put them into production. Contrast this to what other vendors do. First, a data science team conducts data investigation, data understanding, and feature engineering. Then, if they create a model that works well, they pass it to an engineering team. The engineering team does feature parameter creation, propagation, and engineering work to make the model function in real-time. That whole process can take three to six months. With Feedzai, models can be put into production the next day.

We’re also at the forefront of the responsible AI movement because, outside of it being the right thing to do, we know that as more and more consumers choose brands that align with their beliefs, financial institutions can’t afford to ignore the impact biased systems can have on their reputations. We enable enterprise fraud management teams to quickly put models into production and to monitor those models for bias.

Future-Focused: From Machine Learning to Machine Precognition

The report’s thirty-five criteria are grouped into three high-level categories; Current Offering, Strategy, and Market Presence.

While we’re thrilled our transaction fraud solution achieved the highest score possible in twelve criteria, we’re even more excited to have received the highest scores possible in eight criteria within the strategy category: market approach: EFM developers, data integration plans, data scientist workflow improvement plans, rules-based risk scoring plans, unsupervised and deep learning plans, model explainability plans, queue management plans, and investigation and analyst workflow plans.

Receiving the highest scores possible in these criteria demonstrates, in our opinion, that we are proactively leapfrogging competition and raising the bar in areas where we’ve already scored top marks. You see, we have always been future-focused; it’s in our DNA. We build our technology to detect today’s threats and to adapt to future payment methods that will drive the next phase of cashless commerce.

These are exciting days at Feedzai. From our $200 million growth investment announced in March, to our acquisition of Revelock, to being recognized as a strong performer by Forrester, we’re demonstrating our commitment to our clients and staying laser-focused on our mission to make banking and commerce safe.

Download The Forrester Wave™ Enterprise Fraud Management, Q3 2021 report to learn why Feedzai received the highest scores possible in 12 criteria, including data integration, rules-based risk scoring and alerting, and more.