Money Mule And Crypto Schemes Now Top Money Laundering Threats, According to New Research from Feedzai

November 1, 2022

Archives Press Releases

  • AML professionals cite money mule schemes as the tactic most commonly used by money launderers, followed by multi-customer cross-wallet activity.
  • Using crypto exchanges to clean dirty cash is the third most common money laundering scheme, but just 26% of AML professionals say their firms evaluate crypto risk  
  • Data sharing between AML and fraud teams helps spot money laundering mules but one in five firms don’t collaborate internally  
  • Most AML professionals think a RiskOps approach bolsters AML efforts, yet most are not prioritising it as a top compliance goal 

San Mateo, Calif., London, United Kingdom & Lisbon, Portugal – November 1, 2022 – Money mule schemes, multi-customer cross-wallet activity and the use of crypto exchanges are the most common money laundering techniques, yet most firms are failing to make use of available technology to mitigate the threat, according to the latest research from Feedzai, the world’s first RiskOps platform for financial risk management.

The State of Global Anti Money Laundering Compliance Report surveyed 636 Anti-Money Laundering (AML) compliance experts, representing 77 companies around the world, most of them from the financial services industry, and overall 74% of respondents cited money mule schemes – both unwitting (44%) and witting (30%) – as the most common money laundering threats.

Furthermore, 56% said that multi-customer, cross-wallet payment activity – a favored tactic of money launderers as it enables them to move funds between different accounts to avoid detection – is the second most common money laundering typology.

The research also found that the crypto market is increasingly being targeted by money launderers; more than half (51%) of the AML professionals surveyed said the use of crypto and other non-compliant exchanges is the most common money laundering threat, while 19% cited crypto ATMs.

When asked what they believe the biggest challenges to their AML programs will be over the next two years, the top answers were ever-changing AML regulations (17%) – specifically around emerging markets and multi-customer, cross wallet activity – and crypto/blockchain (16%), followed by product implementation (7%).

However, despite citing crypto abuse as one of the biggest AML threats and one of the most significant challenges, just 26% of firms currently monitor crypto risks. Furthermore, AML professionals also believe data sharing bolsters AML efforts, but 19% admit their AML and fraud teams do not share data – even though a RiskOps approach helps identify money laundering sooner – and 15% ‘don’t know if they do.

Feedzai’s research found that most respondents believe a collaborative approach to data is vital in the fight against money laundering; 61% said automated collation of data from multiple vendors will be a top AML/KYC (Know Your Customer) trend over the next five years, while half (50%) said using a RiskOps approach for data sharing between FIs will bolster anti-money laundering efforts.

However, when asked what their main goals were for 2022, just 29% said creating a single customer view and less than a quarter (23%) said increasing data sharing between company departments. The top three priorities were achieving Perpetual Know Your Customer (pKYC) (54%), reducing false positives (54%) and accelerating AML investigations (45%).

Nick Parfitt, Principal, AML SME, at Feedzai said: “Money laundering threats are constantly evolving. Our data shows that multi-customer, cross-wallet payment activity to move funds between different accounts, and the use of crypto exchanges are the top money laundering tactics, and that doing more to address these challenges are all top concerns for AML compliance teams.

“Yet, most respondents named implementing pKYC and reducing false positives as their main goals for 2022, revealing there is still some misalignment on how to address AML going forward.”

“AML compliance professionals often feel like they are constantly catching up to address the latest financial crime patterns, frequently using yesterday’s technology and tools to address tomorrow’s money laundering challenges.”

“Taking a RiskOps approach provides a path forward to make better use of data, do more to address the threat of cryptocurrency and enable AML teams to demonstrate their effectiveness and root out money mule activities.”

Multi-Customer Cross Wallet Activity:

Multi-customer cross wallet refers to a customer’s ability to have several wallets such as Google wallet, Apple wallet, virtual crypto and anonymity with those wallets. They have multiple wallets with different institutions and there isn’t any transparency.

 

Media Contacts

Feedzai pr@feedzai.com


Feedzai Introduces New Mental Health and Menstruation Leave Benefit, Enabling Self-Care Days For All Employees

October 10, 2022

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All employees will be allowed 1 paid-day off per month without having to request annual leave

San Mateo, Calif. & Lisbon, Portugal – October 10, 2022 –  On World Mental Health Day, Feedzai, the world’s first RiskOps platform for financial risk management, announces the implementation of its new mental health and menstruation leave benefit, allowing all employees one (1) day off, per month and without a salary impact, for self-care when experiencing physical, mental health, menstruation, or menopause related symptoms.

Under the new employee benefit, those who need it will not need to provide a medical certificate or doctor’s note, nor do they need to specify the reason they are taking the leave. Any requests for the Mental Health / Menstruation Leave employee benefit will be granted upon receipt.

“At Feedzai, we want to foster a more inclusive and safe working environment, ensuring we meet our employees’ needs and give them the conditions they need to thrive and be successful. We are implementing this new leave benefit because we recognize that some of our employees may be suffering from symptoms related to either their mental health, PMS, menstruation, or menopause that can impact their ability to work,” said Dalia Turner, VP of People at Feedzai. “We also know that mental health and menstruation can be uncomfortable to talk about or even taboo in the workplace, and it is important to raise awareness of these topics and ensure that our employees know that we will support them should it be needed. In conjunction with this benefit, we are training our managers, and providing them with the information they need to better support their teams. By implementing this benefit, we want to start the conversation, to remove the stigma and ensure our employees know that these topics are nothing to be ashamed of.”

The impact of conditions affecting mental health, menstruation,  or menopause symptoms

According to Harvard Business Review, half of Millennials and 75% of Gen Zers had left roles in the past for mental health reasons, both voluntarily and involuntarily, compared with 34% of respondents overall.

Whilst, between 15-25% of people with periods endure from moderate to severe menstrual cramps that can affect their ability to work. Additionally, in the US, 11% of people who menstruate suffer from endometriosis, while 20% have dysmenorrhea, which are menstrual disorders that can have a dire effect on everyday life and cause worse symptoms and discomfort throughout the menstrual cycle.

As such, Feedzai will be introducing training for managers to improve education and awareness, which will help them better support their teams and be aware of the diverse issues that don’t impact everyone in the same way.

The company had already introduced the four-day work week in August 2021 with the aim of promoting well-being and work life balance among the more than 600 employees  worldwide.

 

About Feedzai
Feedzai is the world’s first RiskOps platform, and the market leader in safeguarding global commerce with today’s most advanced cloud-based risk management platform, powered by machine learning and artificial intelligence. Feedzai is securing the transition to a cashless world while enabling digital trust in every transaction and payment type. The world’s largest banks, processors, and retailers trust Feedzai to protect trillions of dollars and manage risk while improving the customer experience for everyday users, without compromising privacy. Feedzai is a Series D company and has raised $282M to date.  With a valuation of +$1.5B, the company’s technology protects 900 million people in 190 countries. For more information, visit feedzai.com

Contact
pr@feedzai.com


Feedzai named a Leader in IDC MarketScape for Responsible Artificial Intelligence in financial crime management

September 27, 2022

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Lisbon, Portugal & London, UK 27th September 2022 Feedzai, the world’s first RiskOps platform for financial risk management, announced that it has been named as a leader in the IDC MarketScape: Worldwide Responsible AI for Integrated Financial Crime Management Platforms 2022 Vendor Assessment. ( doc #US47457622, July 2022.)

The IDC MarketScape evaluated the vendors on fairness, explainability, robustness, lineage and transparency – the five foundational elements of responsible Artificial Intelligence (AI), or the framework that builds trust within AI solutions. According to the report, “Feedzai has been at the forefront of responsible machine learning for financial crimes management identification and detection for a few years now and has implemented some of the most widely used open source frameworks and tools for flexibility in ML creation. Organizations appreciate its ability to improve and accelerate development and deployment of those models into a wide variety of environments.”

“There are still many Financial Institutions that make unfair decisions using biased algorithms. And at Feedzai we believe that we don’t need to compromise on accuracy to have fairness,” said Pedro Bizarro, Co-Founder and Chief Science Officer at Feedzai. “This recognition from the IDC MarketScape cements Feedzai’s position as a Leader in the Responsible AI space. It’s a culmination of the hard work, research, investment and dedication at Feedzai to create not only the best performing AI capabilities for detecting and stopping fraud, but also models that are fairer and with much less bias.”

“The complexities of identifying and detecting asymmetric criminal behavior in the current landscape requires approaches that use the best-of-breed and explainable AI technologies while maintaining responsible security practices,” said Jerry Silva, Vice President of Financial Insights at IDC.  ”Open source tools powered by optimization like those provided by Feedzai allow organizations to build portable machine learning pipelines that can run on premises or on cloud without significant code changes. Feedzai provides a multilayered solution approach with patented tools to help measure/identify patterns to keep FIs safe and compliant.”

According to the report, “Feedzai has developed a strong culture of communicating, sharing, and updating ML capabilities with clients to maintain explainability and transparency in model development. This also includes clients developing their own models.” 


Continuous investment in Research

The company already had 12 patent submissions this year and invests about 26% of its annual revenue in R&D, introduced last year Feedzai Fairband, an AutoML algorithm that automatically discovers less biased machine learning models with zero additional model training costs. Fairband introduced Responsible AI to many leaders in the financial services sector and proved how it’s both accessible and attainable for financial services organisations worldwide. 

More recently, the company also released FairGBM, a constrained version of gradient boosted trees that optimises for both performance and fairness between groups. And it does so without sacrificing predictive performance. FairGBM was open sourced for non-commercial use, allowing any organization committed to delivering model fairness the ability to do so at scale.

For more information, visit Feedzai Research.

 

About IDC MarketScape: 

IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

 

About Feedzai

Feedzai is the world’s first RiskOps platform, and the market leader in safeguarding global commerce with today’s most advanced cloud-based risk management platform, powered by machine learning and artificial intelligence. Feedzai is securing the transition to a cashless world while enabling digital trust in every transaction and payment type. The world’s largest banks, processors, and retailers trust Feedzai to protect trillions of dollars and manage risk while improving the customer experience for everyday users, without compromising privacy. Feedzai is a Series D company and has raised $282M to date.  With a valuation of +$1.5B, the company’s technology protects 900 million people in 190 countries. For more information, visit feedzai.com


Contact

pr@feedzai.com


Feedzai Appoints David Henshall to its Board of Directors

September 26, 2022

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  • Appointment strengthens leadership team as Feedzai accelerates growth strategy

San Mateo, Calif. & Lisbon, Portugal – September 26th, 2022 Feedzai, the world’s first RiskOps platform for financial risk management, today announced the appointment of former Citrix President and CEO, David Henshall, to its board of directors.

 “Feedzai continues on its growth trajectory adding significant partnerships and industry accolades whilst continuing to showcase how financial institutions are using innovation to protect millions of people against scams and fraud,” said Nuno Sebastião, Co-founder, and CEO of Feedzai. “We are excited to welcome David to the board today. David’s vast experience of growing some of the world’s most groundbreaking companies such as Citrix will be  invaluable in helping us scale our business and continue our cycle of hyper-growth.”

 “Feedzai is redefining the fight against fraud,” said David Henshall. “Joining the board to help the company in its next phase of growth is to truly address how to operationalize risk for financial crime. I’m looking forward to being part of the limitless impact that can have.”

 Henshall was the president and chief executive officer at Citrix Systems, where he held executive roles for nearly twenty years. As both chief operating officer and chief financial officer he was responsible for overseeing the company’s global finance, operations and administration organizations.

 Prior to joining Citrix, Henshall served as chief financial officer of Rational Software Corporation and also held various finance positions at Cypress Semiconductor and Samsung. He serves as a member of the board of directors at New Relic and Everbridge, Inc.

Henshall holds a B.S. in Business Administration from University of Arizona and an M.B.A. from Santa Clara University.

 

About Feedzai

Feedzai is the world’s first RiskOps platform, and the market leader in safeguarding global commerce with today’s most advanced cloud-based risk management platform, powered by machine learning and artificial intelligence. Feedzai is securing the transition to a cashless world while enabling digital trust in every transaction and payment type. The world’s largest banks, processors, and retailers trust Feedzai to protect trillions of dollars and manage risk while improving the customer experience for everyday users, without compromising privacy. Feedzai is a Series D company and has raised $282M to date.  With a valuation of +$1.5B, the company’s technology protects 900 million people in 190 countries. For more information, visit feedzai.com


Press Contact – Feedzai

pr@feedzai.com


Jack Henry Announces Plan for New Financial Crimes Platform

August 25, 2022

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  • Cloud-native platform powered by Feedzai’s AI/ML engine will help community and regional financial institutions improve safeguards with added efficiencies and real-time data analytics

Monett,Thursday 25th August, 2022 – Jack Henry™ (Nasdaq:JKHY) announced today the development of Jack Henry Financial Crimes DefenderTM, the company’s next-generation financial crimes platform. The comprehensive platform, planned to launch early 2023, will deliver community and regional financial institutions the enhanced capabilities they need, including AI/ML, to gain visibility into fraud across all channels to better protect their institutions and accountholders’ financial health.

This initiative furthers Jack Henry’s next-generation technology strategy, centered on developing  cloud-native solutions that help banks and credit unions innovate faster, respond to business opportunities and challenges, and meet accountnholder expectations.

The Financial Crimes Defender platform’s analytics engine integrates Feedzai, the world’s largest RiskOps platform for financial risk management.

Nuno Sebastião, CEO at Feedzai, said “Providing more financial institutions with access to our next-generation AI/ML RiskOps engine through Jack Henry’s new fraud platform will elevate the industry’s fight against fraud. Financial institutions of all sizes will be equipped with the modern machine learning and automation tools they need, a singular view of data to minimize false positives and wasted resources, and give users a seamless and consistent experience across all capabilities and services.”

The platform’s intuitive user experience and analysis will support in-depth investigations and risk mitigation strategies, helping bankers make faster and more accurate decisions to prevent fraud. Events will be published within the transaction stream to mitigate fraud before the transaction leaves the institution or posts to the client’s account.

Matt Riley, president of Complementary Solutions at Jack Henry, said, “We’ve been building this new platform over the last 18 plus months, and it’s another way that we are working to solve real and pressing business challenges for community and regional financial institutions. Feedzai shares our dedication to creating an open ecosystem where financial institutions have better access to the technology they need to compete. We are confident about the opportunity to work together and offer community and regional financial institutions the same machine learning and artificial intelligence analytics that safeguard some of the world’s largest banks and merchants.”

About Feedzai

Feedzai is the world’s first RiskOps platform, and the market leader in safeguarding global commerce with today’s most advanced cloud-based risk management platform, powered by machine learning and artificial intelligence. Feedzai is securing the transition to a cashless world while enabling digital trust in every transaction and payment type. The world’s largest banks, processors, and retailers trust Feedzai to protect trillions of dollars and manage risk while improving the customer experience for everyday users, without compromising privacy. Feedzai is a Series D company and has raised $282M to date.  With a valuation of +$1.5B, the company’s technology protects 900 million people in 190 countries. For more information, visit feedzai.com

About Jack Henry & Associates, Inc.

Jack Henry (NASDAQ: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 45 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 8,000 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.

Statements made in this news release that are not historical facts are “forward-looking statements.” Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those discussed in the Company’s Securities and Exchange Commission filings, including the Company’s most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Any forward-looking statement made in this news release speaks only as of the date of the news release, and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise.

Press Contact – Feedzai 

pr@feedzai.com


Feedzai together with Lloyds Banking Group recognized as a Aite-Novarica Group 2022 Fraud Impact Award Winner

August 15, 2022

Archives Press Releases

  • Feedzai’s RiskOps Platform recognized for their work with with Lloyds Banking Group in Best Transaction Fraud Monitoring and Decisioning Innovation category
  • The global award highlights how Feedzai’s patented innovation increased protection for banking customers against scams, and significantly lowered risk  and fraud losses 

San Mateo, Calif. & Lisbon, Portugal – August 15, 2022 Feedzai, the world’s first RiskOps platform for financial risk management has been named Best Transaction Fraud Monitoring and Decisioning Innovation in the Aite-Novarica Group 2022 Fraud Impact Innovation Awards. The award highlights how Feedzai empowers the bank’s data scientists to protect customers from scams and other fraud using a patented algorithm and providing a 360-degree entity view of payment risk. Due to its proficiency in mitigating fraud risk, Feedzai’s patent innovation is helping many financial institutions including Lloyds Banking Group, one of the largest retail banks in the world.

According to recent reports, financial crime has been on the rise since the COVID-19 pandemic began and large numbers of people have turned online for their banking activities. In the U.S., the impact of identity fraud last year was $52 billion in financial loss, affecting 42 million consumer victims (Javelin Research). In the U.K., authorized push payment scams reached £355 million in the first half of 2021, a year-on-year increase of 70 percent.

“Today’s fraud scams are increasingly hard to stop by traditional solutions because the transactions involve genuine customers on their actual devices, at their usual IP,” said Pedro Barata, Chief Product Officer Feedzai. “Lloyds Banking Group and Feedzai have pioneered an approach that utilizes all available data across multiple channels to make fair fraud risk decisions in milliseconds, based on an individual’s specific details and activities, not one that is dependent on generalized customer groupings.”

Feedzai RiskOps Platform has been proven to increase protection for banking customers against scams. The innovation and technical strengths of the solution contributed to the award win, as they provide customers with tangible benefits, including:

  • Financial crime risk mitigation – Higher detection rates and lower false-positives help protect banks and their customers from the costly and distressing experience of fraud and scams.
  • Enhanced user experience – reduces friction for good customers and lowers the number of unnecessary contacts with analysts and call centers.

Operational efficiency – Keeps intervention rates low and ensures a less complex system through model-driven as well as rule-driven systems.

“Organized crime continues to attack financial services firms and consumers, always finding new and clever ways to circumvent their defenses. Legacy approaches are less effective at keeping pace with, and adapting to, the escalating threat landscape,” says Chuck Subrt, Fraud & AML Practice Director at Aite-Novarica Group. “Fraud and AML executives recognize the imperative for more innovative tools that can drive meaningful intelligence, smarter decision-making, and better outcomes,” he explains.

For more information about Feedzai RiskOps Platform, go to: https://feedzai.com/riskops#riskops_platform

Feedzai will be honored at an awards presentation at Aite-Novarica Group’s Fifth Annual Financial Crime Forum in Charlotte, NC on September 19th.

About the Aite-Novarica Group 2022 Fraud Impact Innovation Awards: The Fraud & AML Impact Innovation awards honors organizations with innovations that are bringing the financial services industry one step closer to triumphing over fraud, money laundering, and other illicit activity.

The winners were evaluated by a panel of internal Aite-Novarica Group advisors and external industry experts drawn from financial institutions and the media. Evaluation criteria include level of innovation, competitive advantage, market needs/drivers, impact and value, and future roadmap.

About Aite-Novarica Group: 

Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.

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About Lloyds Banking Group: 

Lloyds Banking Group is a financial services group focused on retail and commercial customers – with millions of customers in the UK, and a presence in nearly every community. Lloyds Banking Group has many household names like Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows.

About Feedzai: 

Feedzai is the world’s first RiskOps platform, and the market leader in safeguarding global commerce with today’s most advanced cloud-based risk management platform, powered by machine learning and artificial intelligence. Feedzai is securing the transition to a cashless world while enabling digital trust in every transaction and payment type. The world’s largest banks, processors, and retailers trust Feedzai to protect trillions of dollars and manage risk while improving the customer experience for everyday users, without compromising privacy. Feedzai is a Series D

company and has raised $282M to date. With a valuation of +$1.5B, the company’s technology protects 900 million people in 190 countries. For more information, visit feedzai.com

Press Contact – Feedzai 

pr@feedzai.com


Al Rajhi Bank Malaysia Partners with Feedzai to Provide Avant-Garde Security for its Digital Bank

July 20, 2022

Archives Press Releases

  • Al Rajhi Bank Malaysia is implementing Feedzai’s RiskOps platform to handle the challenges of Identity, Real-Time Data, and Collaboration across the entire customer lifecycle 
  • This partnership is part of Al Rajhi Bank Malaysia’s continuous effort to build a digital bank and become the #1 Islamic innovation bank in Malaysia.

San Mateo, Calif. & Lisbon, Portugal – 20th July 2022Feedzai, the world’s first RiskOps platform for financial risk management, and Al Rajhi Bank Malaysia (ARBM) have announced a partnership which will see Feedzai’s leading RiskOps platform implemented onto the platform.

“We are delighted that Al Rajhi Bank Malaysia has selected Feedzai as a trusted partner.  In addition to providing the highest level of financial security for AJB and their customers, our unified RiskOps platform will ensure that their teams have a single platform to handle everything fraud and financial crime-related”, said Nuno Sebastião, CEO at Feedzai. “By selecting a single, scalable solution that is already trusted by many of the world’s largest banks, Al Rajhi Bank Malaysia will ensure its customers are well protected against financial crime such as money laundering or scams which ultimately erode consumer trust in the financial system. ”

Since 2021, ARBM set its vision to become the #1 Islamic innovation bank in Malaysia and initiated its digital transformation by building a digital bank. The bank is committed to invest in a customer-focused approach and to emerge as the leader in the Islamic banking industry while delivering greater value to their customers and deepening financial access and relevance.

Arsalaan (Oz) Ahmed, Chief Executive Officer, Al Rajhi Bank Malaysia, added “Al Rajhi Bank Malaysia is launching a state-of-the-art digital bank which will be differentiated by its high levels of innovation, customer-centricity and reliability. Our strategic key partners have enabled us to tap into the vast potential of cutting-edge technology to help advance towards our vision of becoming the #1 Islamic finance innovation bank in Malaysia. Feedzai was the stand-out provider to meet all our financial crime prevention needs in keeping our customers safe and secure in an ever evolving financial crime landscape. The partnership with Feedzai is in line with our commitment to innovation and reimagining the 21st century banking experience.”

Feedzai’s RiskOps meets key industry challenges to seamlessly solve for Identity, Real-Time data, and collaboration across the customer lifecycle whilst increasing productivity and enabling financial services companies to deliver better outcomes for their customers.  RiskOps by Feedzai fully integrated cloud offering, covers device authentication, malware defense, behavioral biometrics (along with a package of fraud detection scenarios from scams to account takeover) and a full suite of integrated Fraud and AML solutions from Customer Due Diligence to Watchlist Screening and Transaction Monitoring.

Feedzai is also continuing to strengthen its presence and team in the region and recently announced Cormac Sheedy as the new General Manager for the Middle East. Sheedy  has over 25 years of experience as a sales director at the crossroads between financial services and technology. He joins Feedzai from Irish regulation technology firm Fenergo, where he was head of MENA Sales.

 

About Feedzai:
Feedzai is the world’s first RiskOps platform, and the market leader in safeguarding global commerce with today’s most advanced cloud-based risk management platform, powered by machine learning and artificial intelligence. Feedzai is securing the transition to a cashless world while enabling digital trust in every transaction and payment type. The world’s largest banks, processors, and retailers trust Feedzai to protect trillions of dollars and manage risk while improving the customer experience for everyday users, without compromising privacy. Feedzai is a Series D company and has raised $282M to date.  With a valuation of +$1.5B, the company’s technology protects 900 million people in 190 countries. For more information, visit feedzai.com

About Al-Rajhi Banking & Investment Corporation (Malaysia) Bhd (ARBM) 
ARBM, a wholly owned subsidiary of the world’s largest Islamic Bank, Al Rajhi Bank Kingdom of Saudi Arabia (KSA) was locally incorporated in October 2006. Following its official launch in 2007, ARBM became the first Arab bank to start its operation in South East Asia, as part of a Shariah compliant banking group that is instrumental in bridging the gap between modern financial demands and intrinsic values, whilst spearheading numerous industry standards and development.
At ARBM, we believe that the one thing that holds the world together as people of different nationalities, races and cultures are values. Values define us, unite us, and garner trust from those we serve. Deeply rooted in Islamic banking principles and operating on the same platform as its home bank, ARBM was established on the bedrock values of Integrity and Transparency, Passion to Serve Our Customers, Solution Oriented, Modesty, Innovativeness, Meritocracy and Care for Society.
ARBM continuously endeavors to expand its suite of products and services to meet the financial needs of its customers, delivering innovative Shariah compliant financial solutions across retail, corporate, treasury and investment segments. Today, ARBM operates through a distribution network of 16 branches nationwide.

 

Press Contact
Marlene Kaur
Al-Rajhi Bank Malaysia
marlene.kaur@alrajhibank.com.my
Tel: +603 2301 7413

Press Contact – Feedzai
pr@feedzai.com


Feedzai Recognized as a Top Anti-Money Laundering Solution by Leading Analyst Firm

July 6, 2022

Archives Press Releases

San Mateo, United States – July 6, 2022 Feedzai, the world’s first RiskOps platform for financial risk management, has been ranked among the top vendors in anti-money laundering (AML) in a Forrester report released today, “The Forrester WaveTM: Anti-Money-Laundering Solutions, Q3 2022”.

“Feedzai leverages machine learning and automation to overcome the difficulty many institutions have with legacy AML programs which operate with siloed, disparate systems creating a pixelated view of risk,” said Pedro Barata, CPO at Feedzai. “We believe our continued investment in R&D alongside our unified, RiskOps-based approach across AML is why we are consistently endorsed by customers and are a strong performer in the Forrester Wave report”. 

In the last year, Feedzai’s AML suite has helped customers monitor over 200 territories with over 90% precision for high-priority alerts.

Findings in The Forrester WaveTM Anti-Money-Laundering Solutions report
Feedzai received the highest possible scores in the following criteria:

  • Internationalization, currencies and reporting 
  • Execution roadmap
  • Enhancements: Watchlist management
  • Supporting services: Developers 
  • Supporting services: Professional services 


The Wave report cited
“disproportionately strong development and support staffing” and also notes, “In its current AML offering, the vendor’s rule threshold, processing, and recommendation capabilities are strong.” 

 The analysis goes on to state, “Feedzai is a good fit for organizations looking to automate and streamline the AML model development using workflow templates and third-party risk scoring models.”

 The Forrester Wave Anti-Money-Laundering Solutions, Q3 2022, reviewed 15 vendors in its assessment in a rigorous evaluation process that includes a detailed questionnaire, demos/briefings, and customer reference surveys/interviews. The resulting report is a trusted, unbiased analyst resource for organizations looking to invest in an AML solution.

Feedzai AML Suite manages AML risk across all stages of the customer lifecycle, creating a cohesive picture of risk across siloed internal and external systems. The suite includes four AML solutions in a single, unified AML compliance system:

  • Know Your Customer/Customer Due Diligence with continuous risk profiling, 
  • Watchlist Management Customer Screening with automated watchlist monitoring
  • Watchlist Management Payment Screening with fuzzy matching to reduce false positives, and 
  • AML Transaction Monitoring that uses machine learning for precise risk scoring and prioritization.


About Feedzai:

Feedzai is the world’s first RiskOps platform for financial risk management, and the market leader in safeguarding global commerce with today’s most advanced cloud-based risk management platform, powered by machine learning and artificial intelligence. Feedzai is securing the transition to a cashless world while enabling digital trust in every transaction and payment type. The world’s largest banks, processors, and retailers trust Feedzai to protect trillions of dollars and manage risk while improving the customer experience for everyday users, without compromising privacy. Feedzai is a Series D company and has raised $282M to date with a current valuation of $1.5B. Its technology protects 900 million people in 190 countries. For more information, visit feedzai.com 

For more information, please reach out to pr@feedzai.com


Trust Payments partners with Feedzai to strengthen risk management offerings

June 7, 2022

Archives Press Releases

London, UK, and Amsterdam, Netherlands – 7th June 2022Trust Payments, the disruptive leader in fintech specialising in frictionless payments and value-added services, announced today at Money20/20 Europe a multi-year partnership with Feedzai, the world’s first RiskOps platform for financial risk management. Using Feedzai, a key market leader in safeguarding global commerce, Trust Payments’ customers will benefit from an advanced cloud-based risk management platform, powered by machine learning and artificial intelligence.

Feedzai’s RiskOps meets key industry challenges to seamlessly solve for identity, real-time data, and collaboration across the customer lifecycle whilst increasing productivity and enabling financial services companies to deliver better outcomes for their customers.

Daniel Holden, Group CEO of Trust Payments, said: “We’re delighted to be partnering with Feedzai to ensure our vision for Converged Commerce™ can be backed by their robust risk management offering covering device authentication, malware defense, behavioral biometrics, and a full suite of integrated fraud and anti-money laundering solutions. This partnership will reinforce our commitment to a gold-standard risk framework to help deliver trusted commerce solutions to our customers around the world.”

“We are delighted that Trust Payments has selected Feedzai as a trusted partner and is implementing our unique RiskOps solution to ensure that their teams have a single platform to handle everything fraud and financial crime-related and to ensure financial security for themselves and their customers,” added Nuno Sebastião, CEO at Feedzai.

The world’s largest banks, processors, and retailers already trust Feedzai to protect trillions of dollars and manage risk while improving the customer experience for everyday users, without compromising privacy. Feedzai is a Series D company and has raised $282M to date with a current valuation of $1.5B. Its technology protects 900 million people in 190 countries.

 

About Trust Payments:
Trust Payments is a disruptive leader in fintech, specialising in frictionless payments and value-added services for online and offline merchants. We provide on-demand Payments and Banking-as-a-Service services to help businesses grow and scale online, in-store, and on mobile.
Trust Payments combines these omnichannel services with powerful tools, such as retail operations technology, loyalty management and instant eCommerce. We are constantly engaging new innovative payment methods in crypto and bank transfers to drive Converged Commerce™.  Since 2020, Trust Payments has acquired multiple businesses into its Group including WonderLane (retail operations and point of sale leaders); Stor (full e-commerce platform designed for small merchants); and Mobilize (specialists in mobile-based engagement and loyalty tracking).
Focusing on any commerce providers in the UK, EU and US, Trust Payments drives value for our clients through personalised services, secure and frictionless payments, and innovative products. Small and medium sized enterprises particularly benefit from our 24 years’ expertise.
Trust Payments has a global footprint, with over 500 people across 11 offices supporting the most demanding business sectors ­– from retail, travel and hospitality to crypto, gaming, and financial services. We have an acquiring network of over 50 global banks and hundreds of alternative payment methods.
We hold Visa and Mastercard Principal Memberships in the EU for cross-border business, are licenced by both the Malta Financial Services Authority and the UK Financial Conduct Authority and holds licences in 6 US States to carry out regulated payments in gaming.
Find out more at www.trustpayments.com.

About Feedzai:
Feedzai is the world’s first RiskOps platform for financial risk management, and the market leader in safeguarding global commerce with today’s most advanced cloud-based risk management platform, powered by machine learning and artificial intelligence. Feedzai is securing the transition to a cashless world while enabling digital trust in every transaction and payment type. The world’s largest banks, processors, and retailers trust Feedzai to protect trillions of dollars and manage risk while improving the customer experience for everyday users, without compromising privacy. Feedzai is a Series D company and has raised $282M to date with a current valuation of $1.5B. Its technology protects 900 million people in 190 countries. For more information, visit feedzai.com