Feedzai bolsters C-suite with new Chief Financial Officer

May 2, 2024

Archives Press Releases

  • Feedzai appoints Thomson Reuters veteran David Larson as Chief Financial Officer
  • The experienced executive joins the financial crime software unicorn after successfully leading billion-dollar global teams
  • Larson brings extensive operational and M&A experience from a number of well known global businesses and his appointment represents Feedzai’s ambitions to scale rapidly and to become a potential consolidator in its market

San Mateo, Calif / Lisbon, Portugal, 2nd May 2024: Feedzai, the market leader in anti-fraud and financial crime software, has appointed corporate finance heavyweight David Larson as its new Chief Financial Officer as the firm enters its phase of growth and expansion. 

Founded in 2011, Feedzai’s RiskOps platform now protects approximately a billion people globally, analyzing over $6 trillion in payments at 3000 transactions per second to prevent fraud. Powered by big data and machine learning, Feedzai has built the most advanced risk management platform, trusted by major institutions worldwide. A global company, with 10 international offices and 600+ employees, Feedzai has firmly established itself as the market leader in fighting financial crime with AI. 

David joins from Thomson Reuters, where he spent nearly 15 years and was most recently its Chief Strategy Officer. He has extensive experience in global finance, corporate development and M&A in large-scale businesses with multiple product lines driving sustainable and profitable organic growth. David was also integral in creating the Governance, Risk and Compliance division for Thomson Reuters, including the acquisition of World-Check (a database used around the world to help identify and manage financial, regulatory and reputational risk and perform KYC) now owned by LSEG.

David’s track record and deep understanding of operational dynamics within larger organizations will provide Feedzai with a valuable advantage as the business continues to scale. His M&A and strategy experience will help Feedzai take advantage of the market opportunity to be a consolidator in the industry. As Feedzai’s CFO, David will be responsible for managing all global financial actions of the business, reporting directly to Feedzai’s founder and CEO, Nuno Sebastião.

On his appointment, David Larson said, “The alarming rise of financial crime is not showing any signs of slowing down and we need real, innovative solutions to stop fraudsters in their tracks. Feedzai’s impressive technology is the solution to staying one step ahead of the criminals. I’ve long admired Feedzai and it’s an honor to join the team building a category leading product in the RiskOps space to help organizations streamline all aspects of customer risk management and protect  billions from the perils of financial crime. I look forward to being a part of this growth journey” 

Nuno Sebastião, co-founder and CEO of Feedzai said, “David’s impressive global leadership experience will be pivotal for Feedzai as we enter this next phase of growth and seek opportunities to consolidate across our space and explore potential M&A activity, as we execute on our vision of being a ubiquitous financial crime risk management service which is core to the architecture of every financial service provider. We have bold ambitions for Feedzai as we continue our mission to use AI to keep consumers safe and protect millions from fraud and financial crime. A world-class leadership team is essential in realizing those goals. David is the perfect hire to help drive this growth and I look forward to working with him closely.”

The appointment comes as Feedzai recently announced a record breaking fiscal year 2024 – led by  88% growth in their behavioral biometrics solution.

Notes to editors:
For more information, contact: Roopa Ramaiya, VP Communications, Feedzai. [email protected] 

About Feedzai: Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.


Feedzai Concludes Record-Breaking Fiscal Year 2024: Delivering Cash-flow Positive Results with Growth Acceleration Led by 88% Growth in Behavioral Biometrics Solutions

April 25, 2024

Archives Press Releases

  • Feedzai’s RiskOps platform now protects approximately a billion people globally, analyzing over $6 trillion in payments at 3000 transactions per second to prevent fraud.

San Mateo, Calif: Lisbon, Portugal: 25th April 2024: Feedzai, a leading provider of financial crime and risk management solutions, today announced record-breaking results for its 2024 fiscal year, delivering a strong combination of revenue growth acceleration and positive free cash flow margins. Business expansion was highlighted by the rapid expansion of Feedzai’s behavioral biometrics business, which grew 88% year-over-year.

The global cost of online payments fraud is expected to grow by 140% by 2028, according to a recent study by Juniper Research. Against this epidemic of rising financial crime levels worldwide, regulators are increasing enforcement and penalties, resulting in growing anti-money laundering (AML) fines and compliance costs.  

Feedzai’s RiskOps platform addresses these challenges, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Today, Feedzai solutions help defend over 1 billion people from financial crime, safeguarding more than $6 trillion in transactions each year, while helping financial institutions reduce their growing costs of AML compliance. Feedzai’s AI-based technology helps businesses fight fraud across the entire risk-cycle, from new account creation and customer onboarding, to payments and other transactions, to ongoing regulatory  compliance.

Feedzai closed several landmark transactions in FY24, including:

  • A record-breaking upsell with a top 10 European bank worth $100M across its multi year term.
  • A strategic partnership with a major global systems integrator that includes distribution rights and a commitment to work together to build out a major RiskOps practice within the integrator.
  • A major reseller relationship with a major player in the risk, compliance, identity, and investigation space. This large, multi-billion dollar media and data company will promote and sell Feedzai’s behavioral biometrics solution to new markets through its large and international sales channel.
  • A multi-year, multi-million ARR (annual recurring revenue) transaction facilitating migration of a US government agency’s fraud detection system to Feedzai’s cloud managed service.

In addition, Feedzai introduced major product and technology improvements to extend its RiskOps vision, notably among these:

  • Feedzai introduced Railgun, Feedzai’s next-generation, patented AI engine, which enables enhanced fraud detection accuracy, 4x faster risk strategy update speeds, enabling improved decisions with low latency and scalability.
  • Feedzai added new ScamPrevent™ capabilities that deliver industry-leading detection, classification, and interception of the widest variety of payment scams and financial fraud typologies, by combining transactional fraud detection with behavioral biometrics with out-of-the-box AI improvements and support for inbound payments monitoring.
  • Feedzai submitted eight new patent applications and was granted six new patents in the US, including critical intellectual property in the areas of automatic performance monitoring, new ways of using graph algorithms to improve fraud detection, model explainability, algorithms to improve model fairness, and our new Railgun AI engine.
  • Downloads of Feedzai’s open source contributions more than doubled, reaching over 90 thousand total downloads. Feedzai is a leader in AI fairness and its open-sourced FairGBM algorithm has received industry accolades as a game-changing contribution that makes Fair Machine Learning accessible to all.

In FY24, Feedzai’s product and technology excellence received significant recognition from industry analysts, including Datos Insights, Frost & Sullivan, Chartis, and Quadrant Knowledge Solutions.

  • Feedzai was recognized as a Leader in eight separate analyst evaluations, across several RiskOps market segments.
  • In three of these, Feedzai’s product offerings received the #1 product rating overall.
  • Feedzai is currently the only vendor recognized as a Leader by industry analysts in all three major RiskOps market segments – transaction fraud solutions, AML solutions, and behavioral biometrics solutions.

Nuno Sebastiao, CEO of Feedzai said:The past year was a successful one for us as we’ve significantly expanded both our operations and product offering, while delivering strong positive cash flow. The need for our RiskOps solutions continues to grow as criminals become more sophisticated, leveraging new technologies like generative AI, and as fraud levels continue to rise globally. As a result, we’re laser-focused on helping our customers succeed by providing the world’s best RiskOps technology and expertise, so they can deliver innovative banking solutions secure from financial crime.

Notes to editors:
For more information, contact: Roopa Ramaiya, VP Communications, Feedzai. [email protected] 

About Feedzai: Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.


Form3 and Feedzai Launch Industry-First APP Fraud Solution for the UK Market

March 26, 2024

Archives Press Releases

  • New solution offers PSPs inbound and outbound payment fraud intelligence in one solution for the first time

26th March 2024, LondonForm3, the cloud-native account-to-account platform, today launches a new, innovative authorised push payment fraud (APP fraud) prevention solution, powered by Feedzai, the market leader in anti-fraud and financial crime software. The new product is the first solution, built using fully supervised machine learning, to leverage collaborative intelligence to understand the behaviour of both the payment sender and recipient, to determine the risk of the payment being made in real-time.

Form3’s new APP Fraud Solution works by combining its account-to-account payment processing with Feedzai’s fraud and financial crime analytics. This produces a model that is trained to identify risk in both the individual sending the money and the person receiving the money. Understanding who is receiving the money is key to preventing fraud, as APP fraud involves impersonation that manipulates the victim into sending the money.

This new solution closes the gaps in intelligence that the fraudsters utilise to be able to use faster payments to target UK consumers and businesses. The solution’s model is then able to detect 95% of fraud at market-standard false positive rates.

Mike Walters, Form3’s CEO, said: “The best way to tackle the rise of APP fraud is the use of collaborative intelligence and cutting edge technologies that allow the real-time identification of scams within the payment message. By bringing together Form3’s payment processing expertise, and Feedzai’s fraud and financial crime solutions, we can tackle APP fraud so that UK banks can make faster payments safer. Feedzai is the solution provider of choice for two of the top four financial institutions in the UK, so we are partnering with a market leader to combat APP fraud.”

With APP fraud losses accounting for nearly £500m per annum, the solution is timely, as it has been developed on the back of new regulation from the Payment Systems Regulator. This sees victims of APP fraud being refunded by their bank from October 2024, with reimbursement now being the responsibility of both the sending and the receiving institutions.

Pedro Barata, CPO at Feedzai, adds: “There is increasing regulation in this space, and rightly so – we’ve got to do everything in our power to protect the end consumer from APP fraud. With reimbursement becoming mandatory from October this year, it’s also in the interests of all banks to collectively ensure they prevent fraud and save huge payouts. By combining the expertise of Feedzai and Form3, we can drastically reduce the level of vulnerability in the payment process and give our customers the real-time intelligence that they need to stop fraudsters in their tracks.”

The partnership underscores Form3’s commitment to ‘doing well by doing good’, employing cutting-edge technology to tackle the pervasive issue of fraud, which has profoundly impacted countless individuals worldwide.

The service will go live in April, with a full rollout in the UK market expected in the summer of 2024 – ahead of the implementation of the new rules in October 2024.

 

About Feedzai:
Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit
feedzai.com.

About Form3
Form3 is the account-to-account payments platform. Founded In 2016, Form3 set out to revolutionise the world of payment processing and disrupt the traditional payment infrastructure model, with an always on, cloud-native, Payments-as-a-Service platform. Providing not only gateway services its breadth and depth of solutions extends to fraud prevention, payments orchestration as well as data metrics. Today, Form3 is trusted by some of the UK’s and Europe’s biggest Tier1 banks and fastest-growing fintechs to handle their critical payments architecture. Form3 has been awarded Accel Euroscape 2023 Top 100 Company, Tech of the Future for Banks & Financial Institutions 2023 by the Paytech Awards, Payments Tech of the Year 2023 at the UK Fintech Awards, and Engineering Team of the Year 2023 at the Europe Fintech Awards.

Contacts:
Feedzai: Roopa Ramaiya, VP Communications, [email protected]


Feedzai Partners with UK Finance for Annual Fraud Report 2024

February 28, 2024

Archives Press Releases

  • Feedzai has been announced as the lead sponsor and contributor for the report for the second consecutive year
  • The annual report is an indispensable resource for the banking and financial services sector as it works to protect customers from the growing threat of fraud

London, UK, February 28th, 2024 Feedzai, a global leader in fighting financial crime with AI, has partnered with UK Finance, the trade association representing the banking and financial services sector in the UK.

For the second consecutive year, Feedzai has been selected by UK Finance as the lead sponsor and contributor for its Annual Fraud Report. The 2024 edition will explore key fraud trends and the challenges and opportunities for the UK banking and finance industry as it continues to protect consumers from fraud and financial crime.

Combining data supplied to UK Finance by several of its largest banking and financial services members with its sector expertise, Feedzai will provide insight into the number of fraud cases and the value of fraud losses in the UK. It will also provide additional analysis of the emerging trends and the incidence of particular types of fraud.

Commenting on the renewed partnership, Pedro Barata, Chief Product Officer at Feedzai, said:

“We are pleased to be trusted by UK Finance once again to be their partner in delivering the Annual Fraud Report, which underscores our commitment to working at the forefront of this space alongside the most reputable partners and trade bodies. 

With financial crime evolving every single second, minute, and hour of the day, the report is a valued resource for all professionals in the banking and financial services industry looking to obtain a 360-degree view of the fraud environment.”

Lee Hopley, Director, Economic Insight and Research at UK Finance, added:

“Our Annual Fraud report highlights the ever growing issue of financial fraud and we are looking forward to continuing our partnership with Feedzai for a second year. Our Annual Fraud Report is a key marker in evaluating the ongoing fight against financial crime and Feedzai’s industry knowledge and additional insight will be a valuable asset to the report, making it a valuable resource for the industry.”  

The report will be published by UK Finance in partnership with Feedzai later this year.

 

About Feedzai:
Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit
feedzai.com.

Contacts:
Feedzai: Roopa Ramaiya, VP Communications, [email protected]


A colossal $159 billion lost to fraud and scams, finds new research from Feedzai and the Global Anti-Scam Alliance

February 22, 2024

Archives Press Releases

  • GASA and Feedzai’s 2023 report reveals nearly a quarter of Americans (23%) fell victim to scammers over the course of the last 12 months, losing an average of $2,663 each
  • Three quarters (73%) encountered a scam at least once a month, with Gmail and Facebook posing the greatest threats

San Mateo, Calif., 22nd February 2024 – The rise of fraud in the United States continues apace, costing a huge $159 billion in one year alone, according to new research released today by Feedzai in partnership with the Global Anti-Scam Alliance (GASA). 

The 2023 State of Scams report shows that nearly a quarter (23%) of US citizens parted with their money after falling victim to fraud despite an overwhelming majority (69%) saying they felt confident in their ability to spot a scam before reaching that stage.  

This highlights the sophistication of tactics deployed by scammers and, with further data from the research showing the volume of such scams is also high, there is a great risk to consumers. Nearly three quarters (73%) of those surveyed encountered a scam at least once a month, with a shocking 15% saying they encountered one every single day.  

Gmail and Facebook were by far the most prominent sources of threat, with 53% and 52% of respondents respectively identifying these platforms as the ones on which most scammers tried to contact them last year. With Instagram (22%), WhatsApp (16%) and Google (17%) following closely behind, it is clear that all related parties – big tech, banks, telcos regulators and consumers themselves – must work together to combat and overcome malicious actors. 

With each victim losing an average of $2,663, amounting to 0.6% of total U.S. GDP, more must be done. Urgency and clarity on approach is key. 

Nuno Sebastião, Co-founder and CEO at Feedzai, said: 

“Scammers are relentlessly targeting consumers and, as much as we need and want all our online services from online banking to social media, they do present more opportunities for fraudsters. There are simply more areas of vulnerability for them to exploit. More should be done to both protect and reimburse victims of fraud, and it’s true that banks and financial institutions play a big role here, but this responsibility cannot solely fall on their shoulders.  

“If we are going to stand a chance in the fight against scams we need a collaborative approach – big tech companies, regulators, software providers and consumers must all work together to put measures in place from all angles.  

“It feels like a big job, but it needn’t be hard. Using technology that can continuously provide customer-centric risk-scoring as well as biometric and behavioral pattern analysis, we can learn each consumer’s unique approach and use it to more effectively identify suspicious activity – we can prevent scams before they even happen, and without the consumer even realizing. We’re proud to be partnered with GASA to highlight such an important issue, and to be at the forefront of the fight.” 

Jorjj Abraham, Managing Director at GASA adds: 

“The findings are an important reminder of the scale of the fraud problem facing us all, and this is not just a problem in the U.S. Consumers are savvy, but fraudsters are increasingly sophisticated in their approach, and that means we need an increasingly sophisticated solution to match. Technology is really the only way forward if we’re going to get ahead of the game. If we combine cutting edge tech that prevents scams before they happen with an approach in which we’re not afraid to work together to share insights and knowledge around scams, we can tackle the alarming statistics revealed in our research. We’re proud of the work we’re doing, and Feedzai is crucial in helping us lead the fight so we’re confident of a brighter future.” 

To find out more, read the full report here.

About Feedzai:
Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.

About GASA:
The Global Anti Scam Alliance (GASA) is a non-profit, bringing together policy makers, law enforcement, consumer authorities, NGOs, the financial sector, cybersecurity, and commercial organizations to share insights and knowledge surrounding scams. For more information, visit gasa.org

Contacts:
Feedzai: Roopa Ramaiya, VP Communications, [email protected]
Global Anti-Scam Alliance (GASA): Sam Rogers, [email protected]


Feedzai and Mastercard to expand crypto fraud protection for consumers globally

November 20, 2023

Archives Press Releases

  • Feedzai will leverage Mastercard’s Ciphertrace crypto intelligence solutions to reduce the risk of account-to-account fraud flowing into crypto exchanges

San Mateo, Calif, 20 November 2023: Feedzai a financial crime and risk management solution, and Mastercard – a global technology company in the payments industry – are combining technologies to increase crypto fraud protection for hundreds of millions of consumers.

Today, an estimated 40% of scam transactions exit directly from a bank account to a crypto exchange. According to Feedzai’s recent report, The State of Global Anti Money Laundering (AML) Compliance Report 2023, the monitoring of cryptocurrency effectively is still one of the biggest challenges for financial institutions.

Addressing the need to implement effective AML solutions, Feedzai and Mastercard will collaborate to integrate Mastercard’s world-leading crypto intelligence solution, Ciphertrace Armada into Feedzai’s unique RiskOps platform. RiskOps analyzes transaction data totaling over $1.7 trillion annually and offers a comprehensive suite of AI-based solutions designed to stop fraud and financial crime at the source – allowing banks to be alerted in milliseconds when a transaction appears fraudulent.

Ciphertrace Armada allows banks, crypto exchanges, wallets, crypto ATMS and other Virtual Asset Service Providers (VASPs) to better assess the fraud risk in digital asset transactions. In pairing these technologies together, Feedzai’s customers, who collectively protect over 900 million consumers globally, will now be able to identify and prevent transactions involving fraudulent crypto exchanges before they occur.

The partnership comes just months after Mastercard announced its new solution that helps banks identify scams in account-to-account payments. Using AI, Mastercard Consumer Fraud Risk enables banks to intervene in real time and to stop a payment before funds leave a victim’s account.

The combined intelligence means that financial institutions can stop transactions involving high risk and potentially fraudulent crypto exchanges in real time, alerting the customer to the risk before money leaves their account.

Nuno Sebastião, CEO of Feedzai said, “Mastercard’s commitment to protecting its global customer base from fraud aligns perfectly with Feedzai’s mission. Criminals use crypto as part of their scam strategies, with the scam proceeds often ending up being funneled to an unauthorized or otherwise risky crypto exchange. It also continues to remain a challenge for AML professionals as criminals become ever more sophisticated and money laundering techniques advance.  This global partnership will further empower banks to protect their customers’ against the risks associated with crypto and instill further trust in the ecosystem.” 

Ajay Bhalla, president of Cyber and Intelligence at Mastercard said: This is an exciting step in our journey to secure the digital ecosystem. We’re providing financial institutions with the insights they need to be able to prevent transactions involving fraudulent crypto exchanges. We are delighted that, through this new partnership, we are able to go further, by helping to stop fraud and payments to scams before they take place, giving customers more choice, security and, most importantly, reinforcing trust.”

 

About Feedzai: Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.

About Mastercard: Mastercard is a global technology company in the payments industry. Its mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, Mastercard’s innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, it is building a sustainable world that unlocks priceless possibilities for all.

Contacts:
Feedzai: Roopa Ramaiya, VP Communications, [email protected]
Mastercard: Benjamin Carty [email protected]


New report finds that more than 80% of organizations across APAC are using artificial intelligence (AI) to tackle fraud

November 15, 2023

Archives Press Releases

  • Banks and payment service providers across APAC make progress with fraud prevention but it still remains a challenge, finds new report from Feedzai and Chartis
  • Despite advancements, the report finds scams present a growing challenge in APAC with only 6% of respondents confident in their ability to adapt to the changing nature of scams 

15 November 2023, Singapore: Today, Feedzai, the world’s first RiskOps platform for financial risk management, and Chartis Research, leaders in risk technology research and insights, have released a joint report exploring how financial firms are responding to fraud in the APAC region.

Leading the charge in the global fight against fraud, Feedzai and Chartis’ joint report, Scam Prevention in Asia-Pacific: A Survey of Banking and Payment Provider Professionals will be launched at Singapore FinTech Festival and also coincides with International Fraud Awareness Week . The report surveyed financial crime professionals from 48 banks and 27 payment service providers (PSPs) in Australia, Malaysia, the Philippines, Thailand and Singapore and found that advancements have been made to the approach to scams, with more than 9 in 10 organizations (97%) surveyed having some form of awareness program in place.

Other improvements include better internal touchpoints for scams, with two-thirds of firms surveyed having a regular touchpoint, such as regular briefings or training on identifying fraud as well as an improvement in the use of technology. More than 80% of organizations now use artificial intelligence (AI) in some form to detect fraud. AI-based fraud assessments involve the use of machine learning (ML) algorithms to analyze historical fraud data and identify patterns and anomalies that may indicate fraudulent activity.

However, the report also found that as fraud and scams become more sophisticated, scams present a growing challenge and concern in the region. Increased operational costs were considered the largest impact of fraud and scams. Those in Australia were most likely to cite increased operational costs as the biggest impact of fraud detection (67% of respondents), while those in Singapore were least likely (38%).

Although 46% of respondents felt they had comprehensive scam controls in place, most didn’t feel their firm could adapt to changing typologies fast enough, with only 6% fully confident in their ability to adapt. PSPs are more likely to have comprehensive controls than banks, with 60% of PSPs planning to improve fraud detection controls, compared with 39% of banks.

 With almost 90% of respondents believing that scam reimbursement regulations will be introduced in the next 12 months, banks and PSPs have to prepare. Almost 30% of respondents cited reimbursement as the largest impact of scams. This concern is likely to become more pertinent given expectations around future regulation.

Tom Clifford , Strategic Accounts Director at Feedzai said: “Banks and payment service providers have clearly made progress with fraud prevention, but it still remains a challenge. As fraud and scams continue to evolve and become more sophisticated, the industry needs to continuously adapt to the changing landscape.

The use of advanced technologies, like AI, has definitely enhanced the ability to detect and prevent scams. While many organizations have comprehensive controls in place, the capability to leverage enterprise data and adapt to the changing fraud landscape remains a significant concern. With potential scam reimbursement regulations just around the corner, banks and payment service providers will need to become more proactive in real-time fraud mitigation.”

Nick Vitchev, Research Director at Chartis said: “Scams pose a grave threat to consumers, institutions, and governments across Asia Pacific. Working with Feedzai, Chartis carried out a study to understand the relative priorities, challenges, and solutions across some of the more dynamic markets.

This survey found that the challenge of detecting and preventing scams is sizeable across the region, and varied across markets.,. The good news is that all of the markets we surveyed are committed to preventing scams via a variety of methods. The other good news is that Asia Pacific already contains institutions and governments that are leading the global fight against scams, and those that may be on the same trajectory can learn from those trailblazers.”

 

Notes to editors:
Contact

Roopa Ramaiya, VP Communications, Feedzai: [email protected]

About Feedzai: Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.

About Chartis: Chartis is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. Its mission is to support banks, tech vendors, investment managers and insurers with independent research and advice on all aspects of risk, compliance and financial technology. With its strong customer relationships and deep technology expertise, it is uniquely able to map market trends and vendor landscapes in financial risk, trading, credit, financial crime, GRC, insurance and energy.


Feedzai and CoreCard Partner to Protect Processing Market Against Rising Fraud Levels using Advanced AI

November 14, 2023

Archives Press Releases

  • The partnership enables CoreCard to further protect its financial services client base with intelligent AI-powered defense systems, while minimizing any friction at the point of sale 
  • CoreCard clients offering credit, debit and pre-paid cards will now have best-in-class fraud protection, as criminal activity levels rise globally
  • By incorporating Feedzai’s fraud detection capabilities into its offered services, Corecard has extended its capabilities as a one-stop-shop for all the key needs of issuers and program managers

November 14th 2023, San Mateo, Calif. Today Feedzai, the leading provider of financial crime and risk management solutions, has partnered with CoreCard, the gold-standard international provider of prepaid and credit technology solutions and processing services to banks and the financial technology and services market.

The partnership will enhance CoreCard’s fraud detection and prevention capabilities to expand on its existing advanced spending control capabilities. The collaboration marks a significant milestone in CoreCard’s commitment to providing comprehensive, cutting-edge services to its clients and reinforcing its position as the leading card management system and processing services provider. 

In today’s rapidly evolving financial landscape, the ever-increasing threat of fraud poses a significant challenge for issuing program managers. CoreCard’s partnership with Feedzai will address this challenge by offering more advanced fraud detection and prevention capabilities, using intelligent AI to monitor for and flag suspicious transactions in nano-seconds with high degrees of accuracy. CoreCard’s selection of Feedzai as a partner was guided by the high demands and expectations of its current and future clients.

CoreCard will use Feedzai’s latest AI Card Transaction feature to support clients issuing credit, debit, and prepaid cards carrying the Visa, Mastercard, Amex, and Pulse logos. The easy to use interface provides a flexible case management system for CoreCard’s processing clients. The client-specific, real-time alerts on transaction and cardholder data enables CoreCard to add predictive model-based fraud detection capabilities. The integration allows CoreCard to manage events quickly and effectively protect cardholders while minimizing friction at the point of sale.

The partnership enhances CoreCard’s longer-term strategy of extending its issuer processing capabilities to include a wider range of value-added services, providing a seamless route to a successful card program.

Brett Barrett, VP of Sales, Feedzai said: “As criminals become more sophisticated and fraud levels rise across the globe, issuers have a huge role to play in protecting consumers. That’s why our partnership with CoreCard to provide its clients with the most advanced fraud detection solutions available is so important. This collaboration underlines our commitment to delivering cutting-edge technology and reinforces our position as a trusted partner in the fight against financial crime.”

Mark Raleigh, COO of CoreCard, comments: “Feedzai’s track record of successfully delivering services to clients and its customer centric approach made them the ideal vendor. The partnership with Feedzai signifies a significant step forward in our commitment to enhancing the security and reliability of our issuer processing services. By integrating Feedzai’s state-of-the-art fraud detection capabilities into our offerings, our clients will be able to protect their cardholders while streamlining their operations.”

 

Notes to editors:
Contact

Roopa Ramaiya, VP Communications, Feedzai: [email protected]

About Feedzai: Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.

About CoreCard Corporation

CoreCard Corporation (NYSE: CCRD) provides the gold standard card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.  Contact [email protected] or visit www.corecard.com.


Feedzai named as Financial Crime - Enterprise Fraud Category winner by Chartis in its Latest RiskTech100 report

October 20, 2023

Archives Press Releases

  • Feedzai ranked 35th overall in the RiskTech100 for major solution providers in risk and compliance technology, up 13 places from last year and up from 78th place two years ago, reinforcing its cutting-edge technology and innovative AI-first RiskOps approach

20 October 2023, San Mateo, Calif: Today, Feedzai, the world’s first RiskOps platform for financial risk management, has been named as the Financial Crime – Enterprise Fraud category winner by Chartis in its latest RiskTech100 Report . Feedzai was selected for the award over the other vendors in the report, reinforcing its cutting-edge technology approach in tackling fraud.

Feedzai’s position as the top performer in this category is due to the strength of its fraud analytics, which enable it to make precise decisions from vast quantities of data at millisecond latency. Feedzai’s RiskOps approach achieves a single customer risk view across a wide range of use cases, including both fraud and anti-money laundering.

Feedzai stood out through its ability to interrogate data and analytics through an easy to use interface and flexible and comprehensive workflow and case management. Chartis also set Feedzai apart from other vendors in this category due to its strong focus and clarity in strategy, focusing on core capabilities that align with the direction of the market.

In addition to being named as the Enterprise Fraud Category Winner, Feedzai ranks 35th for major solution providers in risk and compliance technology, up 13 places from 2023 and up from 78th place two years ago. The Chartis RiskTech100 Report ranks the world’s major solution providers in risk and compliance technology. The rankings reflect its analysts’ opinions, along with research into the risk management space including market trends, participants, expenditure patterns, regulatory and governance standards and best practices.

Pedro Barata, Chief Product Officer at Feedzai said, “Feedzai is honored to not only have improved 43 places in the last two years as a risk solution provider, but to now have won the Enterprise Fraud category, which we believe reflects the strength of our platform and the significant investments we make in R&D. The fraud landscape has shifted dramatically in the last few years, requiring an evolution of fraud management technologies. Our Transaction Fraud for Banking platform provides a future-proof solution for enterprises to protect their consumers whilst providing them with the best user experience.

Feedzai continued its strong performance in the RiskTech100, rising 13 places – a reflection of continued development in its analytics capability across its fraud and AML suites, and the flexibility and scalability of its platform,” said Sid Dash, Chief Researcher at Chartis.Moreover, renewed clarity in Feedzai’s strategic direction has enabled it to commercialize its product developments.

 

About Feedzai:
Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.

Media Contacts:
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