Feedzai introduces Railgun: A next-generation fraud detection engine, featuring advanced AI to defend millions of people from surging financial crime

July 19, 2023

Archives Press Releases

  • Railgun delivers breakthroughs in accuracy, latency, and reliability, further enhancing Feedzai’s already industry-leading RiskOps Platform
  • Patented AI technology is the latest innovation from Feedzai, which has invested over $100M to develop the world’s most comprehensive suite of products to fight financial crime

San Mateo, Calif.: Today Feedzai, a leading provider of financial crime and risk management solutions, is introducing Railgun, its next-generation AI engine designed to target and intercept financial fraud before it can occur. In order to scale, today’s risk engines force financial institutions to limit the data they use to make risk decisions – typically by looking only at a limited history of data, and by using only a subset of relevant data inputs. Railgun removes these constraints, so financial institutions can now use a complete history of all relevant data – enabling them to assess the likelihood of fraudulent activity with unprecedented accuracy.

As sophisticated criminals embrace new techniques using generative AI, and as financial crime surges, new AI-based fraud-fighting technologies like Railgun will be critical to protect both consumers and financial institutions. Railgun’s breakthrough technology is the result of years of intensive research and development, and the product of multiple Feedzai patents in the area of streaming analytics.

Fraud detection engines typically rely on risk profiles that capture customer information, such as transaction history over specific periods, and assess the likelihood of a fraudulent payment based on a real-time comparison between current transactional activity and past typical behaviors. In the past, fraud detection suffered from a paucity of data to build these risk profiles, but now  our digital age ensures almost limitless information. However, risk engines have struggled to keep up with this change, because storing profiles for numerous customers, cards, and terminals requires massive amounts of low-latency memory space at scale. As a result, current systems simplify data inputs and limit historical context, diminishing fraud detection accuracy in order to achieve scalability. And because updating risk profiles is an offline process that is time consuming and expensive, these systems are also less agile, taking more time to adapt to rapidly evolving fraud patterns. Altogether, the result is a failure to prevent significant financial crime.

Railgun’s patented technology addresses the compromises inherent in today’s fraud detection systems, delivering:

  • Enhanced accuracy – Railgun enables real-time calculations based on data across much longer time windows, providing financial institutions with better observability and understanding of customer behaviors, resulting in more precise detection of suspicious activities.
  • Greater agility – Early production results show that Railgun improves the speed of risk strategy updates by 4x or more, enabling swifter responses to emerging fraud threats. New rules become effective almost immediately and risk recalculation no longer imposes a heavy burden on data science teams.
  • Scalability and lower latency – With Railgun financial institutions can confidently handle increasing transaction volumes without compromising accuracy or decision latency

Railgun is the latest innovation from Feedzai, which has invested over $100M to build its RiskOps platform, the world’s most comprehensive suite of solutions to combat financial crime. Feedzai invests heavily in fundamental research, and in the last three years has created nearly 100 patents and pending patents in the US and Europe, covering innovations in a wide variety of areas including applied AI and machine learning, fraud detection, streaming data processing and analytics, money laundering detection,  rules management, and AI explainability and fairness.

Pedro Barata, Chief Product Officer at Feedzai said, “As technology continues to evolve and tools such as AI become more readily accessible, fraud detection systems need to be able to keep pace and reliably combat criminal activity. Railgun is a significant weapon in the fight against financial crime, allowing banks and other financial institutions to accurately and cost-effectively turn the tide on the rising levels of fraud. With Railgun, banks no longer have to make assumptions or generalizations when it comes to risk profiling – helping protect millions of people worldwide.”

 

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:
Feedzai [email protected]


Novobanco partners with Feedzai to turbocharge customer engagement

June 26, 2023

Archives Press Releases

  • Partnership reiterates Novobanco’s commitment to delivering a market leading and seamless experience for the consumer
  • Novobanco will implement Feedzai’s market-leading Risk-Ops platform to optimise user experience while adding enhanced protection to its customers against financial crime

Lisbon, Portugal, 26th June 2023: Feedzai, the world’s first RiskOps platform for financial risk management, has partnered with Portuguese bank Novo Banco S.A. (Novobanco) to further enhance the bank’s customer experience, improve its digital journey and provide best in class fraud protection.

Novobanco is a domestic Portuguese universal bank that provides the full spectrum of financial products to both the corporate and retail segments. Novobanco has 1.5 million clients and €43.8bn of assets, being the 4th largest bank in its domestic market with a market share of 9.6%. Its customer-centricity culture is set to continuously enhance the experience of its clients, offering them an omnichannel experience, based on transparent, simple and safe products and services.

This ongoing programme of investment will see Novobanco partner with Feedzai to implement its market leading Digital Trust (DT) and Transaction Fraud for Banking (TFB) solutions. The two solutions work together to provide a deeper analysis of customer biometrics and behaviour, network, device and threat data in real-time to better identify legitimate customers and improve fraud blocking before it happens. Feedzai’s human-centered AI will also help Novobanco apply fair treatment across its customer portfolio by proactively addressing customer bias and improving their overall experience.

As a result, Novobanco will be able to optimise its solutions to all customers in order to improve overall trust, satisfaction and engagement levels.

Nuno Pires, Global Head of Sales at Feedzai said, “We’re proud that Novobanco has selected Feedzai as a trusted partner. The Digital Trust and Transaction Fraud for Banking solutions which are part of our RiskOps platform will empower Novobanco to further enhance its fantastic service whilst providing the highest level of financial security for its customers.”

Duarte Pupo Correia, EVP, Head of Digital Channels at Novo Banco said, “As a customer centric Bank, at Novobanco we are committed to continuously improving and providing the most intuitive, appealing and secure experience for all our customers. As we continue to invest in our digital ecosystem, implementing Feedzai’s best-in-class solutions will ensure we can raise the bar to a higher level.”

 

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 Novo Banco S.A.:
Novobanco is a domestic Portuguese universal bank that provides the full spectrum of financial products to both the corporate and retail segments. Novobanco has 1.5 million clients and €43.8bn of assets, being the 4th largest bank in its domestic market with a market share of 9.6%. Its customer-centricity culture is set to continuously enhance the experience of its clients, offering them an omnichannel experience, based on transparent, simple and safe products and services.

Media Contacts:
Feedzai [email protected]


Feedzai named Enterprise Fraud Management Category Leader by Chartis

June 22, 2023

Archives Press Releases

  • The Chartis Enterprise Fraud Solutions, 2023: Market Update and Vendor Landscape covers several themes in the market for anti-fraud solutions
  • Feedzai’s RiskOps Platform outperformed 21 other vendors in “Completeness of Offering”, reinforcing its ‘best in class’ cutting-edge technology in tackling financial crime

June 22nd 2023, San Mateo, Calif: Feedzai, the world’s first RiskOps platform for financial risk management, has been named a category leader in Enterprise Fraud Management by Chartis in its latest report, Enterprise Fraud Solutions, 2023: Market Update and Vendor Landscape.

The report covers multiple themes in the market for anti-fraud solutions. In particular, it focuses on the importance of model risk and the increasing complexity of the data required, large language models and the commodification of artificial intelligence (AI) that can trigger new types of fraud. It also covers the cloud equation of balancing costs, infrastructure and speed of processing with scalability, flexibility and security demanded by the market.

Feedzai outperforms 21 other vendors in “Completeness of Offering” and as a result, ranked as a category leader. It was ranked “best-in-class” in 4 out of the 6 categories: Advanced fraud detection techniques, Libraries of pre-packaged fraud rules, Case Management and workflow and Transaction Monitoring.

Chartis highlighted Feedzai’s breadth across multiple use cases, adaptability to meet individual bank challenges as opposed to a “one size fits all” approach and its volume and processing speed, compared to other vendors. Additionally, Feedzai’s strong presence in Europe, followed by North America, LATAM and APAC also set it apart.

Pedro Barata, Chief Product Officer at Feedzai said, “We’re proud to again be named as a category leader by Chartis in its latest Enterprise Fraud Management report. As criminals get ever more sophisticated, and market challenges continue to evolve, our RiskOps platform can provide a complete and future-proof solution for enterprises to protect their consumers whilst providing them with the best user experience.”

“Feedzai has demonstrated its ability to respond to the fast-moving trends of the marketplace, with key differentiators that include flexibility, speed of deployment, and proprietary analytics technology in Feedzai’s RiskOps platform” said Phil Mackenzie, Research Principal at Chartis. “This, combined with rapid growth among a broad collection of both legacy and challenger financial institutions, is reflected in its Category Leader position in Chartis’ Enterprise Fraud 2023 quadrant.”

 

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:
Feedzai [email protected]


Feedzai ranked a category leader in new Landscape Report by Chartis

May 23, 2023

Archives Press Releases

  • The Chartis Payment Risk Solutions, 2023: Market and Vendor Landscape Report considers the market landscape for payment risk solutions, assessing vendors’ Completeness of Offering and Market Potential.
  • Feedzai’s RiskOps Platform was rated a category leader overall, and in each of the three payment subcategories assessed by Chartis

23rd May 2023 – San Mateo, Calif.: Feedzai, the world’s first RiskOps platform for financial risk management, has been named a category leader by Chartis in its Payment Risk Solutions, 2023: Market and Vendor Landscape Report.

The report assesses fraud and financial crime risk from pre- to post-payment. Chartis’ analysis of Completeness of Offering considers depth and breadth of product functionality across the entire payment lifecycle as well as the underlying technology for efficient data management, powerful risk analytics and an intuitive reporting and presentation layer.

“Chartis ranked Feedzai as a category leader in its Payment Risk report across all categories: card, account to account and alternative payments, and in our overall quadrant,’ said Nick Vitchev, Research Director at Chartis. ‘Feedzai’s heritage, solution focus and RiskOps platform enable it to deliver a combination of risk solutions – notably for AML and fraud – at scale and speed across a myriad of payment types and use cases, reflecting the needs of the market highlighted by our research.”

Chartis highlighted Feedzai’s breadth across multiple use cases, array of different risk typologies, adaptability to meet individual bank challenges, and its volume and processing speed. Feedzai’s strong presence in Europe, followed by North America, LATAM and APAC, also helps to differentiate it.

“As more options become available for consumers to pay and move money, the risk of fraud also grows. We’re proud to have been selected as a technology leader in Chartis’ assessment of the category,” said Pedro Barata, Chief Product Officer at Feedzai. “Our RiskOps approach builds a holistic view of the risk landscape and as a result, a stronger way of detecting crime. Chartis’ assessment is additional validation that our comprehensive approach is the best way to protect consumers from fraudsters, in real-time and at scale.”

The full report can be found 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.

Media Contacts:
Feedzai [email protected]


Feedzai Launches ScamPrevent™, Advanced AI and Additional Capabilities to Detect and Stop Scams

May 10, 2023

Archives Press Releases

Latest version of the Feedzai RiskOps Platform features scam-specific machine learning models and other enhancements targeting the global epidemic of financial scams

San Mateo, Calif- 10th May 2023 Feedzai, a leading provider of financial crime and risk management solutions, today announced significant enhancements to its RiskOps Platform, enabling banks to better protect their customers from a wide variety of financial scams. These new Feedzai ScamPrevent™ capabilities deliver industry-leading detection, classification, and interception of the widest variety of payment scams and financial fraud typologies.

Financial scams are an epidemic growing in both dollar volume and human impact. The FTC recently reported that between 2021 and 2023, losses from scams increased by 30% in the US. These losses are only the tip of the iceberg as globally only 7% of scams losses are reported, according to data from the Global Anti-Scam Alliance (GASA). As scammers now have access to generative AI using large language models (LLMs) to fashion increasingly sophisticated and realistic scams, these losses can only be expected to increase.

Most financial institutions employ multiple legacy point solutions that use rules-based approaches to identify different types of fraud, but fail to specifically target scams. These traditional approaches have three critical limitations:

  1. They are siloed by channel, so they are susceptible to fraud typologies that operate across multiple banking products or payment platforms.
  2. They identify fraud by either focusing on behavioral activity (such as biometrics, app and device usage patterns, malware incidence, and network activity), or financial activity (transactional data across one or more banking channels and platforms), but they don’t natively look at both together, which significantly limits the ability to rapidly diagnose a scam in progress.
  3. They don’t quickly evolve to protect against new types of fraud as scammers continuously change their tactics;

Feedzai’s RiskOps platform is the only solution in the industry that employs a unified AI model to build a 360 degree view of customer risk,  monitoring a customer’s behavior and financial activity across the widest span of banking channels. Feedzai’s new ScamProtect™ capabilities build on this unique RiskOps approach to enhance the platform’s ability to identify and intercept scammers before their crimes impact customers, with:

  • Improved AI-based detection. Significant improvements to Feedzai’s AI engine, based on learnings across multiple geographies and financial institutions, enable improved scam detection with reduced false positives.
  • Custom scam rules. New capability to add bank-specific scam detection rules and thresholds on top of out-of-the-box AI detection delivers a rapid and customized response to new scam attacks;
  • Early intervention. Digital signals, including behavioral biometrics and other non-transactional patterns, may suggest a customer could be a scam victim prior to them actually making a payment. New Feedzai features empower banks to identify these signals and create intervention and education opportunities earlier in the risk lifecycle.
  • Inbound payments. To benefit from a scam, a scammer has to send money to an account they can control. New features enable monitoring of inbound payments as well as outbound to give banks multiple opportunities to stop a scam.
  • Extended scam reporting. Customizable scam classification, performance metrics, and reporting.

“Consumer losses from scams are expected to surge as countries introduce or expand instant payment channels – like the US will do this year with the introduction of FedNow,” said Pedro Barata, Chief Product Officer of Feedzai. “The human impact of scams is particularly high as scammers tend to target vulnerable groups – the elderly, the economically disadvantaged, immigrant communities, and youth. As it becomes faster and easier to make payments, there is a growing need for new solutions that enable scams to be detected and intercepted before any money moves. With our new ScamProtect™ features, Feedzai delivers the industry’s most comprehensive approach to scam prevention.”

Recent data from McKinsey shows that when a customer is impacted by a scam, it is a make-or-break moment for their banking relationship. Their research shows that the difference in Net Promoter Score (NPS) of customers that had a “good” experience versus a “bad” experience when impacted by fraud was a massive 132 points. This data strongly suggests that banks that succeed in protecting their customers from scams will increase customer satisfaction and retention, while those that fail will see increased churn. 

Increasingly, consumers hold banks responsible for personal losses stemming from scams. A recent independent survey conducted by Censuswide on behalf of Feedzai found that in the US, 76% of respondents were very likely or somewhat likely to leave their bank if they were not refunded for losses they suffered in a financial scam.  In the UK, existing  rules making banks directly accountable for reimbursement of affected consumers are likely to be tightened later this year. Legislators in other countries are considering similar measures.

“In this environment of faster payments and more sophisticated scams, banks should look at proactive strategies to protect their customers from financial crime,” said Nuno Sebastiao, CEO of Feedzai. “We believe that banks which embrace a comprehensive RiskOps approach will outperform in customer satisfaction and retention, while minimizing losses from financial crime.” 

On June 14, Feedzai will host a webinar about the impact of scams on both banks and their customers, featuring financial crime thought leaders from GASA, Forrester, Which? and more.

Feedzai’s RiskOps Platform is available now.

 

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:
Feedzai [email protected]


Over half of consumers have been a victim of financial crime

April 17, 2023

Archives Press Releases

  • Feedzai’s new report reveals a lack of awareness of scams is putting many consumers at severe risk 
  • Romance scams top the list of most common fraud type with one in 10 who have fallen victim losing more than $8,400 to scammers
  • Fraudsters are adapting and increasingly taking advantage of unsuspecting consumers, luring them into becoming money mules with 42% approached on social media 
  • Consumers believe it’s the responsibility of their bank to reimburse them should they be targeted, with 77% leaving their bank should they not be refunded
  • Banks must adopt emerging technologies if they’re to tackle fraudsters and reassure their customers, with 53% feeling safer knowing their bank is using AI to protect them 

San Mateo, Calif, London, United Kingdom, April 17th 2023 – Feedzai, the world’s first RiskOps platform for financial risk management, has released its latest report – The Human Impact of Fraud and Financial Crime on Customer Trust in Banks. The report, based on research of 4,000 consumers in the UK and US, reveals how fraudsters are taking advantage of the widening fraud knowledge gap, outlining the urgent need for banks to educate and protect their customers with technology.

The report reveals that while over half (56%) of respondents have been a victim of a financial scam, many still lack the knowledge to detect and distinguish between the various types of financial crime.

Consequently, many consumers believe the responsibility for reimbursement lies with their bank, with over half (53%) believing they should be reimbursed if they fall victim to a scam or third-party fraud. If they weren’t refunded, three-quarters (77%) of respondents across the UK and US indicated they would leave their bank.

Romance tops the list but fraudsters are adapting 

Romance scams top the list as the most reported type of scam, with a third (36%) of respondents having either been personally scammed or knowing someone who has been a victim. Arguably one of the cruelest forms of consumer-facing fraud, fraudsters have targeted emotionally vulnerable people, with 13% of those scammed by fraudsters losing more than $8,400, causing significant distress.

However, Feedzai’s research found that romance scams are just one component of financial crime. Money mules, individuals whose bank accounts are used by fraudsters to transfer money, are becoming an increasingly prominent aspect of cybercriminals’ economic business models too.

In the US particularly, fraudsters are targeting unwitting consumers to become money mules. Nearly half of US consumers have been approached to receive funds, yet a quarter (24%) are unaware of the risks of being a money mule. In the UK, only a third (35%) of respondents had been approached to receive funds and seem more risk-aware, with only 17% unaware of the risks associated with being a money mule. Social media is the preferred platform for fraudsters with 42% of respondents approached on social media to become money mules.

AI drives reassurance but banks need to get it right 

As criminals get more aggressive and innovative, emerging technologies such as ChatGPT create a new set of challenges for banks and financial institutions in tackling financial crime.

In response, banks must act and also embrace innovative technology to protect their customers from fraudsters. AI holds huge potential to keep customers safe whilst also solidifying customer loyalty, with over half (53%) of respondents feeling safer knowing their bank uses AI to protect them.

However, the need for accuracy when using AI is vital  with 46% of respondents considering leaving their bank if it stopped a legitimate transaction, even if the issue was resolved quickly. The report highlights the critical need for banks to prioritize transparency, effective safeguards, and tailored communication strategies to ensure customer loyalty and satisfaction.

Pedro Barata, Chief Product Officer, Feedzai commented: “Our latest report highlights a major issue in terms of public awareness and education surrounding the distinctions between various types of financial crimes.  

“With a surge in digital banking services, a willingness among customers to switch banks, and an ongoing cost of living crisis, it is more important than ever for banks to foster strong relationships with their customers and establish trust. The potential of AI and other advanced technologies to enhance security measures and better protect customers from these threats has never been more clear.”

Methodology:
To gather insights into the prevalence of financial scams and attitudes toward fraud prevention and protection, Feedzai conducted an online survey in partnership with Censuswide, a leading market research company. The survey was conducted using an online access panel, with respondents sourced from Censuswide’s panel of participants. A total of 4,005 respondents participated in the survey, with 2,002 respondents from the UK and 2,003 respondents from the US. Of these respondents, 2,031 were female, and 1,974 were male.

 

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

Katie Villiers-Smith; Issie Rees-Davies | MHP
[email protected]

The full report is available to download here.


Feedzai positioned as the Leader in the 2023 SPARK MatrixTM for Anti-Money Laundering (AML) by Quadrant Knowledge Solutions

April 12, 2023

Archives Press Releases

  • The Quadrant Knowledge Solutions SPARK Matrix™ provides competitive analysis & ranking of the leading vendors.
  • Feedzai, with its comprehensive technology and customer experience management, has received strong ratings across the parameters of technology excellence and customer impact.

April 12, 2023: Quadrant Knowledge Solutions announced today that it has named Feedzai as a 2023 technology leader in the SPARK Matrix: Anti-Money Laundering, 2023

The Quadrant Knowledge Solutions’ SPARK Matrix™ includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading technology vendors in the form of its SPARK MatrixTM. The study offers strategic information for users to evaluate different provider capabilities, competitive differentiation, and market position.

According to Vaishali Moitra, Analyst at Quadrant Knowledge Solutions, “Feedzai’s AML solution’s differentiators include granular profiling, visual link analysis and alert optimization.. It enables FI’s to enhance productivity through the visual link, analysis tools, Whitebox Explanation, and integrated reporting.” With its comprehensive functional capabilities, strong customer value proposition, and compelling ratings across customer impact and technology excellence parameters, Feedzai has been recognized as a leader in the 2023 SPARK MatrixTM: Anti-Money Laundering” adds Vaishali.

Pedro Barata, Chief Product Officer at Feedzai explained that Feedzai’s unique RiskOps approach helps institutions tackle the challenges they may have historically faced with legacy AML programs.  “At Feedzai we combine machine learning and automation to create a more holistic view of the risk landscape and a stronger way of detecting financial crime. Many legacy programs in this space typically operate with isolated and disjointed systems, resulting in a fragmented  view of risk”

Over the past year, Feedzai’s AML suite has enabled customers to monitor multiple territories with exceptional precision, achieving a high-priority alert accuracy rate of over 90%.

“Our investment in R&D, our knowledge of this space and our approach to innovation, such as the use of machine learning for alert ranking/prioritization as well as pioneering ways of creating unbiased and transparent AI, has helped provide financial organizations with a single partner to tackle all their financial crime needs and we are honored to have been selected as a leader in the field”

Feedzai is focused on enhancing its single financial crime platform and addressing challenges dealing with changing global regulations and the introduction of new payment types such as crypto and its deployment in various countries

Fintech vendors are embracing anti-money laundering solutions to detect and mitigate conventional and digital money laundering activities. Leading vendors are adopting cloud-based and web-based AML solutions, Behavior Analytics models, identity resolution in KYC, risk management, smart authentication, real-time payment, and transaction screening. Organizations are considerably more comfortable than before utilizing hybrid (rules and AI/ML-based) risk assessment systems to enhance the customer experience and decrease false positives. Thus, Advanced AML solutions, which can cover the entire customer cycle and optimize the orchestration of work by merging cutting-edge technology with the organization’s processes, can curtail and prevent the persistent recurrence of cyber threats, frauds, and dangers.

 

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 Quadrant Knowledge Solutions

Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients in achieving business transformation goals with Strategic Business and Growth advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client’s business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments.
For more available research, please visit https://quadrant-solutions.com/market-research/ 

Media Contacts:

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

Riya Mehar, Quadrant Knowledge Solutions
[email protected]


Feedzai partners with UK Finance for Annual Fraud Report 2023

March 9, 2023

Archives Press Releases

Feedzai, the market leader in fighting financial crime with AI, has partnered with UK Finance, the trade association for the UK’s banking and financial services sector, to deliver its Annual Fraud Report.

UK Finance has chosen Feedzai as the lead sponsor and contributor for the next edition of its Annual Fraud Report. The report highlights the key themes, opportunities and challenges for the UK’s banking and finance industry in its continued efforts to protect customers from fraud and is a valuable resource for industry professionals, regulators, and policymakers.

Combining aggregated data supplied to UK Finance by some of its largest banking and financial services members with its industry knowledge, Feedzai will use its analysis to derive insight into the number of cases and the value of fraud losses in the UK. It will also complement UK Finance’s long standing industry engagement, with additional analysis and commentary on potential trends as to the prevalence of specific types of scams committed over the period. The report will be published by UK Finance, in partnership with Feedzai, later this year.

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

“We are delighted to have been chosen by UK Finance as their trusted partner in delivering this year’s edition of the Annual Fraud Report. The report represents a vital point of reference for all professionals working to prevent financial crime across the UK and is an important benchmark in tracking the progress of this endeavor. Being a part of this important research will help to build a clearer picture of how all parties can best work together to address financial crime across the UK.”

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

“We are excited to be working with Feedzai on the upcoming edition of our Annual Fraud Report, their expertise in this field make them the perfect partner to deliver additional insight and analysis that makes the report a valuable resource for the industry. The quality of data combined with key insights shared by those experienced in this area makes our Annual Fraud Report  a key marker in evaluating the ongoing fight against financial crime.”

Feedzai will also be involved in UK Finance’s flagship conference, Economic Crime Congress 2023, taking place on Thursday 30 March 2023 at The Brewery, London. The event brings together professionals from across the entire community of those working in financial crime to discuss the most pressing issues affecting anti-money laundering, financial sanctions, fraud protection and data sharing.

Daniel Holmes, Feedzai’s expert in Fraud Prevention, will join a line-up of key industry experts at the conference to lead a panel discussion on ‘The role of the wider ecosystem: Collaborating to tackle fraud’. The session will focus on looking outside of the financial services sector at other key areas and players within the wider finance and technology industries and explore how all parties can best collaborate on various initiatives towards the united goal of reducing the threat of economic crime.

 

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


Feedzai joins Global Anti-Scam Alliance

March 1, 2023

Feedzai joins Global Anti-Scam Alliance

SAN MATEO,Calif and LONDON, UK: Wednesday 1st March, Feedzai, the market leader in fighting financial crime with AI, has joined the Global Anti Scam Alliance (GASA) – a not-for-profit organisation whose goal is to protect consumers across the world from scams – as a corporate member.

GASA brings together governments, law enforcement, consumer protection organisations, financial authorities and commercial organisations to share insights on scams and define concrete solutions to turn the tide on scams.

By joining the alliance, Feedzai will bring its expertise and knowledge in fighting financial crime with AI, providing invaluable insight to strengthen GASA’s networks and working groups.

More than $55 billion was lost by consumers last year in cybercrime, while the number of scams reported to law enforcement grew to nearly 300 million. However, due to the fact that scammers work globally, and law enforcement operate locally and regionally, less than 1% of all cybercriminals are prosecuted.

GASA’s mission is the change that by bringing key stakeholders together and facilitating the sharing of key data, knowledge, lessons learned, intelligence and evidence-based research so they can:

  • Educate the public about the different types of scams, how to recognise them, and how to protect themselves from falling victim.
  • Understand the nature and scope of scams, and to develop effective solutions to combat them.
  • Discuss the results of existing policies and the development of new legislation to protect citizens against scams.

Daniel Holmes, Fraud Prevention SME, Feedzai said:
“We have developed a market-leading  RiskOps platform powered by AI and machine learning, so have unique insight and unrivalled knowledge in both identifying and preventing scams. We are proud to partner with GASA so we can share the knowledge and insight we have to support its mission to protect consumers across the globe from fraud.

“As a GASA corporate member we will work with organisations globally to tackle scams – sharing insights and best practice and will be regular contributors to working groups. We will then look to share the information with our customers to help improve their own anti-fraud programmes.”

Jorij Abraham, Managing Director, GASA said:
“By bringing together key stakeholders in the fight against cybercrime, we are able to facilitate the sharing of knowledge, data, tools, research, policy and legislations across jurisdictions for a joined-up approach to scam prevention.

“We are very happy that Feedzai is joining GASA as Corporate Member. Feedzai’s know-how and data on fighting financial crime using AI will strengthen GASA’s knowledge sharing network. Helping all participants to protect consumers worldwide more from online fraud and scams.”

 

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
Feedzai, Roopa Ramaiya:
[email protected]