What is Feedzai, and how is it used to detect financial fraud?
Financial scams are rising, with losses amounting to $8.8 billion in 2022 alone. According to the United States Federal Trade Commission, losses from financial fraud have increased by 30% from 2021 to 2023. This paints a dire portrait of the dark underbelly of digital advancement, with scammers now leveraging generative artificial intelligence (AI) to craft increasingly complex and realistic scams.
Multiple reports suggest scammers can create chatbots that mimic human conversation, ask for personal financial details, create malware, write sophisticated phishing emails and even mimic human voices. The immediacy of instant payments via digital banking also presents an opportunity for fraudsters to deceive users into transferring money instantly, leaving defrauded users with little to no hope of getting their money back.
Risk management platforms like Feedzai are part of the ongoing fight against financial crime. Powered by machine learning and big data, platforms like these boast advanced technology and high-level security to combat sophisticated financial scams.
Feedzai is a risk operations (RiskOps) platform that leverages machine learning technology and AI to provide retailers, banks and payment providers with fraud prevention solutions. The platform has a global reach and aims to protect people from the risks associated with e-commerce and banking.
Initially founded in Portugal in 2011, Feedzai is now based in California and offers services in 190 countries. Considered a market leader in its field, the company was originally developed by its founders, Nuno Sebastião, Paulo Marques and Pedro Bizarro, to offer operational intelligence and fraud detection solutions.
Today, Feedzai has evolved into a suite of AI-based solutions
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