“All banking fraud across the Internet, telephone, and in-person banking (people still do that?) – grew 159% in the first quarter of this year compared to the last quarter of 2020. Online banking, which accounts for 96% of all banking transactions, made up 93% of all fraud cases. The analysis reportedly covers more than 12 billion global banking transactions.
TransUnion, comparing a similar period of time, said that suspected financial services digital fraud attempts increased 149%.
The startup claims its platform can calculate a risk score in three milliseconds, evaluating thousands of decisions to score a transaction in real time.
The platform protects financial institutions against funny business involving account openings, transactions, and money laundering.
Feedzai claims it monitors companies that serve more than 800 million customers in 190 countries, with products protecting half of the populations in the UK and Canada, as well as four of the five largest banks in North America.
More than 20% of the world’s money flows through the Feedzai platform, according to the company.”