Feedzai Fraud Detection Platform Uses AI, Biometrics

  • “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.”


Feedzai raises $200M at a $1B+ valuation for AI tools to fight financial fraud

“Feedzai, which provides banks, others in the financial sector, and any company managing payments online with AI tools to spot and fight fraud — its cornerstone service involves super-quick (3 millisecond) checks happening in the background while transactions are being made — has announced a Series D of $200 million. It said that the new financing is being made at a valuation of over $1 billion.”


SafetyPay partners with Feedzai to protect customers from fraud with AI

  • “SafetyPay currently partners with 380 banks in 17 countries worldwide, across Latin America, Europe and North America.
  • With a shared goal of making banking and commerce safe, the partnership with Feedzai enhances SafetyPay’s security, harnessing AI to protect customers across borders from fraudulent risks in real-time.”


AI: Reinventing the Banking Experience

Day 2 of the ABA Digital Banking Conference is complete and my favorite session of the day was titled “AI: Reinventing the Banking Experience.”

The panel was moderated by Tiffani Montez of Aite Group (former WellsFargo executive.)

Notes from the session:

Rob Guilfoyle – Abe.ai

  • FIs with a culture and leadership that are willing to utilize customer data will generate more value than more conservative peers. However, it’s important to align with your culture to crawl, walk and then run.

Phong Rock – Feedzai

  • Risk assessment tools also allow you to identify “good guys” and good clients for next-best CRM actions
  • AI is 68 years old, very accessible, and does not replace humans. It’s about the power of human + ai

Vijay Nadadur – Stride.ai

  • Focus on how to utilize ai to empower the FI employees…not just customers

Tiffani Montez – Aite Group

  • Right time, right message and right place you look like hero…miss any of those and ai can appear creepy

LinkedIn Profiles

Rob Guilfoyle – http://linkedin.com/in/robguilfoyle

Tiffani Montez – http://linkedin.com/in/tiffani-montez-b794283

Vijay Nadadur – http://linkedin.com/in/vijaykant-nadadur-2769b2b

Phong Rock – http://linkedin.com/in/phongqrock

Frederick Townes – http://linkedin.com/in/fredericktownes