Overview of Feedzai
Feedzai is a cutting-edge, cloud-based risk operations (RiskOps) platform designed to help financial institutions, retailers, and payment providers detect, prevent, and manage financial fraud and other financial crimes. Here’s a detailed look at what Feedzai does and its key features:
Purpose and Functionality
Feedzai leverages advanced artificial intelligence (AI) and machine learning technologies to identify, remediate, and prevent financial fraud. The platform is tailored to protect against various types of financial crimes, including fraud, money laundering, and scams, by analyzing vast amounts of data from multiple sources such as cross-channel, cross-product, and third-party data.
Key Features
Real-Time Transaction Monitoring
Feedzai operates in real-time, monitoring transactions across different payment types, including cards, instant transfers, digital wallets, withdrawals, and deposits. This real-time capability allows for immediate detection and response to fraudulent activities.
Comprehensive RiskOps Architecture
The platform provides a centralized hub for data ingestion and interpretation, enabling institutions to detect emerging fraud threats, identify new business requirements, and analyze user experience and operational performance. This architecture helps banks anticipate and focus on potential fraud trends ahead of time.
Behavioral Biometrics and Analytics
Feedzai uses behavioral biometrics to evaluate browsing patterns, form fluency, and other user interaction cues to distinguish genuine human behavior from automated activity. This helps in spotting fake applications and fraudulent transactions by analyzing typing patterns, mouse movements, and other behavioral data.
Device Intelligence and Network Data
The platform analyzes device and network data, including IP addresses, devices, and network connections, to assess fraud risk. This helps in identifying money mule accounts, synthetic identities, and identity theft.
Customization and Rule Management
Feedzai allows for the customization and categorization of rules to incorporate specific clauses related to scams. The platform can adopt a regional approach using parameters such as bank codes, states, or product types, enabling institutions to develop tailored strategies.
ScamProtect and Fraud Prevention
Feedzai’s ScamProtect features enhance the platform’s ability to detect and prevent scams before they harm customers. This includes inbound payment monitoring, triage behavior alerts, and the ability to direct specific alerts to agent groups based on their training.
Integration and APIs
The platform offers production-ready APIs for various payments, facilitating real-time transaction recommendations and seamless integration with existing systems. This includes integration with transaction monitoring systems, SIEM systems, and other fraud management solutions.
Whitebox Explanations and Transparency
Feedzai provides whitebox explanations for risk decisions, making it easier for regulators and internal teams to understand the reasoning behind the platform’s alerts and recommendations. This transparency is crucial for compliance and operational efficiency.
Operational Efficiency and Customer Experience
The platform aims to minimize the need for unnecessary authentication steps, thereby streamlining operations and reducing costs for financial institutions. It also enhances the customer experience by silently authenticating users at every touchpoint, reducing friction and improving conversion rates.
Additional Benefits
- Improved Fraud Detection: Feedzai has been shown to improve fraud detection rates significantly, with some clients experiencing a 57% improvement in fraud detection compared to previous systems.
- Reduced False Positives: The platform also reduces false positive rates, with a reported 39% decrease in false positives for some clients.
- Active Defense: Feedzai protects against ID-stealing malware, phishing attacks, and Remote Access Trojan (RAT) session hijacking malware through advanced authentication and session management.
In summary, Feedzai is a robust and adaptive solution that leverages AI, machine learning, and behavioral biometrics to provide comprehensive fraud detection and prevention capabilities, ensuring a secure and seamless experience for both financial institutions and their customers.