Product Overview of Feedzai
Feedzai is an advanced, AI-powered risk operations (RiskOps) platform designed to help businesses, particularly in the financial sector, detect, prevent, and manage financial fraud and other forms of financial crime.
What Feedzai Does
Feedzai leverages machine learning and artificial intelligence to provide comprehensive fraud prevention solutions for retailers, banks, and payment providers. The platform collects and analyzes data from various sources, including cross-channel, cross-product, and third-party data, to create highly detailed customer profiles. This approach enables the identification of fraudulent activities and potential victims, even before a scam targets them.
Key Features and Functionality
Real-Time Transaction Monitoring
Feedzai operates in real-time, monitoring both incoming and outgoing payments to detect and prevent fraudulent transactions. It provides real-time transaction recommendations, such as whether to approve or decline transactions, ensuring swift and accurate decision-making.
Comprehensive RiskOps Architecture
The platform offers a centralized hub for data ingestion and interpretation, allowing institutions to detect emerging fraud threats, identify new business requirements, and analyze user experience and operational performance. This architecture enables banks to anticipate and focus on potential risks ahead of trends.
Advanced Customer Profiling
Feedzai creates hyper-granular profiles for individuals by analyzing behavioral data, online biometric actions, behavior patterns, device data, account behavior, and geolocation. These profiles help in distinguishing between authentic and fraudulent transactions and in identifying customers who are more likely to fall victim to scams.
Behavioral Biometrics and Digital Trust
Feedzai’s Digital Trust solution uses behavioral biometrics and advanced analytics to secure real-time payments. It silently authenticates users at every interaction, reducing the need for constant verification checks and ensuring a seamless customer experience while blocking fraudulent transactions and scam attempts.
Feedzai Genome and Visual Link Analysis
The platform includes Feedzai Genome, a powerful AI-based link analysis tool that helps analysts and investigators see hidden linkages between various entities in a transaction, such as IP, card token, and device ID. This tool flags suspicious visual patterns and detects financial crime typologies like mule accounts and triangle schemes.
Customization and Regional Approach
Feedzai allows for the customization and categorization of rules to incorporate specific clauses related to scams. It can adopt a regional approach using parameters such as bank codes, states, or product types, enabling institutions to develop tailored strategies to combat fraud.
Triage Behavior Alerts and Case Management
The platform provides constant surveillance of each customer, building intelligence to identify fraudulent behavior quickly. Feedzai Case Manager enables key personnel to take instant action on alerts, automate processes, and organize team workloads. It also includes dashboards and reporting tools to categorize and track fraud types.
Integration and APIs
Feedzai offers production-ready APIs for various payments, facilitating integration with multiple systems, including transaction monitoring systems and SIEMs. This flexibility allows financial institutions to tailor their security solutions to their specific needs and existing systems.
Whitebox Explanations and Transparency
The platform provides whitebox explanations for risk decisions, making it easier for regulators and teams to understand the reasoning behind the system’s recommendations. This transparency is crucial for compliance and trust in the AI-driven decision-making process.
Benefits
- Improved Fraud Detection: Feedzai has been shown to improve fraud detection rates significantly, with a reported 57% improvement in a major retail bank’s fraud detection rate compared to their previous system.
- Reduced False Positives: The platform also reduces false positive rates, with a reported 39% decrease in false positives compared to previous systems.
- Enhanced Customer Experience: By silently authenticating users and eliminating the need for constant verification checks, Feedzai ensures a seamless and secure customer experience.
Overall, Feedzai is a robust and adaptive solution that leverages AI and machine learning to protect financial institutions and their customers from various forms of financial fraud and crime.