Feedzai has been named the best innovation in transaction fraud monitoring and decision-making as part of the Aite-Novarica Group 2022 Fraud Impact Innovation Awards. The award highlights how Feedzai allows bank data processing specialists to protect customers from fraud and other scams using a special algorithm and a 360-degree view of pay risks. With the ability to reduce fraud risks, Feedzai’s patent innovation is helping many financial institutions, including Lloyds Banking Group, one of the largest retail banks in the world.

According to recent reports, since the beginning of the covid-19 pandemic, financial crimes have become more frequent, and a large number of people are accessing the Internet to conduct banking activities. In the US, financial losses from personal data fraud totaled $ 52 billion last year, affecting 42 million victim consumers (Javelin Research). In the UK, in the first half of 2021, fraud of compulsory push payouts reached £ 355 million, an increase of 70 percent compared to last year. “The current fake scams are becoming increasingly difficult to stop with traditional solutions because the transactions join real customers on their real devices, with normal IP addresses,” said Pedro Barata, product director at Feedzai.

“Lloyds Banking Group and Feedzai are pioneers of an approach that uses all available data across multiple channels to make fair judgments about fraud risks in milliseconds based on specific details and actions of an individual rather than general customer groups.”It has been proven that the Feedzai RiskOps platform increases the protection of bank customers from fraud. Solution innovation and technical advantages contributed to the increase of the prices for providing tangible benefits to customers: financial crime risk limit – higher detection rate and lower false positive, banks and their customers from fraud and fraud helps to protect expensive and unpleasant experiences.