Feedzai fighting financial crime with Risk Ledger
Using machine learning and federated data from its customer base and third-party vendors, Feedzai has released its latest financial crime prevention solution, Risk Ledger, reports David Penn at Finovate.
“Our goal has always been to make it harder and harder for fraudsters to hide”
Feedzai’s Risk Ledger uses the 30 million transactions processed by its system every day – including more than 100 different payment methods – to deliver a more accurate anti-fraud solution compared to siloed data offerings.
By processing such a range and number of data elements (i.e., cards, IPs, merchants, emails) along the full cycle of the customer journey (from onboarding to compliance), the firm says its Risk Ledger provides anti-fraud and anti-money laundering defence for all members of the payment process from issuers and acquirers to merchants and networks.
“Our goal has always been to make it harder and harder for fraudsters to hide, while making it easier for businesses to serve their loyal customers without friction,” Feedzai head of product Saurabh Bajaj explains.
Risk Ledger is the latest solution from Feedzai designed to help fight financial crime.
In October, the company unveiled Feedzai Genome, which enables financial fraud investigators to use link analysis graph technology to visualise and identify complex financial crime patterns and take action in real time.
Powered by the firm’s artificial intelligence (AI), Feedzai Genome learns over time, keeping pace with evolving anti-money laundering (AML) and fraud typologies.
With $5 billion in transactions scored daily, Feedzai serves ten of the largest 25 banks in the world, protecting 200 million people against cyberfraud. The company has raised $82 million in funding and includes Data Collective DCVC, Sapphire Ventures, Citi Ventures, and Oak HC/FT among its investors.
Earlier this year, Feedzai introduced its AutoML technology, using machine learning to automate time-consuming processes for data scientists fighting cybercrime. In July, the company teamed up with Credorax, an e-commerce focused commercial bank, to help merchants defend themselves against fraud.
The company was founded in 2008 and is based in San Mateo, California.
