Feedzai recognized in NowTech: Enterprise Fraud Management, Q1 2021 Report

SAN MATEO, Calif., March 02, 2021 (GLOBE NEWSWIRE) — Feedzai, the world’s leading cloud-based risk management platform announced today that it has been recognized in Forrester’s NowTech: Enterprise Fraud Management, Q1 2021 report. The report provides an overview of 37 Enterprise Fraud Management (EFM) providers.

The report is designed to help security and risk professionals understand the value they can expect from an EFM provider, while also providing guidance on selecting vendors based on their respective expertise. In addition, the report addresses critical elements in EFM solutions that reduce fraud, minimize customer friction, and provide explainable fraud models – an increasingly important element as Responsible AI discussions take place from a regulatory perspective.

“The days of closed risk scoring models for fraud management are over,” writes Andras Cser, Vice President, and Principal Analyst – Security and Risk Management at Forrester Research in the report: “EFM solutions have evolved and matured a great deal in the past two or three years, with considerable improvements to the model building and testing lifecycle, link analysis, and reporting.”

• Detect and prevent fraud while minimizing customer friction in real-time        
  • How Feedzai helps
    • Monitor customer and account activity across multiple channels (ATM, mobile banking, online banking, etc)
    • Detect cross-channel attacks in real-time
    • Use a single Case Manager across all customer channels to investigate alerts and create cases

• Productized and proven machine learning models across verticals and geographies
  • How Feedzai helps
    • Geographic specific solutions scale with our clients as they grow their businesses across the globe
    • Best-of-Breed algorithms (Random Forest, Deep Learning, OpenML), in addition to a rules-based risk scoring engine, analyze large datasets in milliseconds, offering real-time decision-making capabilities
    • Feedzai Solutions (native cloud, SaaS) offers ready-to-use, transparent models at a fraction of traditional deployment times

• Explainable and extendable models
  • How Feedzai helps
    • Feedzai Whitebox Explanations couples each event scored by the system with a list of human-readable explanations; Feedzai Bias Audit Reports help data scientists conduct regular AI audits for bias and fairness
    • Genome, Feedzai’s visual link analysis tool, leverages omnidata ingestion to produce high-quality alerts, surfaces hidden fraud, and ensures the right investigator is focusing on the right reviews
    • Feedzai’s OpenML Engine allows in-house teams to bring 3rd party models trained on Python, Java, H2O, etc to the Feedzai platform, leveraging its use-case specific features and rules to fight new and evolving financial crime

Forrester’s report recommends: “invite vendors that have productized and proven models in your vertical…offering pre-customized, transparent, ready-to-use, and low-code models for your specific vertical.” For Feedzai, this recommendation perfectly aligns with its new fully packaged Feedzai Solutions, which addresses the importance of selecting a partner that offers an agile, easy to deploy, and low resource solution for financial institutions that can assess risk in real-time. With the configuration of machine learning models and a comprehensive library of out-of-the-box scenarios, Feedzai’s new offering presents itself as a turnkey solution that better protects customers with quicker time-to-value.

“Feedzai is uniquely positioned to provide a single risk management solution that addresses the biggest pain points in the financial services industry,” says Varun Kohli, CMO at Feedzai. “We believe Forrester’s NowTech: EFM report highlights fundamental elements already embedded in Feedzai’s products and we are excited to see that the market is heading in the right direction.” Feedzai’s capabilities are proven across the largest banks, fintechs, e-commerce merchants, and payment processors in the world while providing the only single platform with omnichannel capabilities to manage financial risk.

Check out Forrester’s full report: feedzai.com/resource/forresters-enterprise-fraud-q1-2021/

About Feedzai
Feedzai is the market leader in fighting financial crime with AI. We’re coding the future of commerce with today’s most advanced risk management platform powered by big data and machine learning. Founded and developed by data scientists and aerospace engineers, Feedzai has one mission: to make banking and commerce safe. With more than 500 employees, Feedzai is considered best in class by Aite and one of the most successful AI companies by Forbes. The world’s largest banks, processors, and retailers use Feedzai’s fraud prevention and anti-money laundering products to safeguard trillions of dollars and manage risk while improving customer experience.

Press Contact – Feedzai
Igor Carvalho
Head of Global Communications, Feedzai
[email protected]