Feedzai Named 2022 Fraud Impact Innovation Award Winner

This award recognizes the Feedzai RiskOps Platform as a vital tool for banks in the fight against financial crime. This is especially true in terms of protecting bank customers from scams. Our platform works by breaking down financial institutions’ internal data silos that often emerge between different departments and job functions. The RiskOps Platform uses state-of-the-art machine learning technology to provide banks with a 360-degree view of payment risk, enabling more informed and smarter decision making. It also enables banks to enhance customer experiences by putting digital trust at the forefront of every interaction.

Aite-Novarica Group is a global advisory firm that provides global banks, insurers, payments providers, and investment firms and the technology and service providers that support them with mission-critical insights on technology, regulations, strategy, and operations. 

Aite-Novarica Group specifically pointed to the platform’s “tangible benefits” for customers that played a significant part in earning this honorable distinction. These benefits include:

• Financial crime risk mitigation: the platform enables both higher fraud detection rates while simultaneously reducing false positives, enabling banks to catch more fraud and reducing the harmful impact that fraud and scams have on customers.
• Enhanced user experience: our RiskOps Platform also reduces unnecessary friction for good customers, resulting in fewer unnecessary communications with analysts or call centers to resolve disputes.
• Operational efficiency: the platform also reduces intervention rates and reduces complexities among both model-driven and rules-driven systems.

How Feedzai Keeps Commerce Safe for Global Banks

To earn a Fraud Impact Award, Feedzai was evaluated by a panel of both internal Aite-Novarica Group advisors and external industry experts from across different financial institutions and media organizations. The panel evaluated each candidate’s level of innovation, competitive advantage, market needs and drivers, impact and value, and its future roadmap.

Feedzai’s RiskOps Platform has already demonstrated its effectiveness at reducing fraud with a leading global bank. Lloyds Banking Group, one of the world’s largest retail banks, is among the financial institutions currently experiencing its benefits in mitigating fraud risks. Lloyds provides critical financial services to millions of customers in the UK and across multiple global communities. Using Feedzai’s RiskOps Platform, the bank has seen reduced fraud losses and increased protection for its customers.

You can find a detailed case study of Feedzai’s partnership with Lloyds Banking Group here.

Aite-Novarica Group Award Comes at a Critical Juncture for Financial Crime

The Aite-Novarica Group 2022 Fraud Impact Award comes at a time when financial crime is on the rise. Financial losses due to identity fraud reached $52 billion in the US. In the UK, meanwhile, authorized push payment scams surged by 70% in the first half of 2021, resulting in £355 million in losses.

This recognition by Aite-Novarica Group further strengthens Feedzai’s position as the world’s first RiskOps Platform. This tremendous news comes on the heels of Feedzai being recognized as a Strong Performer in the Forrester Wave™: Anti-Money Laundering Solutions Q3 2022 report. Last year, Feedzai was officially designated a unicorn following a $200 million Series D investment round. That same year, we also acquired behavioral biometrics solutions firm Revelock. 

With this distinct honor from Aite-Novarica Group, Feedzai demonstrates its unwavering determination to keep banking and commerce safer for customers worldwide.

Download our case study to learn more about our collaboration and partnership with Lloyds Banking Group that resulted in a significant reduction in false positives.