{"id":134204,"date":"2024-08-21T10:01:32","date_gmt":"2024-08-21T10:01:32","guid":{"rendered":"https:\/\/feedzai.com\/?post_type=pressrelease&p=134204"},"modified":"2024-08-21T10:01:58","modified_gmt":"2024-08-21T10:01:58","slug":"feedzai-and-form3-win-datos-insights-2024-impact-award-for-best-scam-app-prevention-innovation","status":"publish","type":"pressrelease","link":"https:\/\/feedzai.com\/pressrelease\/feedzai-form3-win-2024-datos-insights-award\/","title":{"rendered":"Feedzai and Form3 Win Datos Insights 2024 Impact Award for Best Scam\/APP Prevention Innovation"},"content":{"rendered":"

[vc_row row_height_percent=”0″ override_padding=”yes” h_padding=”2″ top_padding=”2″ bottom_padding=”0″ overlay_alpha=”50″ gutter_size=”3″ column_width_percent=”100″ shift_y=”0″ z_index=”0″][vc_column column_width_percent=”100″ gutter_size=”3″ overlay_alpha=”50″ shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”0″ mobile_visibility=”yes” mobile_width=”0″ width=”2\/12″][\/vc_column][vc_column column_width_percent=”100″ position_horizontal=”left” gutter_size=”2″ overlay_alpha=”50″ shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”0″ mobile_width=”0″ width=”8\/12″][uncode_info_box items=”Date” el_id=”data-box”][vc_custom_heading auto_text=”yes” text_color=”color-853579″ heading_semantic=”h1″ text_size=”h1″ text_weight=”700″ uncode_shortcode_id=”919506″ text_color_type=”uncode-palette”]Feedzai joins Global Anti-Scam Alliance[\/vc_custom_heading][\/vc_column][vc_column column_width_percent=”100″ gutter_size=”3″ overlay_alpha=”50″ shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”0″ mobile_visibility=”yes” mobile_width=”0″ width=”2\/12″][\/vc_column][\/vc_row][vc_row row_height_percent=”0″ override_padding=”yes” h_padding=”2″ top_padding=”2″ bottom_padding=”3″ overlay_alpha=”50″ gutter_size=”3″ column_width_percent=”100″ shift_y=”0″ z_index=”0″][vc_column column_width_percent=”100″ gutter_size=”3″ overlay_alpha=”50″ shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”0″ mobile_visibility=”yes” mobile_width=”0″ width=”2\/12″][\/vc_column][vc_column width=”8\/12″][vc_column_text uncode_shortcode_id=”875821″]Lisbon, Portugal, August 20, 2024<\/strong> \u2014 Feedzai, a global leader in fraud prevention and financial crime management, together with its customer Form3, are proud to announce that they have been recognized as the winners of the prestigious Datos Insights 2024 Impact Award in Fraud & AML for Best Scam\/APP Prevention Innovation. This award highlights the groundbreaking collaboration between Feedzai and Form3 in developing a first-of-its-kind solution to combat Authorized Push Payment (APP) fraud and uncover money mules.<\/p>\n

Innovative Approach to Authorized Payments Fraud Detection and Money Mule Identification<\/h4>\n

Form3 and Feedzai have jointly created an advanced machine learning model that uniquely evaluates the risk associated with both the sender and the receiver of a transaction. This dual-risk evaluation is crucial not only for preventing APP fraud but also for identifying and eliminating money mules\u2014individuals who are knowingly or unknowingly used by criminals to launder money. By understanding the behaviors and risks of both parties involved in a transaction, the model can identify and prevent fraudulent activities with an unprecedented 95% accuracy, significantly reducing the rate of undetected fraud by banks.<\/p>\n

“Our collaboration with Form3 has allowed us to push the boundaries of fraud detection and uncover hidden threats like money mules,” said Pedro Barata, Chief Product Officer at Feedzai. “This recognition from Datos Insights is a testament to the power of innovation and partnership in creating solutions that not only meet current challenges but also anticipate future needs in fraud prevention.”<\/p>\n

A Solution with Real Impact on People and Financial Institutions<\/h4>\n

Scams, particularly APP fraud, exact a terrible emotional and financial toll on both individuals and financial institutions. Victims are often left devastated by the loss of their savings, while banks increasingly face the burden of compensating for these losses. This innovative solution not only helps banks clear their books of bad actors, such as money mules, but it also plays a crucial role in combating the broader scam epidemic. By proactively identifying and removing these threats, financial institutions can significantly reduce their exposure to risk, protect their customers, and ensure compliance with upcoming regulations.<\/p>\n

Tailored for the Future of Financial Crime Prevention<\/h4>\n

The collaboration has resulted in a model that not only detects fraud but also seamlessly integrates into Form3\u2019s account-to-account payment platform. This integration enables real-time transaction scoring, allowing financial institutions to take immediate action on both inbound and outbound transactions. The Form3 Fraud API has been designed to meet the individual needs of each bank, offering flexibility in how the solution is deployed and integrated with existing fraud prevention systems.<\/p>\n

“Working with Feedzai has allowed us to develop an industry-first solution incorporating both \u2018collaborative intelligence\u2019 and \u2018inbound transaction scoring\u2019 that truly addresses the unique complexities of APP fraud,” said Eimear O\u2019Connor, Chief Product Officer at Form3. “This award validates our joint efforts to create a safer and more secure payment ecosystem for all financial institutions and their customers.”<\/em><\/p>\n

Meeting Regulatory Demands with Innovation<\/h4>\n

This innovative solution was launched in April 2024, ahead of new regulations from the Payment Systems Regulator that will mandate shared liability for APP fraud in the UK starting in October 2024. By offering a service that detects 95% of previously undetected fraud at market-standard false positive rates, the solution helps banks and financial institutions manage their liability while enhancing customer protection.<\/p>\n

 <\/p>\n

About Feedzai:<\/b>
\nFeedzai<\/a> is a leading provider of fraud prevention and anti-money laundering solutions, serving some of the world\u2019s largest financial institutions. Powered by advanced machine learning, Feedzai’s technology secures trillions of dollars in transactions globally, protecting people and businesses from financial crime.
\n<\/b><\/p>\n

About Form3:<\/b>
\nForm3<\/a> is the account-to-account payments platform. Founded In 2016, Form3 set out to revolutionize the world of payment processing and disrupt the traditional payment infrastructure model with an always-on, cloud-native, Payments-as-a-Service platform. Providing not only gateway services, its breadth and depth of solutions extend to fraud prevention, payments orchestration as well as data metrics. Today, Form3 is trusted by some of the UK\u2019s and Europe\u2019s biggest Tier1 banks and fastest-growing fintechs to handle their critical payments architecture. Form3 has been included in the 2024 Lazard T100 Index and was listed in the 2024 Top 100 Scale-ups in Europe. The company has also been awarded PayTech of the Year and Team of the Year for Form3\u2019s Engineering Team at the UK Fintech Awards 2024, Accel Euroscape 2023 Top 100 Company, Tech of the Future for Banks & Financial Institutions 2023 by the Paytech Awards, and Engineering Team of the Year 2023 at the Europe Fintech Awards.<\/p>\n

Media Contact:<\/b>
\nIndigo Wilmann<\/strong> | Global Director, Content Marketing indigo.wilmann@feedzai.com\u00a0<\/a>415-515-2830[\/vc_column_text][\/vc_column][vc_column column_width_percent=”100″ gutter_size=”3″ overlay_alpha=”50″ shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”0″ mobile_visibility=”yes” mobile_width=”0″ width=”2\/12″][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

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