• Feedzai’s RiskOps Platform recognized for their work with with Lloyds Banking Group in Best Transaction Fraud Monitoring and Decisioning Innovation category
• The global award highlights how Feedzai’s patented innovation increased protection for banking customers against scams, and significantly lowered risk  and fraud losses 

San Mateo, Calif. & Lisbon, Portugal – August 15, 2022 – Feedzai, the world’s first RiskOps platform for financial risk management has been named Best Transaction Fraud Monitoring and Decisioning Innovation in the Aite-Novarica Group 2022 Fraud Impact Innovation Awards. The award highlights how Feedzai empowers the bank’s data scientists to protect customers from scams and other fraud using a patented algorithm and providing a 360-degree entity view of payment risk. Due to its proficiency in mitigating fraud risk, 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, financial crime has been on the rise since the COVID-19 pandemic began and large numbers of people have turned online for their banking activities. In the U.S., the impact of identity fraud last year was $52 billion in financial loss, affecting 42 million consumer victims (Javelin Research). In the U.K., authorized push payment scams reached £355 million in the first half of 2021, a year-on-year increase of 70 percent.

“Today’s fraud scams are increasingly hard to stop by traditional solutions because the transactions involve genuine customers on their actual devices, at their usual IP,” said Pedro Barata, Chief Product Officer Feedzai. “Lloyds Banking Group and Feedzai have pioneered an approach that utilizes all available data across multiple channels to make fair fraud risk decisions in milliseconds, based on an individual’s specific details and activities, not one that is dependent on generalized customer groupings.”

Feedzai RiskOps Platform has been proven to increase protection for banking customers against scams. The innovation and technical strengths of the solution contributed to the award win, as they provide customers with tangible benefits, including:

• Financial crime risk mitigation – Higher detection rates and lower false-positives help protect banks and their customers from the costly and distressing experience of fraud and scams.
• Enhanced user experience – reduces friction for good customers and lowers the number of unnecessary contacts with analysts and call centers.

Operational efficiency – Keeps intervention rates low and ensures a less complex system through model-driven as well as rule-driven systems.

“Organized crime continues to attack financial services firms and consumers, always finding new and clever ways to circumvent their defenses. Legacy approaches are less effective at keeping pace with, and adapting to, the escalating threat landscape,” says Chuck Subrt, Fraud & AML Practice Director at Aite-Novarica Group. “Fraud and AML executives recognize the imperative for more innovative tools that can drive meaningful intelligence, smarter decision-making, and better outcomes,” he explains.

For more information about Feedzai RiskOps Platform, go to: https://feedzai.com/riskops#riskops_platform

Feedzai will be honored at an awards presentation at Aite-Novarica Group’s Fifth Annual Financial Crime Forum in Charlotte, NC on September 19th.

About the Aite-Novarica Group 2022 Fraud Impact Innovation Awards: The Fraud & AML Impact Innovation awards honors organizations with innovations that are bringing the financial services industry one step closer to triumphing over fraud, money laundering, and other illicit activity.

The winners were evaluated by a panel of internal Aite-Novarica Group advisors and external industry experts drawn from financial institutions and the media. Evaluation criteria include level of innovation, competitive advantage, market needs/drivers, impact and value, and future roadmap.

About Aite-Novarica Group: 

Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.

About Lloyds Banking Group: 

Lloyds Banking Group is a financial services group focused on retail and commercial customers – with millions of customers in the UK, and a presence in nearly every community. Lloyds Banking Group has many household names like Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows.

About Feedzai:
Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.

Media Contacts:
Feedzai [email protected]