- Fincrime prevention company Feedzai has launched its Feedzai IQ Score, an AI-native, network-derived fraud risk solution for banks of all sizes.
- The new offering provides banks and other financial institutions with real-time access to anonymized, aggregated insights from the company’s global transaction network.
- A Finovate alum since 2014, Feedzai’s fraud prevention technology processes 120 billion events annually and secures $9 trillion in payments every year.
Financial crime prevention specialist Feedzai announced the availability of Feedzai IQ Score. The new offering is an AI-native network-derived fraud risk scoring solution for banks large and small. Delivered via a single API and available on the AWS Marketplace, Feedzai IQ Score provides banks with real-time access to anonymized, aggregated insights from the company’s $9 trillion global transaction network.
“Fraud has outpaced what any single institution can stop alone,” Feedzai Chief Product Officer Pedro Barata said. “Feedzai IQ Score puts an end to isolated defense by giving banks access to collective insights from across our entire network. Today, we open up this product to institutions of all sizes who now have a ready-made way to make smarter fraud decisions and modernize their defenses without the disruption of fully overhauling infrastructure.”
Feedzai IQ Score helps financial institutions deal with a paradox in the field of fraud prevention in which the data used to prevent fraud is typically restricted to internal sources. The growing sophistication of financial criminals has made this limited view of data untenable. Additionally, network-based fraud risk scoring can be a boon for regional and middle-sized financial institutions that may not have the internal data volume or resources to build sophisticated fraud models independently. Feedzai IQ Score enables these institutions to access anonymized, network-level intelligence, while keeping customer data secure. Feedzai noted that its new offering delivers proven detection gains with 4x more fraud detected and 50% fewer alerts compared to traditional rules-based strategies.
There is no historical data requirement for banks in order to use Feedzai IQ Score, nor is there a lengthy model training process or heavy operational lift. Via expert AI models that have been trained and validated across Feedzai’s network, banks and other institutions can move from integration to value realization in days.
“Network fraud intelligence sharing is becoming increasingly important in the monitoring of fragmented fraud signals within the financial ecosystem,” Chartis Senior Research Principal Philip Mackenzie said. “We considered this capability to be a key differentiator of Feedzai’s IQ Score solution, which combines real-time cross-institutional fraud insights and collective intelligence across a range of financial institutions.”
Founded in 2008, Feedzai made its Finovate debut at FinovateEurope 2014. Today, the San Mateo, California-based company leverages trusted AI to defend consumers and transactions against financial crime, fraud, and money laundering in real time. Feedzai’s technology processes 120 billion events annually and secures $9 trillion in payments every year. The company’s Tier 1 bank clients have reported detecting 62% more fraud with Feedzai compared to their previous solution, 73% fewer false positives, and 25% faster model development. Co-founder Nuno Sebastião is Feedzai’s CEO and Chairman.
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