What is Feedzai, and how is it used to detect financial fraud? By Cointelegraph

Financial scams are rising, with losses amounting to $8.8 billion in 2022 alone. According to the United States Federal Trade Commission, losses from financial fraud have increased by 30% from 2021 to 2023. This paints a dire portrait of the dark underbelly of digital advancement, with scammers now leveraging generative artificial intelligence (AI) to craft increasingly complex and realistic scams.

Multiple reports suggest scammers can create chatbots that mimic human conversation, ask for personal financial details, create malware, write sophisticated phishing emails and even mimic human voices. The immediacy of instant payments via digital banking also presents an opportunity for fraudsters to deceive users into transferring money instantly, leaving defrauded users with little to no hope of getting their money back.

Feedzai, a RiskOps platform that uses machine learning

Addressing the shortcomings of legacy solutions

Combatting the creation of fake accounts to compound rewards

Detecting SIM swaps

Comprehensive RiskOps architecture

Early intervention and education

Human-centered AI

Inbound payment monitoring

Triage behavior alerts


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