The holy grail in financial risk management is to manage all your risks together and manage them as one. In the last 12 months, the second year of the global pandemic, consumers worldwide have made a major shift to online banking and e-commerce and away from cash as they accelerated the move to a cashless society, e.g.
- 89% increase in P2P payments
- 23% in dollar amounts of online fraud attempts
- 259% increase in banking fraud attacks (AUS)
- 48% decrease in cash transactions
(Source & Copyright©2021 – Feedzai Q3 2021 Financial Crime Report)
The problem is, and always will be, how to manage all the different risks together.
Feedzai RiskOps platform
To help manage this global move to online banking and e-commerce Feedzai have just released a connected ecosystem - Feedzai’s RiskOps platform - covering all types of risk - fraud, money laundering, compliance, and risk policies, that is built on three key pillars:
- Comprehensive Architecture: Every phase of the risk journey – launch, prevent, detect, remediate, comply, and adapt – is managed in one platform
- Human-Centered AI: Feedzai create hyper-accurate risk profiles for a frictionless customer experience
- Collaborative Analytics Suite: All the tools and analytics are in one, collaborative space to create a centralized view of risk. The suite is comprised of several key components:
- Financial Intelligence Network (FIN) FIN is a vast database containing over 1 trillion data points, sessions, and profiles of both good and bad actors. Every user session is kept anonymous, ensuring that people are always treated as people, not as data points
- Pulse Risk Engine connects data from various payment channels, payment types, devices, networks, behaviour, accounts, geolocations, and more. Users are able to use external machine-learning tools or their own rules and models and put them into production with no engineering work. With the integrated platform, users models go from sandbox to production with a single click.
- Case Manager which automatically contextualizes information to speed up alert disposition breaks down silos between risk management teams and creates a centralized view of risk so analysts can transform data points into actionable insights
- Genome sequence the DNA of risk and financial crime patterns to visualize relationships between criminal networks that would otherwise be undetectable.
On the launch of Feedzai’s RiskOps platform, Nuno Sebastiao, Chairman and CEO wrote:
“Today marks the day that risk teams no longer have to take an a la carte approach to fraud, money laundering, financial crime, compliance, and risk management. They can now enjoy what so many other teams have come to take for granted: a connected, powerful platform that more than improves every part of their job, it transforms it. The end result? You open more accounts. Approval rates soar. False declines plummet. And most importantly, you win your customers’ trust and loyalty like never before.”
CTMfile take: Feedzai’s RiskOp platform is impressive, not only because of its scale - 1 trillion data points, sessions, and profiles of both good and bad actors – but also because of the range and depth of the analyses by: the Pulse Risk Engine, the approach in the Case Manager and way the Genome visualizes relationships between criminal networks. The question for corporate treasury departments is how could you use the Feedzai platform to minimise your fraud and maximise your business opportunities.
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