What is Feedzai, and how is it used to detect financial fraud? By Cointelegraph
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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
Customization
Continue Reading on Coin Telegraph
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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
Customization
Continue Reading on Coin Telegraph