11 May 2023

Feedzai, a pioneering provider of financial crime and risk management solutions, announced significant enhancements to its RiskOps Platform, enabling banks to better protect their customers from a wide variety of financial scams. These new Feedzai ScamPrevent™ capabilities deliver industry-pioneering detection, classification, and interception of the widest variety of payment scams and financial fraud typologies.

Financial scams are an epidemic growing in both dollar volume and human impact. The FTC recently reported that between 2021 and 2023, losses from scams increased by 30% in the US. These losses are only the tip of the iceberg as globally only 7% of scam losses are reported, according to data from the Global Anti-Scam Alliance (GASA). As scammers now have access to generative AI using large language models (LLMs) to fashion increasingly sophisticated and realistic scams, these losses can only be expected to increase.