Feedzai, a key player focused on fighting financial crime with AI, has joined the Global Anti Scam Alliance (GASA) – a not-for-profit organisation whose goal is “to protect consumers across the world from scams – as a corporate member.”
GASA brings together governments, law enforcement, consumer protection organizations, financial authorities and commercial organizations “to share insights on scams and define concrete solutions to turn the tide on scams.”
By joining the alliance, Feedzai will “bring its expertise and knowledge in fighting financial crime with AI, providing invaluable insight to strengthen GASA’s networks and working groups.”
More than $55 billion was “lost by consumers last year in cybercrime, while the number of scams reported to law enforcement grew to nearly 300 million.”
However, due to “the fact that scammers work globally, and law enforcement operate locally and regionally, less than 1% of all cybercriminals are prosecuted.”
GASA’s mission is “the change that by bringing key stakeholders together and facilitating the sharing of key data, knowledge, lessons learned, intelligence and evidence-based research” so they can:
- Educate the public about the different types of scams, how to recognise them, and how to protect themselves from falling victim.
- Understand the nature and scope of scams, and to develop effective solutions to combat them.
- Discuss the results of existing policies and the development of new legislation to protect citizens against scams.
Daniel Holmes, Fraud Prevention SME, Feedzai said:
“We have developed a market-leading RiskOps platform powered by AI and machine learning, so have unique insight and unrivalled knowledge in both identifying and preventing scams. We are proud to partner with GASA so we can share the knowledge and insight we have to support its mission to protect consumers across the globe from fraud. As a GASA corporate member we will work with organisations globally to tackle scams – sharing insights and best practice and will be regular contributors to working groups. We will then look to share the information with our customers to help improve their own anti-fraud programs.”
Jorij Abraham, Managing Director, GASA said:
“By bringing together key stakeholders in the fight against cybercrime, we are able to facilitate the sharing of knowledge, data, tools, research, policy and legislations across jurisdictions for a joined-up approach to scam prevention. We are very happy that Feedzai is joining GASA as Corporate Member. Feedzai’s know-how and data on fighting financial crime using AI will strengthen GASA’s knowledge sharing network. Helping all participants to protect consumers worldwide more from online fraud and scams.”
As noted in the update, Feedzai claims it is “the world’s first RiskOps platform, and the market leader in safeguarding global commerce with today’s most advanced cloud-based risk management platform, powered by machine learning and artificial intelligence.”
Feedzai is “securing the transition to a cashless world while enabling digital trust in every transaction and payment type.”
The world’s largest banks, processors, and retailers trust Feedzai to protect trillions of dollars and manage risk “while improving the customer experience for everyday users, without compromising privacy.”
Feedzai is “a Series D company and has raised $282M to date.”
With a valuation of +$1.5B, the company’s technology “protects 900 million people in 190 countries.”