Feedzai, UK Finance to Highlight Challenges for Banking Sector, Identify Potentially Fraudulent Activities

Feedzai, the firm focused on fighting financial crime with AI, has partnered with UK Finance, the trade association for the UK’s banking and financial services sector, to deliver its Annual Fraud Report.

UK Finance has chosen Feedzai as the lead sponsor and contributor “for the next edition of its Annual Fraud Report.”

The report “highlights the key themes, opportunities and challenges for the UK’s banking and finance industry in its continued efforts to protect customers from fraud and is a valuable resource for industry professionals, regulators, and policymakers.”

Combining aggregated data supplied to UK Finance by some of its largest banking and financial services members with its industry knowledge, Feedzai will “use its analysis to derive insight into the number of cases and the value of fraud losses in the UK.”

It will also “complement UK Finance’s long standing industry engagement, with additional analysis and commentary on potential trends as to the prevalence of specific types of scams committed over the period.”

The report will be “published by UK Finance, in partnership with Feedzai, later this year.”

Commenting on the partnership, Pedro Barata, Chief Product Officer, at Feedzai said:

“We are delighted to have been chosen by UK Finance as their trusted partner in delivering this year’s edition of the Annual Fraud Report. The report represents a vital point of reference for all professionals working to prevent financial crime across the UK and is an important benchmark in tracking the progress of this endeavor. Being a part of this important research will help to build a clearer picture of how all parties can best work together to address financial crime across the UK.”

Lee Hopley, Director, Economic Insight and Research at UK Finance, added:

“We are excited to be working with Feedzai on the upcoming edition of our Annual Fraud Report, their expertise in this field make them the perfect partner to deliver additional insight and analysis that makes the report a valuable resource for the industry. The quality of data combined with key insights shared by those experienced in this area makes our Annual Fraud Report a key marker in evaluating the ongoing fight against financial crime.”

Feedzai will also be “involved in UK Finance’s flagship conference, Economic Crime Congress 2023, taking place on Thursday 30 March 2023 at The Brewery, London.”

The event brings together professionals from “across the entire community of those working in financial crime to discuss the most pressing issues affecting anti-money laundering, financial sanctions, fraud protection and data sharing.”

Daniel Holmes, Feedzai’s expert in Fraud Prevention, will join a line-up of key industry experts at the conference to lead a panel discussion on ‘The role of the wider ecosystem: Collaborating to tackle fraud’.

The session will “focus on looking outside of the financial services sector at other key areas and players within the wider finance and technology industries and explore how all parties can best collaborate on various initiatives towards the united goal of reducing the threat of economic crime.”

As covered, 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.”

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