How Feedzai Supports Fraud Scam Detection and Advises on Operational Execution

Scam trends are alarming at a global level. The US FTC reports 2019 fraud losses at nearly $667 million, primarily as a result of impostor scams. That’s a 32% increase from the previous year’s $497.2 million fraud losses. UK financial markets are equally hard hit with Authorised Push Payment (APP) scams experiencing gross losses of £455.8 million. In both instances, consumers fall victim to a fraudster’s lie and initiate the transaction.

APAC is a unique market where consumers are being tricked into downloading fraudulent apps and then scammed out of their money. In this region 1 in 5 app installs is fraudulent. The dollars associated with this activity is significant. AppsFlyer has estimated that the cost of app install fraud globally in the first half of 2020 was US $1.6 billion. Asia-Pacific accounts for a whopping 60% of this total figure — with the financial exposure of fraud in the region estimated to be US$945 million, up 45% from 2019’s US$650 million.

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Every year, Feedzai’s risk management platform scores trillions of dollars of transactions to protect the world’s largest companies. Fully AI-enabled to stay ahead of emerging financial crime and money laundering patterns, Feedzai mitigates even the most deceptive criminals so that banks, issuers, acquirers, and merchants can focus on growth.

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