Feedzai joins Global Anti-Scam Alliance to tackle financial crime with AI

Scammers work globally and law enforcement agencies operate locally and regionally, which is why less than 1% of all cybercriminals are prosecuted.

Feedzai has joined the Global Anti-Scam Alliance (GASA) as a corporate member as part of its efforts to fight financial crime with artificial intelligence.

GASA, a not-for-profit organization whose goal is to protect consumers across the world from scams, 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.

Feedzai’s mission is to help firms tackle financial crime with its proprietary RiskOps platform powered by AI and machine learning. By joining the alliance, Feedzai will provide its invaluable insight to strengthen GASA’s networks and working groups.

Feedzai will help GASA members find solutions against scams

According to recent reports, 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.

Scammers work globally and law enforcement agencies operate locally and regionally, which is why less than 1% of all cybercriminals are prosecuted.

GASA intends to bring 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.

Unique insight and unrivaled knowledge in identifying and preventing 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 programmes.”

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.”