Global Anti-Scam Alliance (GASA) welcomed Feedzai as its new corporate member. The move is expected to provide the alliance with AI-based expertise and knowledge to strengthen its networks and working groups in combating financial crime.
In 2022, global consumers lost more than USD 55 billion in cybercrime, with the number of scams reported to law enforcement growing to nearly 300 million. Despite the increasing number of scams, less than 1% of all cybercriminals are prosecuted, as scammersoperate globally while law enforcement operates locally and regionally.
GASA's mission is to bring together key stakeholders, including governments, law enforcement, consumer protection organisations, financial authorities, and commercial organisations, to facilitate the sharing of key data, knowledge, lessons learned, intelligence, and evidence-based research. This will enable GASA to educate the public about the different types of scams, develop effective solutions to combat scams, and discuss the development of new legislation to protect citizens against scams.
As a corporate member of GASA, Feedzai will contribute its market-leading RiskOps platform, powered by AI and machine learning, to identify and prevent scams. Feedzai will work with organisations globally to tackle scams, sharing insights, best practices, and regular contributions to working groups. The company will also share information with its customers to help improve their anti-fraud programmes.
The Managing Director of GASA said that by bringing together key stakeholders in the fight against cybercrime, the alliance can facilitate the sharing of knowledge, data, tools, research, policy, and legislation across jurisdictions for a joined-up approach to scam prevention. He welcomed Feedzai's know-how and data on fighting financial crime using AI, stating that it will strengthen GASA's knowledge sharing network and help all participants protect consumers worldwide from online fraud and scams.
The collaboration between GASA and Feedzai is expected to lead to concrete solutions in the fight against scams. The partnership is a significant step towards reducing the losses incurred by consumers due to cybercrime and ensuring that more cybercriminals are brought to justice.
In November 2022, the US-based company released the State of Global Anti Money Laundering Compliance Report, which reveals the most common money laundering schemes.
In October 2022, Pablo de la Riva Ferrezuelo, Feedzai’s Principal SME on Cyber and Digital Trust, outlined how banks can get ahead of fraudsters with shared intelligence to fight money mules. In August 2022, The Paypers interviewed Feedzai on the benefits of having a risk-based approach to prevent fincrime. To prevent fincrime, the banking industry needs to have a modern, holistic, risk-based approach, suggests Richard Harris, SVP Strategy and Advisory at Feedzai.
Feedzai and The Paypers also co-hosted a webinar to discover what’s behind the surge in online fraud and how to stop it.
Last but not least, the US-based fincrime prevention company was a contributor to the 2022 edition of the Financial Crime and Fraud Report. We encourage you to download the report and read Feedzai’s contribution.
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