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transaction fraud , but in recent years has leveraged the underlying technology to expand into adjacencies such as antimoney laundering and account opening – making Feedzai one of the most comprehensive cloud-based financial crime prevention platform in the market .

The investment comes as demand for Feedzai ’ s technology is accelerating alongside the rapid shift to digital banking and commerce , which has led to a significant increase in consumers becoming victims of financial crime . In the last quarter of 2020 alone , consumers faced a 650 % increase in account takeover scams , a 600 % in impersonation scams and a 250 % increase in online banking fraud attacks compared to the first quarter in the same year , according to Feedzai ’ s data .

Feedzai ’ s platform is used by the world ’ s leading financial institutions , payment providers and merchants to manage the risk of financial crime while enabling an optimised experience for end-users . The core of Feedzai ’ s offering is its Artificial Intelligence and Machine Learning platform , which processes customer and third-party data to identify , assess and accelerate the remediation of potential threats .

The net result of this approach is significantly higher rates of financial crime detection with lower rates of false positives in contrast to legacy , often rules-based approaches and meaningful cost savings for customers through fewer charge-backs , more efficient triage of alerts and avoidance of regulatory fines . In addition , Feedzai ’ s technology allows a more seamless , real-time experience for consumers . Feedzai ’ s core offering originally focused on identifying

Today , Feedzai monitors companies with more than 800 million customers in 190 countries , with products protecting half of the UK ’ s and Canada ’ s populations , as well as four of the five largest banks in North America . Many of the world ’ s largest financial institutions such as Citibank , Fiserv and Santander , as well as the world ’ s most innovative FinTechs such as SoFi and Mox by Standard Chartered , already use Feedzai ’ s AI-powered risk management solutions . Every time someone opens a bank account , transfers money or makes a payment with their mobile device , they are experiencing transparency , convenience and protection in three milliseconds or less – all made possible by Feedzai ’ s AI platform .

“ Feedzai ’ s technology is the cornerstone of today ’ s commerce as consumers across the globe expect fast , reliable , seamless and , above all , secure banking and payment experiences . The world has faster digitisation requirements and financial institutions need reliable solutions that thrive in this new digital environment in days , not months ,” said Nuno Sebastiao , CEO , and Chairman of Feedzai . “ We ’ re thrilled to be working with KKR to bring more innovation into this space and to keep protecting our customers from an ever-evolving financial crime landscape .” �