- The Quadrant Knowledge Solutions SPARK Matrix™ provides competitive analysis & ranking of the leading Enterprise Fraud Management (EFM) vendors.
- Feedzai, with its comprehensive technology and customer experience management, has received strong ratings across the parameters of technology excellence and customer impact.
Quadrant Knowledge Solutions announced today that it has named Feedzai, the world’s first RiskOps platform for financial risk management, as a 2022 “Technology Leader” in the SPARK Matrix: Enterprise Fraud Management (EFM), 2022.
The Quadrant Knowledge Solutions’ SPARK Matrix™ includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading technology vendors in the form of its SPARK MatrixTM. The study offers strategic information for users to evaluate different provider capabilities, competitive differentiation, and market position.
According to Pradnya Gugale, Analyst at Quadrant Knowledge Solutions, “Feedzai’s Transaction Fraud Solution for Banking (TFB) provides robust real-time omnichannel fraud prevention and protection through its improved scoring capabilities, which utilize the device, behavioral, and transactional patterns, to combat complex and emerging fraud types. With its unified platform strategy, proven machine learning models, strong profile segmentation, and continued focus on amplifying digital trust, Feedzai continues to gain a competitive edge in the enterprise fraud management market.” “With its overall sophisticated EFM offerings, strong customer value proposition, and robust strategy and roadmap, Feedzai has retained its leadership position and received strong ratings across the parameters of technology excellence and customer impact in the 2022 SPARK MatrixTM: Enterprise Fraud Management (EFM),” adds Pradnya.
“Fraud prevention and detection is increasingly hard nowadays and therefore much more difficult for traditional providers. Some of the current challenges involve genuine customers, using their devices and channels, but under the influence of others,” said Pedro Barata, Chief Product Officer Feedzai. “These new realities were one of the reasons that led us to create our RiskOps platform. This unique approach ensures that teams in financial institutions everywhere have a single platform to handle everything fraud and financial crime related in real-time. It allows institutions to establish greater customer trust and security and identify criminals faster. We are redefining the way companies operationalize risk, with a long-lasting positive impact for more than 900 million people globally.”
Quadrant Knowledge Solutions defines Enterprise Fraud Management (EFM) as:
“A software that provides comprehensive real-time risk monitoring and analysis of all the transactions and application of controls for identifying internal and external fraud across all users, accounts, and channels. It provides a comprehensive analysis of the user behavior between related accounts and users across channels to help organizations identify malicious behavior, including misuse, criminal activities, compliance violations, and corruption. Thus, enterprise fraud management systems help organizations combat risks, minimize losses, ensure regulatory compliance, and optimize operational efficiencies across the organization and entities.”
An EFM solution helps organizations by providing comprehensive real-time risk monitoring and analysis of all transactions and identifying internal and external fraud covering all users, accounts, and channels. In addition, EFM solution vendors are focusing on improving their technology value proposition by enhancing the performance of their machine learning models and leveraging automation and advanced analytics to improve the accuracy and speed of fraud detection, fraud investigation, and triage. The EFM solutions’ primary focus is on enhancing customer experience and providing confidence to organizations to focus on revenue optimization strategy rather than on fighting frauds. An advanced EFM platform helps implement an effective fraud management strategy and offers fundamental value propositions, including effectively detecting and preventing frauds, minimizing fraud losses, enhancing the efficiency of fraud investigations, and improving the digital experience for customers. In addition to protecting organizations from reputational and financial damage, an advanced EFM solution also aids organizations in complying with the ever-increasing global regulations. Therefore, the need for such advanced fraud prevention solutions will increase in the future.
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