Feedzai is deploying its automated machine learning technology in the fight against fraud.
The company said it is bringing AutoML to the fraud space, which it claims is an industry first. Feedzai claims AutoML enables teams to deliver results faster and to quickly expand to new use cases, channels, and geographies.
By automating and integrating the most repetitive and time-consuming steps in the data science pipeline, the offering frees data scientists to perform more consequential tasks. By automating tasks such as feature engineering and machine learning model creation, Feedzai claims that data scientists are now able to create fraud prevention solutions as much as 50 times faster than is possible with the traditional data science workflow.
This allows banks and other financial institutions to massively augment their data science teams.
“We’ve proven that Feedzai AutoML can get virtually the same results in a few hours, that would normally take a team of data scientists weeks to achieve,” says Pedro Bizarro, Feedzai chief science officer and co-founder. “This is a ground-breaking advancement for Feedzai, but even more so, it’s something that will provide a substantial competitive advantage to our customers.”
AutoML relies on an advanced type of semantic-based automatic feature engineering, where the machine recognises the semantics associated to each field enabling the engine to automatically build context-aware features.
The announcement follows the April release of Feedzai OpenML, which allows data scientists to import open source and third party tools to the Feedzai Risk Engine. Feedzai AutoML and OpenML work in conjunction.
“Our customers spoke, and we listened,” says Nuno Sebastiao, Feedzai CEO and co-founder. “AutoML and OpenML are the two latest examples of Feedzai’s dedication to bringing the market the best possible fraud prevention solutions. In the months to come, you can expect to see more and more of these kinds of innovations.”
Earlier this year, Feedzai expanded its global reach with the opening of an office in Hong Kong. Feedzai also recently partnered with Credorax and implemented its fraud prevention system to help protect merchants. The collaboration sees Credorax access Feedzai’s machine learning anti-fraud system to protect merchants and also improve security for customers.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
