Portuguese bank Novobanco has partnered with financial risk management platform Feedzai as it seeks to improve the customer experience and provide enhanced protection against fraud.
Novobanco, which provides a range of financial products to both corporate and retail customers, will implement Feedzai’s ‘Digital Trust’ and ‘Transaction Fraud for Banking’ solutions.
The two solutions work together to provide an in-depth analysis of customer biometrics and behaviour, network, device and threat data in real-time, so that Novobanco will be able to more accurately identify legitimate customers and block fraud attempts before they happen.
Feedzai’s AI capabilities will also enable Novobanco to apply “fair treatment” across its customer portfolio, by addressing customer bias and improving their overall experience.
Nuno Pires, global head of sales at Feedzai, said: “We’re proud that Novobanco has selected Feedzai as a trusted partner.
“The Digital Trust and Transaction Fraud for Banking solutions which are part of our RiskOps platform will empower Novobanco to further enhance its fantastic service, whilst providing the highest level of financial security for its customers.”
The bank, the fourth largest in Portugal, with a market share of 9.6%, has 1.5 million clients and €43.8 billion in assets.
“As a customer centric bank, at Novobanco we are committed to continuously improving and providing the most intuitive, appealing and secure experience for all our customers,” added Duarte Pupo Correia, EVP, head of digital channels at Novo Banco.
“As we continue to invest in our digital ecosystem, implementing Feedzai’s best-in-class solutions will ensure we can raise the bar to a higher level.”
UK Finance recently published its Annual Fraud Report, in partnership with Feedzai, revealing that more than £1.2 billion was stolen via authorised and unauthorised fraudulent activity in the UK in 2022, down 8% on 2021.
At the time, Daniel Holmes, fraud prevention SME at Feedzai said: “This report highlights the importance for banks to maintain their focus on combining the latest anti-fraud technology with an approach that puts consumer education at the core.”