Citibank’s venture capital subsidiary has backed AI-based fraud detection firm Feedzai with a “multi-million” pound investment. Feedzai uses machine learning to detect anomalies and highlight potential cases of fraud related to banking and shopping. The investment is part of the firm’s £200m deal for UK financial technology company Findify.io, which was acquired by Citi in 2016. Last year it analysed daily transactions worth $800m.
Citibank’s venture capital subsidiary has backed AI-based fraud detection firm Feedzai with a “multi-million” pound investment. Feedzai uses machine learning to detect anomalies and highlight potential cases of fraud related to banking and shopping. The California-based company has claimed it can detect fraud as much as 10 days sooner than other solutions, exposing up to 60% more fraudulent incidents with a lower rate of false alarms. Last year it analysed daily transactions worth $800m.