Feedzai redefines the fight against financial crime with a RiskOps approach
Richard Harris , Head of Advisory at Feedzai talks about the current financial risk landscape and the position of RiskOps in banking and digital payments
Internet crime is perhaps one of the main burdens on the finance industry , particularly in the area of digital banking , which has seen rapid development over recent years . As a result , banks now rely on digital solutions to manage risk and protect the increasing amount of data , transactions , and customer identities .
Digital growth requires dedicated financial protection
Richard Harris , Head of Advisory at Feedzai , tells us how digital transformation has increased the need for better risk management solutions in finance . “ You ’ ve got this massive increase in the number of transactions happening digitally , which at the same time creates a vast abundance of data ,” says Harris . “ The key to success in digitised financial services is identity .”
“ The core question we look at in financial crime is ‘ are you who you say you are and do you have the permission to do the thing that you want to do ?’ That ’ s fundamentally the challenge that we ’ re solving and identity is becoming more and more complex and more and more fragmented .”
Harris puts the current digital risk landscape into perspective as he explains “ Banks are now encouraged to do continuous due diligence on a very regular basis . They ’ re moving from doing this activity periodically to daily . So , having a single platform in one place that can process all that data , keep it all consistent , and remove unnecessary duplication is a game-changer ,” Harris says . Feedzai also goes one step further , by managing its services through a standardised RiskOps approach .