Portuguese startup Feedzai considered 'Leader' in the use of artificial intelligence to detect financial crimes

The most recent report from the consultancy firm IDC, specialist in market research and market intelligence in the area of technology, defined Feedzai as a 'Leader' in the "use of responsible AI in the management of financial crime".

Contributing to this 'election' will be Fairband, an algorithm the brand created in 2021, whose aim is to "automatically discover less biased machine learning models, with zero additional costs" in their training.

This technology helps the company in its main goal: to identify and detect financial crimes. According to the company, Fairband has raised awareness and led to the implementation of responsible AI at "many leaders in the financial services sector".

According to IDC, Feedzai has been at the "forefront of machine learning for a number of years" and companies "appreciate the ability" that the national startup has to "improve and accelerate the development and implementation of these models in a wide variety of environments".

Pedro Bizarro, co-founder and chief science officer at Feedzai, meanwhile, says this distinction is the "culmination of the hard work, research, investment and dedication" the company has in developing "better performing AI capabilities to detect and prevent fraud" and "fairer models with far less bias".

In 2022 Feedzai submitted twelve patent applications in the area of fighting financial crime with machine learning and artificial intelligence; Pedro Bizarro recalls that the startup invests, every year, 26% of its revenues in R&D.