ECB Selects Feedzai for Digital Euro Fraud Prevention
The European Central Bank (ECB) has chosen Feedzai as the top provider for risk management and fraud prevention in the digital euro project. The framework agreement, valued at €79.1 million with a maximum of €237.3 million, will see Feedzai partner with PwC to ensure compliance with EU security and data protection standards.
Feedzai, founded in 2011 and headquartered in Lisbon, Portugal, has been selected for its expertise in fraud detection and prevention. The company's CEO, Nuno Sebastião, expressed excitement about their role in maintaining trust in digital euro transactions. Over the past year, Feedzai has launched products like Feedzai Orchestration and Feedzai IQ to strengthen risk assessments for financial institutions.
In April, Feedzai bolstered its capabilities with the acquisition of data management platform DemystData for $157 million. The company now defends 900 million people in 190 countries from fraud. With this new project, Feedzai will protect users of the digital euro, ensuring secure and trusted transactions.
The ECB's selection of Feedzai marks a significant milestone in the development of the digital euro. With a funding of over $352 million and a valuation of $2 billion, Feedzai brings robust AI intelligence to the table, promising to keep fraud at bay and instill trust in every digital euro transaction.
