Novobanco Teams Up With Feedzai to Catch Financial Criminals

In this article, you’ll discover:

• How a new partnership is keeping your bank account secure from online criminals.
• Why bringing different security teams into one platform makes spotting scams much easier.
• How smart tech reduces annoying false alarms so you can shop without delays.
• What this means for the future safety of your hard earned money.

When it comes to your money, keeping it safe is a big deal. Today, banks have to fight smart to stop bad actors from stealing funds or hiding dirty money. Novobanco is stepping up to this challenge by joining forces with Feedzai, a top tech company. Together, they are making it much harder for criminals to get away with bank fraud.

This new plan is a huge step forward for the bank. Pedro Barata, the Chief Product Officer at Feedzai, explains the shift perfectly. “Fraud and financial crime are no longer separate challenges, they are part of the same risk ecosystem,” he says. He notes that by putting all the data in one place, banks can spot trouble faster and keep customers safe.

Archit Chamaria, the Chief Data and Analytics Officer at Novobanco, agrees that looking at the big picture is the only way to win. “Fraud and AML risks are deeply interconnected, and managing them in isolation limits effectiveness,” Chamaria states. He highlights that this new system helps the bank operate better while greatly improving the customer experience.

Bringing the Teams Together

In the past, many banks used separate teams to handle different types of financial crime. One group looked for hackers, while another watched for money laundering. Novobanco decided this old way was not good enough. Instead of keeping their workers in different rooms, they brought their teams together. They now use one main platform built by Feedzai to track everything.

Because they share all their information, the bank can easily spot hidden patterns. A clue that might look harmless to one person could be the missing piece of a puzzle for someone else. This smart teamwork means criminals have nowhere left to hide.

Less Waiting and More Action

Nobody likes it when their bank card gets blocked for no reason. These false alarms are frustrating for shoppers and waste a lot of time for bank workers. Thanks to new tools from a partner called Neterium, Novobanco is fixing this problem.

The system is now much better at telling the difference between a normal purchase and a real scam. This means regular people can buy things without annoying delays. At the same time, the bank staff can spend their energy chasing down actual criminals instead of checking on false alerts. It is a big win for everyone except the scammers.

Looking to the Future

Novobanco is already a massive bank in Portugal, helping millions of people manage their finances. With this new tech, they are building a safer place for all that money.

Going forward, the bank plans to use these tools to watch for sudden changes in how people spend. If something looks strange, the smart software will flag it right away. By always improving and finding new ways to block threats, Novobanco is proving that keeping your money safe is their main focus.