Featurespace’s Adaptive Behavioral Analytics to combat fraud and financial crime

Source: IBS Intelligence 2020-06-03

London-based enterprise risk management solutions provider, Featurespace has announced that its Adaptive Behavioral Analytics is all set to be offered to customers amidst the COVID-19 pandemic. The company states that fraud and financial crime have been on the rise in the current situation, and the new solution is expected to offer protection against the same.

Dave Excell, Featurespace Founder, commented, “During the shift in fraud and financial crime rates during these challenging times, Featurespace’s self-learning risk models have responded autonomously and continue to deliver optimal, market-leading acceptance rates. Listening to our global customers, we know they value risk models which update automatically, so they can focus on the important task of prioritizing financial crime investigations and protecting their own customers.”

According to Featurespace, its models for detection and fraud detection have been developed through the ARIC Risk Hub. The Hub uses real-time machine learning and unique Adaptive Behavioral Analytics to spot individual anomalies in behaviour. The ARIC Risk Hub aims to reduce the volume of ‘good’ transactions that are blocked to stop fraud and suspicious activity (known as ‘false positives’) – typically by over 70%, improving customer experience.

Recently, Featurespace secured £30 million in a fund round led by Merian Chrysalis Investment Company Ltd along with other existing investors.

Featurespace

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risk management

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Adaptive Behavioral Analytics

Featurespace’s Adaptive Behavioral Analytics to combat fraud and financial crime

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