Featurespace’s ARIC™ Risk Hub, the world leading, machine learning platform that risk scores transactions in real time to stop fraud and detect money laundering, impressed judges with its unique approach of focusing on ‘good’ customer behaviour to protect against fraud and financial crime, without compromising operations or customer experience.
By combining Featurespace’s proprietary Adaptive Behavioural Analytics with world-class anomaly detection, the ARIC Risk Hub continually updates and adapts against subtle behavioral changes over time, enabling businesses to outsmart risk, protect customers and increase revenue.
At the height of COVID-19 lockdowns, Featurespace’s technology continued to outperform seamlessly despite unprecedented changes in consumer behaviours, including a drastic decrease in Card Present (CP) transactions, and a significant rise in Card-Not-Present (CNP) transactions.
“Last year was one of the most challenging times for financial technology,” said Martina King, CEO of Featurespace. “It was paramount that our system could adapt against changes in consumer payment trends, while allowing issuers to closely supervise thresholds as the volume of alerts soared. This recognition highlights our commitment to working with financial organisations around the globe to fight fraud and financial crime.”
This award marks the ninth for Featurespace this year. In addition to the awards, Featurespace filed two global patents for its newest innovations: Automated Deep Behavioral Networks, which recognise and prevent significantly more fraud cases; and the Behavioural Anomaly Score, which identifies anomalies in individual customer behaviour without having any prior knowledge of contextual high-risk behaviour, which appreciably amplifies the ability to identify when a person’s behaviour is out of character without any labelled data.