ARIC™ for Application Fraud Prevention

Reduce friction at account opening and across the customer journey while preventing fraud with ARIC Fraud Hub

As fraudsters use increasingly sophisticated methods to imitate genuine customer behavior and evade traditional fraud detection, Featurespace's ARIC platform offers a fresh approach to protecting your customers. With ARIC, you can model individual customer behavior, instead of looking for bad behavior, to detect and prevent even new types of fraud attacks at account opening. 

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Holistic Risk Scores Across all Customer Activity 

  • Profile activity from the start of an application and get an accurate risk score for each individual before on-boarding
  • Risk scoring behavioral activity through-out the application process minimises friction and improves security

Clear Oversight and Easy Reporting

  • Review flagged applications via the ARIC dashboard and run deep investigations using our powerful incident management suite
  • View reports of application fraud incidents within the intuitive UI

More Control

  • Configure rules, models and risk thresholds to accept, reject or review applications within the Application Fraud Prevention dashboard

Solving Application Fraud with ARIC Fraud Hub

Many fraud risks are introduced by marketing drives to fulfil credit lines faster and easier (for instance via same day loan pay-out). With Featurespace’s ARIC Fraud Hub for Application Fraud Prevention, you can optimise pay-per-click third party services (e.g. rather than buy ID checks for 100% of Apps only the 45% who would pass all other controls).

Featurespace also protects financial institutions from lending and onboarding risk across retail and commercial products, including loans, credit cards, checking accounts, mortgages, business credit lines and deposit accounts.

Key Benefits

  • Understand behavioral data across all channels: from how a customer fills in a form, to what is being seen from previous applications.
  • Reduce on-boarding costs: identify and block fraudulent applications and efficiently accept genuine applications.
  • Accurately spot impersonation fraud: detect fraudulent profiles, even when a criminal has a customer’s full file of identity details.
  • Use device fingerprint to spot repeat applications: identify multiple applications from the same device.
  • Catch fraudulent applications before transactional fraud occurs: to reduce the cost of managing fraud downstream from application.
  • Zero degradation: world leading fraud models with automatic self-learning technology.

“The ARIC Platform spots fraud better and quicker. This system is clever enough to learn the behavior of individuals and compare it  with similar data, which results in far fewer false positives. It makes us much more effective in what we do.” Credit Reference Agency

Works without training data

Featurespace’s ARIC Fraud Hub models customer behavior in real time, without the need for prior information on the customer. This allows us to detect new and unknown fraud attacks.

Prevents complex fraud attacks

ARIC can detect anomalies in customer behavior which may suggest a complex fraud attack by uncovering suspicious characteristics, even before the point of application.

Detect fraud rings with Link Analysis

With link analysis, ARIC’s model captures subtle differences in customer behavior which might suggest an individual account is part of a wider fraud ring, enabling it to detect links between suspicious accounts.

Review applications in context

ARIC continues to assess customer activity following the initial application - if a medium risk application is followed by higher risk transactional activity the overall riskiness of that customer is updated.

Case Study: Top 25 US Bank

As the largest digital only bank in the US and one of the 15 largest banks in the country this bank were open to new fraud types such as synthetic ID application fraud.

The Challenge 

The bank had a set of rules that screened applications for fraud. As the business grew, the bank recognized that its existing process was stretching operational resources and was not flexible enough to provide effective protection.

The bank’s main challenge was handling 87 data feeds that were going into its Deposit Risk Engine and the various screens that investigators had to work to review a case.

fraud detection rate improvement over six months

false positive ratio

The Solution

The top 25 US Bank carried out a detailed market evaluation, choosing Featurespace following a successful proof of concept as it offered a flexible solution that it could quickly implement. In addition, ARIC Fraud Hub is already being used globally, so the bank could benefit from Featurespace’s expertise in other sectors.

Featurespace are now live across all 87 feeds, all channels (including telephone, mobile, online banking and more) and investigators only have to login to one system.

This means that not only have the analytics had a dramatic impact on the business, but the investigators are also able to save minutes from every investigation.

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Our Customers

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Multi-Award Winning Fraud & Risk Management Solution