ARIC™ Scam Detect
ARIC™ Scam Detect provides cover against the most prevalent types of scams on real-time payments and other account-to-account transfers. It can be deployed standalone or complementary to existing fraud controls.
ARIC™ Scam Detect provides cover against the most prevalent types of scams on real-time payments and other account-to-account transfers. It can be deployed standalone or complementary to existing fraud controls.
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Authorised Push Payment scams are the fastest‑growing fraud type, with investment scams rising by 193% in five years. In the U.K. losses during the first half of 2022 were £249.1 million.
For the top 200 U.S. financial institutions (FIs), scams were a quarter of fraudulent transactions, with average losses of over $100 million in 2021.
The financial services industry has been working with Featurespace to find a solution to protect their organizations and their customers from losses.
ARIC™ Scam Detect from Featurespace is our response.
Authorised Push Payment (APP) scams occur when a customer is persuaded by a criminal into transferring money to an account the criminal controls. Despite FIs ensuring the customer is genuine, once an APP scam is executed it is difficult to reverse or retrieve the funds.
Analyzes payment authorization requests and returns a score indicating the probability of a scam.
Profiles genuine behavior for each customer and other entities so there is no need for biometric or device ID data to detect the scam.
Identifies deviations: ARIC™ Scam Detect will check the transaction against the profile for unusual patterns and threshold violations.
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Pre-configured models deliver scam coverage from day one. With real-time monitoring, risk teams can react as soon as the scam is identified. Inbound payment monitoring and profiling guarantee comprehensive protection.
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Entity profiled: Beneficiary + Victim
Indicator of scam example: New or changed beneficiary
Entity profiled: Beneficiary + Victim
Indicator of scam example: Gradually increasing payments
Entity profiled: Beneficiary + Victim
Indicator of scam example: Multiple payments, typically increasing in value
There are three primary interfaces & points of integration for Featurespace-hosted ARIC™ Scam Detect deployments:
Event API
Receives event data, validates the data against the data schema and returns a HTTP response, with a business payload (real-time responses) or without as a simple technical acknowledgment (asynchronous processing).
S3 Bucket
Receives data from ARIC, including incoming events, analytics processing outputs and logs of UI activities such as alert reviews.
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Featurespace manage your ARIC™ Scam Detect deployments from start to finish, proactively upkeeping and monitoring your system.
Connectivity via API allows for easy integration with existing systems and workflows. Retrieve real-time responses for active management of frauds.
Featurespace’s Adaptive Behavioural Analytics proven to detect most prevalent types of scams is included and already set up.
ARIC™ Scam Detect aligns to ISO-20022 data standard, which is set to become the industry standard for payment messaging.
The solution can be deployed complementary to your existing fraud monitoring, or be used as a separate full solution targeted to identifying scams.
Single, transparent price based on transaction volume.
ARIC™ Scam Detect comes with pre-configured alert management, workflows, reports and roles/permissions so you can get started quickly. Online training is available.
To support business critical processes.
Tech support, online resources, documentation.
SOC 2 Type 1 & 2 compliant.
Best-performing fraud analytics in the industry.
Book a demo to discover how ARIC™ Scam Detect can help you detect and prevent scams using both monetary and non-monetary data.
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