Akbank Selects Featurespace's ARIC Risk Hub to Protect Every Transaction from Fraud
Leader in Enterprise Financial Crime prevention partnering with DVA Bilgi Teknolojileri A.Ş. for Turkish implementation
ISTANBUL, 22 September 2020 – Featurespace™, the leading provider of Enterprise Financial Crime prevention software announced that Istanbul-based Akbank has selected the ARIC™ Risk Hub to reduce fraud risk, while increasing acceptance rates across all transactional channels for its nearly 18 million customers.
As one of Turkey’s largest financial institutions with 758 branches and 5,100 ATMs throughout the country, Akbank has built its reputation on satisfying customers with an enjoyable and secure banking experience at every touchpoint.However, as fraud evolves, detecting and preventing attacks without interfering with genuine customer behavior is increasingly challenging. Realizing this, Akbank sought to replace its existing system with an advanced platform that provides real-time enterprise-wide fraud detection.
Following an extensive selection process to assess fraud and financial crime technologies, Featurespace was selected for its use of advanced, self-learning models and the ability to provide a holistic view of customers.
Featurespace has partnered with DVA Bilgi Teknolojileri A.Ş. to implement ARIC Risk Hub, which will safeguard every transaction across all of the bank's channels, while also reducing the number of good transactions that are mistakenly blocked.
Powered by Adaptive Behavioral Analytics, a Featurespace invention, ARIC Risk Hub is an award-winning fraud detection and financial crime prevention platform with fully adaptive machine learning models that deliver real-time transaction monitoring for fraud and financial crime. This allows banks and payment providers to spot more fraud and suspicious activity as it happens, while also reducing the number of genuine transactions declined.
Semih Dilmen, Chief Information Risk Officer of Akbank, said, “With Featurespace, we reduce fraud and genuine transactions declined across a dynamic range of services. This is critical to our ability to deliver a next-generation customer experience in today's highly competitive environment.”
Martina King, CEO of Featurespace, added, “Transaction volumes continue to increase in Turkey and criminals are always devising new scams and attacks to exploit customers and the financial institutions that serve them. By prioritizing a better customer experience through stronger fraud controls with ARIC Risk Hub, Akbank shows why it is a leader and underscores the imperative for advanced fraud detection and risk prevention systems.”
About Featurespace – www.featurespace.com
Featurespace™ is the world leader in enterprise financial crime prevention for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and created the ARIC™ platform, a real-time machine learning software that risk scores events in more than 180 countries to prevent fraud and financial crime.
ARIC™ Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time. More than 30 major global financial institutions are using ARIC to protect their business and their customers, including 4 of the 5 largest banks in the UK. Publicly announced customers include HSBC, TSYS, Worldpay, RBS NatWest Group, Contis, Danske Bank, ClearBank, Permanent TSB and Betfair.