Australian Fintech Hay Selects Featurespace to Strengthen Prepaid Card Security and AML
ATLANTA, LONDON and SYDNEY, 9 June 2020 – Featurespace™, the leading provider of Enterprise Financial Crime prevention software, announced that Australian fintech Hay selected its ARIC™ Risk Hub to detect and prevent fraud and money laundering on its mobile-first solution.
Hay is one of Australia's first born in the cloud financial services, offering customers a prepaid Visa card that links to their digital transaction account, through which funds can be stored and accessed.
“This is the first of many revolutionary steps we're going to take to deliver the flexibility our customers demand and that few in the industry can deliver," said Jason Latham, CIO of Hay. "Banking with next generation security has been our priority from day one. That's why we chose Featurespace.”
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 delivers real-time transaction monitoring for fraud and financial crime. This allows Australian banks and payment providers to spot more fraud and suspicious activity as it happens, while also reducing the number of genuine transactions declined.
"Financial institutions are seeing a sharp rise in new types of scams, including social engineering attacks and real-time fraud further perpetuated by the impact of Covid-19," said Dave Excell, founder of Featurespace. "By using next generation adaptive machine learning banks can protect themselves and their customers from criminals that are testing the systems in place in new and evolving ways to exploit weaknesses."
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.