Real-time machine learning fraud score recognised as market-leader at prestigious payment sector awards
Capital One UK’s use of the TSYS Foresight Score℠ with Featurespace has been awarded the Best Security or Anti-Fraud Development Award at The Card & Payments Awards 2018.
Capital One UK pioneered the TSYS Foresight Score with Featurespace: an innovative, live, real-time fraud risk score providing enhanced customer card and payments protection – increasing fraud detection by 35%, while also reducing blocked cards by 47%. The machine learning approach – which uses Featurespace’s unique ARIC™ platform technology – understands and predicts individual customer behaviour, even in new payment fraud areas such as online and contactless payments.
The prestigious Card & Payments Awards recognise excellence and innovation in the UK and Irish card and payments industries, judged by an independent panel of industry experts.
The Best Security or Anti-Fraud Development category celebrates innovative solutions that have improved the security of customers’ transactions.
Judges comments: With new customers secured and reduced incidences of fraud, Capital One have brought enhanced customer card and payments protection to the market over and above everyone else.
Martina King, Featurespace CEO, commented:
“Working with inquisitive and receptive partners – Capital One UK and TSYS – led to the creation of the Foresight Score. A triumvirate of card issuer, payment processor and technology provider has enabled us to create a modern fraud solution for the payments industry to protect card transactions and consumers.
Last night was the industry’s recognition of our work together. It does not get much better than that. We are thrilled.”
Rob Harding, Managing Vice President, Capital One (Europe), commented:
“Capital One UK’s collaboration with TSYS and Featurespace enabled innovative and high-performing card fraud transaction scoring in a live environment.
Combining Featurespace’s machine learning ARIC platform, TSYS’ payments expertise and Capital One UK’s fraud knowledge has produced excellent results for customer protection, spotting new fraud attacks quickly and automatically.”
Gaylon Jowers Jr., Senior Executive Vice President of TSYS and President of TSYS Issuer Solutions said:
“Capital One UK and Featurespace have been great partners in introducing TSYS Foresight Score to the financial sector, understanding the immediate need for a real-time, fraud prevention product focused on the customer. A big thanks to the Card & Payments awards for recognizing this innovative solution and our ongoing commitment to fraud prevention.”