Enfuce Futureproofs its Enterprise Fraud Monitoring with Featurespace
LONDON, 26th February 2020
Featurespace™, the world leader in financial crime risk management for fraud and Anti-Money Laundering, announced that Enfuce - Finland's biggest fintech start-up with more than 8 million end-users in their platform - selected the ARIC Risk Hub to protect its clients from existing fraud and new attacks.
Fraud prevention techniques are constantly evolving. The global financial cost of fraud is an estimated £3.89 ($5.13) trillion and as this threat continues growing, it is vitally important to protect customers and businesses against fraud and scams.
Enfuce was seeking a flexible fraud prevention solution for their banks, merchants and financial operators that could quickly integrate with its cloud-based payments platform. They required scalable multi-tenancy functionality delivering customizable controls at every level - even down to individual organizations.
"Our clients deserve industry-leading services that allow them to freely and fully concentrate on the success of their core business, without worrying about ever-evolving fraud," said Monika Liikamaa, cofounder and Chair, Enfuce. “With ARIC Risk Hub, we remove that worry. It's an extremely intuitive, futureproof risk solution that allows us to protect our clients' transactions across all verticals, facilitates faster onboarding and supports our growth."
Powered by Adaptive Behavioral Analytics, a Featurespace invention, ARIC Risk Hub delivers real-time transaction monitoring for fraud and financial crime. This allows financial institutions to spot more fraud and suspicious activity as it happens, while also reducing genuine transactions declined.
“Risk exposure and criminal behavior is constantly growing and we must collaborate more effectively to outsmart them,” said Martina King, CEO, Featurespace. “We are thrilled that Enfuce selected us. They're innovators that are committed to providing their clients with stellar service and our partnership will keep driving the industry forward.”
About Featurespace – www.featurespace.com
Headquartered in the U.K. and U.S. and with offices in Atlanta, Cambridge and London, Featurespace™ is the world-leader in fraud prevention and AML transaction monitoring, and creator of the ARIC™ platform, a real-time AI machine learning software that risk scores events in more than 180 countries.
The ARIC platform combines adaptive behavioural analytics and anomaly detection to automatically identify risk and catch new attacks as they happen. The increased accuracy of understanding behaviour strikes the balance between improving fraud and risk detection and operational efficiencies, while also reducing the number of genuine transactions that would be incorrectly declined due to traditional rules by as much as 70 percent.