TSYS Launches New Authentication Platform with Key Support from Featurespace
The TSYS Authentication Platform™ introduces an unprecedented level of defense in the fight against synthetic ID and account takeover fraud by verifying who a person claims to be at the point of application, transaction and beyond.
The new product leverages the multi-tenant capabilities of Featurespace’s ARIC platform to enable an industry-wide view of new fraud vectors for advanced decisioning, providing real-time fraud detection during remote customer interactions with financial institutions around the globe.
“At TSYS, we understand how various transactions are connected because we work with a global network of card issuers representing millions of individual accounts,” said Justin Griggs, senior vice president of product strategy and commercialization, TSYS Issuer Solutions. “If a device has been compromised in Ireland, for example, we can use that information to flag a remote login attempt in North America. We have real-time knowledge of potential fraud issues, and now we’re using that information to help our clients authenticate their customers and transactions across any use case.”
Previously, Featurespace and TSYS collaborated on the TSYS Foresight Score SM, a fraud- and risk-management decisioning scoring tool, powered by the ARIC platform, that helps issuers fight transactional fraud
In 2018, Capital One U.K.’s use of the Foresight Score with Featurespace received The Cards & Payments Award for “Best Security or Anti-Fraud Development” for increasing fraud detection by 35%, while also reducing blocked cards by 47%.
Other companies contributing to the development of the TSYS Authentication Platform include Emailage, InAuth and Payfone.
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About Featurespace - www.featurespace.com
Headquartered in the U.S. and U.K. and with offices in Atlanta, Cambridge and London, Featurespace™ is the world-leader in risk prevention and creator of the ARIC™ platform, a real-time AI machine learning software that risk scores events in more than 180 countries to prevent fraud and financial crime.
The ARIC platform combines unique Adaptive Behavioral Analytics and anomaly detection to automatically identify risk and catch new fraud attacks and suspicious activity in real-time. The increased accuracy of understanding 'good' behavior strikes the balance between improving the detection of suspicious activity, while also reducing the number of false alerts, to improve operational efficiencies.