- 25%: monthly increase in fraud attacks across Argentina since 2019
- 39%: increase in bank phishing
- 3000%: increase in bank fraud complaints in 2021
- Partnership helps drive Supervielle’s digital transformation strategy
Supervielle and Featurespace™, the leading provider of financial crime prevention software, have partnered to provide fraud protection to support Supervielle’s digital transformation strategy by adjusting the banking service model to help customers with their needs and expectations. In addition, the action, which is part of the bank’s ‘Human Banking’ initiative, will put the bank ahead of the growing regulatory requirements expected across the country.
“Our vision is to offer our clients, not only the best and easiest way to operate, but also a way to do it in a safe and reliable way,” said Sabrina Roiter, Executive Manager of Comprehensive Risks. “This vision cannot be achieved without the very best technology to prevent the rising threats of fraud and financial crime. With the addition of Featurespace and their ARIC Risk Hub, we can accelerate our plans and further improve the experience for our customers”.
Featurespace will deploy ARIC™ Risk Hub, their proprietary machine learning ecosystem, across Supervielle’s entire bank. The payment fraud detection and prevention solution will monitor all transactions corresponding to all Supervielle’s digital banking activity.
ARIC™ Risk Hub analyzes the entire payment journey and accurately predicts individual behavior in real time, understanding risk even as underlying behaviors change. With this self-learning technology, anomalies in Supervielle’s customer behavior can be rapidly understood, evaluated and acted on.
“Supervielle have taken a proactive approach to addressing the risks associated with digital banking, and we are delighted to partner with them to help make Argentina a safer place to transact,” said Dave Excell, Founder of Featurespace. “We continue to see a growing need in Latin America for greater protection against emerging fraud attacks, whilst also maximizing the number of genuine transactions that are so critical to customer satisfaction and bank profitability.”
Since 2019, the monthly average of successful fraud attacks has increased in Argentina by more than 25%. According to the Argentine Association for the Fight against Cybercrime (AALCC), banking phishing has increased in Argentina 39%. The AALCC also says that computer-based fraud has grown the most in 2021. In 2020, the cybercrime tax authority (UFECI) announced to prosecutors that bank fraud complaints in Argentina had increased by 3,000%, later adding that 28% of Argentines have recently received a phishing campaign and 15% have confirmed that they have fallen for the bank fraud.
Supervielle is Featurespace’s most recent Latin American customer. Current disclosed customers include MODO, Circulo de Credito and Mercadotecnia Ideas y Tecnología (MIT) among others.
Download release in Spanish here.
Banco Supervielle is a private equity bank founded by the Supervielle family, which first entered the financial services sector in Argentina in 1887. It is the 8th largest private bank in Argentina in terms of loans and the 11th largest in total banks. public. It has a long history in the Argentine financial system and a leading competitive position in certain strategic market segments for the company. The Bank has developed a multi-brand business model to differentiate the financial products and services offered by a wide spectrum of individuals, small and medium-sized companies and large companies in Argentina. It is the main subsidiary of Grupo Supervielle, which is also made up of Cordial Compañía Financiera, Tarjeta Automática, Micro Lending (MILA), Supervielle Seguros, Supervielle Productores Asesores de Seguros, Supervielle Asset Management (SAM), InvertirOnline.com, Supervielle Trading Agent , Espacio Cordial de Servicios and Sofital SAFe II Since May 2016, Grupo Supervielle’s shares are listed on BYMA and on the NYSE.
About Featurespace – www.featurespace.com
Featurespace™ is the world leader in Enterprise Financial Crime prevention for fraud and money laundering. Featurespace invented Adaptive Behavioral Analytics and Automated Deep Behavioral Networks, both of which are available through the ARIC™ Risk Hub, a real-time machine learning platform that risk scores events to prevent fraud and financial crime.
ARIC™ Risk Hub is relied on to catch new fraud attacks and identify suspicious activity in real-time by more than 70 major global financial institutions. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank, AK Bank and Permanent TSB.