Featurespace’s ARIC™ Risk Hub fraud prevention technology earns top marks in “Best Use of Predictive/Prescriptive Analytics Category” for leveraging behavioral analytics in financial sector
Cambridge, UK – Featurespace, the leading provider of enterprise financial crime prevention software, was announced as a winner of Computing’s AI & Machine Learning Awards for 2022. One of seven finalists for the “Best Use of Predictive/Prescriptive Analytics” category, Featurespace’s ARIC™ Risk Hub was chosen as the winner for its outstanding use of AI and machine learning to fight fraud and financial crime.
This year’s awards, judged by a panel of nine, took into account three main criteria for each company: innovation, relevance, and success. Judges noted ARIC™ Risk Hub’s focus on time series-based data to improve fraud detection as a notable differentiator when compared to traditional rules-based approaches to financial crime prevention. Furthermore, Featurespace was commended for its focus on fighting emerging attacks, such as automatic push payment (APP) fraud, chargeback fraud, and card not present (CNP) fraud.
“Financial institutions across the globe are dealing with a more diverse set of fraud and financial crime attacks than ever before,” said Dave Excell, Founder of Featurespace. By powering the ARIC™ Risk Hub with advanced AI and machine learning, we are proud to equip our customers and partners with the tools to move from traditional rules-based crime prevention to a sophisticated, predictive, and real-time approach.”
Featurespace’s nomination also focused on the tangible results its customers and partners have achieved through putting their trust in the ARIC™ Risk Hub. More specifically, by providing Contis, a leading Banking-as-a-service provider in the UK and Europe, with predictive analytics and custom rule making powered by AI and machine learning, Featurespace empowered the payments giant to more effectively decipher between fraudulent and genuine transactions and drive down fraud rates by 82 percent. This gave Contis one of the best fraud detection rates not just in the UK, but in the industry altogether. Read more about Contis’ success here.
In total, customers who leverage Featurespace’s proprietary Automated Deep Behavioral Networks, have prevented >73 percent of fraud attacks while approving >99.5 percent of transactions. All while providing customers with safe and frictionless payments experiences.
Founded in 2008, Featurespace has worked diligently to protect customers with market-leading financial crime prevention technology. To date, Featurespace has protected over 500 million consumers from risk and contributed to a 75 percent reduction in false positive fraud alerts through the ARIC™ Risk Hub. The ARIC™ Risk Hub monitors real-time customer data, using proprietary machine learning inventions, Adaptive Behavioral Analytics and Automated Deep Behavioral Networks to combat enterprise fraud and financial crime.
Featurespace™ exists to protect people and organizations from the rising threats of fraud and financial crime. Featurespace is the world leader in financial crime risk management for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and created ARIC™ Risk Hub platform, a machine learning ecosystem that uses explainable anomaly detection to quickly analyze the entire payment journey and accurately predicts individual behavior in real time, understanding risk, even as underlying behaviors change.
More than 70 major global financial institutions have put their trust in ARIC Risk Hub to protect their business and their customers, including 4 of the 5 largest banks in the U.K. Publicly announced customers include HSBC, TSYS, Worldpay, Contis, Danske Bank, ClearBank, Permanent TSB and Betfair.