July 10, 2017
Fighting Fraud By Not Focusing On It - PYMNTS.com
Following the announcement of the new TSYS Foresight Score with Featurespace, Karim Ahmad from TSYS and Martina King from Featurespace speak on the PYMNTS podcast.
TSYS and Featurespace discussed the new 'TSYS Foresight Score with Featurespace' tool which is set to reduce fraud as well as "false declines" (genuine customers whose transactions are declined) in the payments industry. Karim Ahmad told PYMNTS that fraud is a huge area of focus for issuers, it has been predicted that total losses from fraudulent transactions will cost consumers as much as $31 billion by 2020.
The Foresight Score uses Featurespace's real-time, machine learning technology, to determine what “normal” behaviour looks like, in order to let genuine transactions continue to be processed without being caught in the fraud prevention systems that should be there to protect them. Karim and Martina agreed that the partnership could move beyond just transactions, to scoring credit cards, as well as many other potential applications. Karim added, "The underlying technology is incredibly powerful.”
Listen to the full interview on PYMNTS.com.