TSYS, in partnership with Featurespace, achieved the highly commended award in the Best Application of AI or machine learning in Financial Services category at this year’s Card and Payments Awards.
TSYS’ ForesightSM Score, powered by Featurespace, has been highly commended for its transformative use of machine learning to combat fraud for both the unrivalled model stability and adaptability of the solution. Recognition from the prestigious industry awards is a testament to the impact that innovation at its finest can have on beating fraud and financial crime, while protecting customer experience.
The winning combination comes from bringing together the smart minds in our technology teams. So, how do we do it?
Changing the fraud-fighting game
Fraud is strongly linked to the manipulation and imitation of genuine consumer behavior and trends. What happens when these behaviors are unforeseen, change overnight and at a vast scale? Criminals latch on to any loopholes and exploit vulnerabilities for their illicit gains.
Forward-thinking, fraud-fighting heroes TSYS, partnered with Featurespace to develop an industry leading anti-fraud solution that disrupts the seemingly endless conflict of protecting against fraud losses without causing unnecessary friction.
The benefits to the industry
Financial institutions deploying TSYS’ Foresight Score have benefitted on average from 15% increases in overall fraud protection and 34% decreases in false positives, generating as much as a 70% decrease in net fraud, while millions of consumers are protected from the pervasive and damaging impacts of criminal activity, such as online fraud and scams. These improved performances are significant and measurable and are constantly governed by TSYS and Featurespace.
Not only is the technology unique. A team of expert and trustworthy consultants with experience in implementations, processing platforms, integrated data, data science, and model governance are what truly makes the technology special. The expertise embedded within the solution allows TSYS to continually support the needs of their customers and provide the gold-standard in AI and machine learning to outsmart criminals.
Interested in finding out more? Check out how TSYS and Featurespace have changed the fraud-fighting game.