HM Lord-Lieutenant of Cambridgeshire, Mrs. Julie Spence OBE, QPM, presented Featurespace with the Queen’s Award for International Trade at the company’s headquarters in Cambridge.
The event welcomed employees and guests for a hosted lunch and a celebration of the award, as well as Featurespace’s mission to protect people and organizations from the rising threats of fraud and financial crime.
Featurespace received the award this year for its outstanding commitment to protecting organizations around the globe from financial crime with its award-winning fraud prevention and anti-money laundering software. The company previously received a Queen’s Award in 2018 for Innovation, for its pioneering work in fraud prevention technology.
The leading provider of Enterprise Crime Prevention software, Featurespace is experiencing record international growth as the business continues to provide real time fraud prevention in the era of increased online banking and digital payments.
“It’s fair to say that while many new companies react to problems in a certain marketspace, Featurespace was mega-proactive in pre-identifying online fraud and actually created a market,” said Tony Quested, Chief Executive of Business Weekly. “It is continually upgrading its technology to provide increased assuredness to financial specialists who are now able to transport that air of confidence to an often vulnerable public. And that is true around the globe; across the borders.”
This year alone, 68 new companies have started using the company’s technology. These include: eftpos, the Australian debit card payment system; a large Irish financial services company; a major Nigerian payments and switch services provider; and multiple banks across the U.S. and Europe.
Featurespace’s growth aligns with the need for banks to ensure they have the best technology in place to deal with new types of fraud and scams that target online and mobile channels. The recent and rapid shift in consumer behavior to online and card not present transactions has accelerated forward thinking financial institutions’ digital transformation plans. This includes upgrading fraud and financial crime programs to provide better protection against increasingly sophisticated attacks, as well as reducing the cost of regulatory compliance.