Mark Taylor tells Payments Cards & Mobile How Fraudsters are Attacking Open Banking
Two years ago, opportunity for the FinTech community was abound with the arrival of Open Banking. And while the initial uptake was slow to materialize, we are now finally realizing the potential of an application program interface (API) integration as 2020 gets underway.
But as we celebrate the second anniversary of Open Banking, Mark Taylor explains to Payments Cards & Mobile how fraud is becoming a major concern for financial institutions considering partnering with start-ups and smaller FinTech firms. Criminals are seeing Open Banking as a means of gaining easy access to millions of consumers’ banking and personal information.
Aite Fraud and AML Machine Learning Platform Evaluation
Aite Group, a global research and advisory firm, has recognized Featurespace™ as Best-in-Class in its 2019 report on fraud and AML machine learning platform vendors.
About Featurespace – www.featurespace.com
Headquartered in the U.S. and U.K. and with offices in Atlanta, Cambridge and London, Featurespace™ is the world-leader in fraud prevention and creator of the ARIC™ platform, a real-time AI machine learning software that risk scores events in more than 180 countries.
The ARIC platform combines adaptive behavioural analytics and anomaly detection to automatically identify risk and catch new attacks as they happen. The increased accuracy of understanding behavior strikes the balance between improving fraud and risk detection and operational efficiencies, while also reducing the number of genuine transactions that would be incorrectly declined by as much as 70 percent.