NatWest has agreed a strategic partnership with Featurespace to profile and monitor payments and account activity to prevent fraud and scams using Featurespace’s ARIC™ Risk Hub. The platform has the ability to detect and reduce third-party fraud losses and prevent overall fraud before the point of payment.
“The fraud challenge requires an innovative partnership to stay ahead of threats posed to our dynamic payment landscape and we are delighted to be working together to solve this problem,” said Martina King, CEO of Featurespace.
With Featurespace’s ARIC platform, NatWest enhances its ability to detect and reduce third-party fraud losses and prevent overall fraud before the point of payment.
“The only way to consistently stop multifaceted fraud and protect our customers is to learn about customers’ specific behaviors, recognize what’s normal and immediately detect anomalies,” said Alasdair MacFarlane, Head of Fraud Prevention & Response at NatWest. “Featurespace allows us to more accurately assess risk and authenticate activity across multiple channels, while facilitating a much stronger incident management process.”
The ARIC platform, powered by machine learning and Featurespace’s Adaptive Behavioral Analytics, detects anomalies and risk scores each event to predict the likelihood of fraud. In addition, the ARIC platform reduces the number of false alerts, allowing fraud analysts to dedicate their time to reviewing genuine fraud alerts and removing friction in the payments process for customers.
About Featurespace – www.featurespace.com
Featurespace™ is the world leader in enterprise financial crime prevention for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and created the ARIC™ platform, a real-time machine learning software that risk scores events in more than 180 countries to prevent fraud and financial crime.
ARIC™ Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time. More than 30 major global financial institutions are using ARIC to protect their business and their customers, including 4 of the 5 largest banks in the UK. Publicly announced customers include HSBC, TSYS, Worldpay, RBS NatWest Group, Contis, Danske Bank, ClearBank, Permanent TSB and Betfair.
For further information, please contact:
Michael Touchton, U.S. Marketing Manager
+1 (423) 364-5491