Permanent TSB Selects Featurespace for Transaction Monitoring and Fraud Reporting Ahead of PSD2
June 04, 2019
Featurespace announced that Ireland-based Permanent TSB, a provider of retail banking, mortgage, insurance, and other financial services, will deploy the Featurespace ARIC™ platform to help the bank comply with the forthcoming regulatory requirements of PSD2, which comes into effect in 14 September 2019 and mandates stronger customer authentication practices and fraud reporting.
The Featurespace ARIC platform uses machine learning and Adaptive Behavioral Analytics to build and monitor individual behavioral profiles for customers in real time, detecting anomalies and preventing fraud across all payment methods and channels.
"Identifying genuine behavior of our customers is essential and as the sophistication of fraud attacks within the industry increase, having the most advanced risk detection and fraud prevention tools is paramount in providing protection for our customers, providing better customer journeys and assisting in the bank's continued success, " said Kevin Curley, Head of Payments and Fraud at Permanent TSB. "With leading adaptive behavioral models and alert management capabilities, the ARIC platform will provide us with a solution that is capable of unprecedented real-time decisioning, enhancing our capability to prevent and detect fraud and to ensure regulatory alignment."
"Permanent TSB is our very first Irish bank client and we're delighted in its selection of the ARIC platform," said Martina King, CEO of Featurespace. "There has never been more scrutiny on banks to protect customers and deliver a frictionless experience. Equipped with advanced risk review and decisioning, Permanent TSB reaffirms their status as a leader in the industry and for real-time fraud prevention and detection.”
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 risk prevention and creator of the ARIC™ platform, a real-time AI machine learning software that risk scores events in more than 180 countries to prevent fraud and financial crime.
The ARIC platform combines unique Adaptive Behavioral Analytics and anomaly detection to automatically identify risk and catch new fraud attacks and suspicious activity in real-time. The increased accuracy of understanding 'good' behavior strikes the balance between improving the detection of suspicious activity, while also reducing the number of false alerts, to improve operational efficiencies.