Podcast: Matt Mills talks with Euromoney on how AI is Redefining Payments Fraud
In its latest episode of Treasury and Turbulence, Euromoney talks with Matt Mills about how AI and machine learning are transforming the way banks and technology providers facilitate payments.
Joined by industry experts from Citi, BioCatch, Forter and the Alan Turing Institute, Mills also speaks about the new approach that turns the traditional fraud detection process on its head: “…if you start from a position where you consider everyone to be a good consumer, and then place anomaly detection on top of this, machine learning will be more accurate in identifying the suspicious behavior and subsequently catch more fraudulent transactions.”
About Featurespace – www.featurespace.com
Headquartered in the U.K. and U.S. and with offices in Atlanta, Cambridge and London, Featurespace™ is the world-leader in fraud prevention and AML transaction monitoring, 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 behaviour 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 due to traditional rules by as much as 70 percent.