Cambridge, U.K., Nov. 23, 2021 – Featurespace™, the leading provider of Enterprise Crime Prevention software, and Worldpay have been shortlisted for The Card & Payments Awards in the “Best Technology Initiative” category for protecting a merchant’s national network from a carding attack earlier this year.
In March 2021, Worldpay was alerted to a sudden carding attack on a merchant’s website. Worldpay immediately deployed FraudSight, preventing hundreds of thousands of dollars per day in losses, while enabling the merchant to carry on business as usual, protect customers, and increase its usual number of transactions.
This risk stems from illegally obtained credit card data that is sold online to criminals, who then attempt small-value transactions to see which cards can be used to perpetuate more fraud. Absent a real-time fraud prevention solution with unique machine learning models, merchants are left exposed to the risk of lost revenue, higher chargeback volumes and reputational damage.
In a recent report, Juniper Research estimates that merchants should expect global fraud losses to exceed $20 billion in 2021, an increase of 18 percent from last year. Susan Morrow, co-author of the report, said, “While the need for security is greater than ever, the competitive e-commerce environment means merchants will need to ensure that extra security checks are justified to the user, or they risk higher cart abandonment rates.”
Now in its 17th year, The Card & Payments Awards recognize success and innovation from a diverse range of approximately 100 corporations in the U.K. and Irish card and payments industry. Nominees are judged by a completely independent panel of industry experts, with winners being announced at an awards ceremony on Thursday, February 3, 2022, at the JW Marriott Grosvenor House on Park Lane in London. To book a table at the event, visit The Card & Payments Awards website.
About Featurespace – www.featurespace.com
Featurespace™ is the world leader in Enterprise Financial Crime prevention for fraud and money laundering. Featurespace invented Adaptive Behavioral Analytics and Automated Deep Behavioral Networks, both of which are available through the ARIC™ Risk Hub, a real-time machine learning platform that risk scores events to prevent fraud and financial crime.
ARIC™ Risk Hub is relied on to catch new fraud attacks and identify suspicious activity in real-time by more than 70 major global financial institutions. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank, AK Bank and Permanent TSB.