Detect and prevent fraudulent payment activity with minimal manual intervention.
Today’s customers expect a seamless and smooth payments experience regardless of their adopted payment method.
Stop fraud before a payment is even attempted and keep customers happy without unnecessary interference or wrongly declining transactions with ARIC™ Risk Hub.
Featurespace’s newly launched Automated Deep Behavioral Networks is a new deep learning approach that offers exceptional risk detection as well as reduced false positive ratios.
Payment fraud exists in many different forms. The kinds of fraud a business might be exposed to will depend on the way they make or process their payments such as Faster Payments, BACS, Zelle, ACH, SWIFT, RTP, P2P, Wire and more.
ARIC Risk Hub combines data from a variety of sources, including device ID, customer behavior, and cross-channel transactions in a single solution. Powered by our patented, award-winning invention, Adaptive Behavioral Analytics technology and unique ARIC Model Definition Language (AMDL) at it’s core, the ARIC™ Risk Hub prevents Fraud and Financial Crime with unrivaled accuracy. In addition, Featurespace’s newly launched Automated Deep Behavioral Networks delivers stable, real-time scoring with high throughput and low latency response times for business-critical enterprises, even under surge conditions.
Featurespace’s ARIC Risk Hub offers a holistic solution to protect your business and customers from the layered, complex payment fraud typologies, including (but not limited to):
Account takeover occurs when a criminal gains access and control of a customer’s account and makes unauthorized purchases and / or payments. Fraudsters obtain sensitive information from victims through social engineering or cyber-attacks and then leverage credential stuffing to scale their attacks and gain access to desired accounts.
Detecting Account Takeover requires a comprehensive view of customer activity, which is where traditional ‘point’ solutions fall short. Adaptive Behavioral Analytics – deployed via ARIC Risk Hub – leverages Adaptive Behavioral Biometrics, device intelligence, and cross-channel data to protect customers from Account Takeover at every entry point.
In an Authorized Push Payment Scam, the fraudster manipulates their victim into transferring funds. Fraudsters leverage fear and deception to persuade victims that the payment is legitimate – and often urgent. As the victim makes the payment themselves, and from their own account, it is exceptionally difficult for existing fraud systems to identify when something is amiss.
ARIC™ Risk Hub enables banks and payment service providers to detect both outbound and inbound scam payments in real time with a unique combination of Adaptive Behavioral Analytics, and machine learning.
Social engineering, such as Phishing, Vishing and Smishing, is used by fraudsters to deceive and invoke fear in individuals, often enabling account takeovers and APP scams. The mindset of social engineering is not to attack the machine but the person behind the machine, psychologically manipulating the victim into taking a desired action. In doing so, genuine customers are convinced to divulge sensitive information or execute financial transactions.
ARIC™ Risk Hub enables banks and payment service providers to detect anomalies in individual behavior, to identify transactions that might indicate payment fraud.
In this tactic unsuspecting individuals are solicited with opportunities to make quick and easy money on the side. The execution is usually nothing more than a simple set of instructions to an individual to move money from point A to point B, or by gaining direct access to the account. Criminals put tremendous effort into legitimizing the opportunity to sell people on opting in, but it is surprising how little convincing it can take.
ARIC Risk Hub combines rules, adaptive rules and adaptive models. It is intelligence-led and automatically adapts and updates as behavior changes are identified – improving future transaction monitoring and providing greater control of risk exposure.
ARIC Risk Hub for Payment Fraud is also available as a White Label product.
Provide real-time fraud protection with machine learning to your clients, while opening new revenue streams for your business.Learn more about ARIC White Label
Multi-tenancy enables businesses to service everyone from small customers to a large enterprise. Its architecture allows a single instance of a software application to service multiple customers or tenants.
Easy Onboarding of Clients
Instead of having to update every instance of ARIC across a large number of servers, multi-tenancy enables easy roll out of updates from a central application.
Analytics Configuration Groups
With multi-tenancy you can provide specific analytics for a group of tenants while maintaining an underlying service which remains constant for all tenants.
Segregation of Data
Segregate data according to business and security rules – ensure that tenants do not see the data of other tenants.
50% reduction in fraud alerts
30% of fraud value identified before payment attempted using in-session behavioral data
20% more fraud detected through third-party payments than incumbent system
Effective risk management, including fraud prevention, is critical to retaining long-term growth and profitability. However, this tier 1 UK bank was facing an increased volume of fraud attacks against its SME business and retail customers.
Because the fraud attacks involved new fraud techniques such as malware, vishing, and smishing, traditional rules-based approaches were generating a high volume of alerts and struggling to fully mitigate the fraud problem. This resulted in an increase in operational expenditure and increased fraud losses.
The ARIC Risk Hub was implemented to: