Featurespace teams with everis to help combat payment fraud

Adaptive behavioural analytics fraud and risk management company Featurespace has teamed with everis to combat payment and account fraud.

everis will look to deploy Featurespace’s ARIC platform to banks in 16 countries, including the UK, the US, Spain, Italy, Mexico and Brazil.

By doing this, the company is hoping to help customers detect customer behaviour anomalies in real-time and prevent fraud across all payment methods and channels.

Featurespace was picked after everis had completed a thorough review of fraud detection and prevention solutions. The consultant company tests and recommends the best technology solutions across a variety of industries including banking, insurance, and retail, among others.

Using machine learning technology, Featurespace ARIC is able to build individual statistical profiles for an enterprises’ customers in real-time. It then monitors this information in real-time and is able to detect and notify of any anomalies in behaviour.

everis digital banking manager Sergio Hermida said, “The application of Artificial Intelligence in financial processes is still limited. Featurespace’s Machine Learning solution is one of the most advanced on the market and allows us to offer our customers world-class technological tools for financial risk management and to significantly reduce transaction fraud.”

Late last year, Featurespace’s ARIC platform was chosen by UK clearing bank ClearBank to support its fraud and AML detection capabilities.

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