Australian FinTech Hay taps Featurespace to strengthen its prepaid card security and anti-money laundering capabilities

Anti-financial crime company Featurespace has been picked by Australian FinTech Hay to help the company detect and prevent fraud and money laundering on its mobile-first solution.

“This is the first of many revolutionary steps we’re going to take to deliver the flexibility our customers demand and that few in the industry can deliver,” said Jason Latham, CIO of Hay. “Banking with next generation security has been our priority from day one. That’s why we chose Featurespace.”

Hay, the cloud-based financial services company, is offering customers a prepaid Visa card that links to their digital transaction account, through which funds can be stored and accessed.

“Financial institutions are seeing a sharp rise in new types of scams, including social engineering attacks and real-time fraud further perpetuated by the impact of COVID-19,” said Dave Excell, founder of Featurespace. “By using next generation adaptive machine learning banks can protect themselves and their customers from criminals that are testing the systems in place in new and evolving ways to exploit weaknesses.”

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