Danske Bank picks Featurespace to tackle fraud

Danske Bank has picked Featurespace to mitigate its card fraud exposure and safeguard online channels.

In a move to bolster its fraud mitigation capabilities the Danish bank picked the machine learning Adaptive Behavioural Analytics fraud prevention company.

According to Danske, Featurespace’s ARIC Fraud Hub was chosen as the best solution to mitigate card fraud at the customer level in real time and across all channels, while also giving customers the best experience by reducing the number of false positives.

“Mitigating fraud is incredibly challenging because the threat keeps evolving. A real-time adaptive system highlights new attacks at the time they occur, which protects the bank and its customers” said Martina King, CEO, Featurespace. “We are honoured to be selected by Danske Bank as its partner to combat card and digital fraud.”

Headquartered in the UK, with offices in Cambridge, London and Atlanta, Featurespace is the is the creator of the ARIC platform, a real-time AI machine learning software and Adaptive Behavioral Analytics.

Featurespace’s ARIC platform monitors all the user’s customer data in real-time, spotting anomalies to enable them to outsmart risk, protect their customers and increase revenue. The ARIC platform is live and deployed in some of the world’s largest banks, payments processors, merchant acquirers, insurance companies and gaming organisations according to the company.

It can be deployed on premise or via secure cloud to build individual statistical profiles of the user’s customers in real-time, using Bayesian statistics. It uses technology developed out of Cambridge University to self-learn by continuously responding to new customer. Its customer roaster includes Worldpay, TSYS, Vocalink Zapp, goHenry, The International Air Transport Association, William Hill, Betfair, OpenBet.

Earlier this year, Danske Bank backed Denmark-based personal finance app Spiir, becoming its co-owner. The platform helps consumers to manage their budgets, monitor spending and explore alternatives for fixed expenses and bills. Founded in 2011, the company gives customers insights into where their money is going and how they can make savings.

Copyright © 2018 RegTech Analyst

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