Featurespace to deploy fraud prevention solution to retail bank Permanent TSB

Featurespace, a behavioural analytics platform for fraud and risk management, has partnered with retail banking company Permanent TSB.

The deal sees Featurespace deploy its fraud prevention ARIC platform with Permanent TSB to help it comply with PSD2 compliance which will require two-tier customer authentication and fraud reporting.

Its ARIC solution utilises machine learning technology and adaptive behavioural analytics to create and monitor individual behaviour profiles for customers, in real-time. With this, it detects anomalies and prevents fraud across all payment methods and channels.

Ireland-based Permanent TSB is a retail banking platform which offers consumers current accounts, credit cards, saving accounts, investments, mortgages, personal loans and insurance products.

Permanent TSB head of payments and fraud Kevin Curley said, “Identifying genuine behaviour of our customers is essential and as the sophistication of fraud attacks within the industry increase, having the most advanced risk detection and fraud prevention tools is paramount in providing protection for our customers, providing better customer journeys and assisting in the bank’s continued success.

“With leading adaptive behavioural models and alert management capabilities, the ARIC platform will provide us with a solution that is capable of unprecedented real-time decisioning, enhancing our capability to prevent and detect fraud and to ensure regulatory alignment.”

This partnership comes just months after Featurespace collected £25m in funding from Insight Venture Partners and Mission OG to support its international growth. The company raised the funds in a bid of growing its presence, developing new capabilities and furthering the distribution of its ARIC platform.

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