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Featurespace launches anti-fraud technology in Singapore

Martina King, CEO,Featurespace

Featurespace, fraud detection and risk management service provider, has launched its anti-fraud technology for the Singapore market. The platform uses machine learning to detect anomalies in individual behavior for fraud and risk management.

Featurespace’s real-time ARIC platform uses Adaptive Behavioural Analytics to self-learn and continuously responding to new customer data. By understanding the behaviour of each individual banking and credit card customer, ARIC identifies new and known attacks, and blocks fraud at the moment it occurs while accepting more genuine business.

Martina King, Featurespace CEO, commented: “Featurespace is the world leader in Adaptive Behavioural Analytics technology, which helps financial institutions stop fraud faster. Millions of Singapore’s citizens have been a victim of many large-scale fraud attacks in the recent past – by implementing machine learning technology, we can help banks and credit card providers outsmart the criminals and build a safer banking infrastructure.

He added “Our financial services customer base is growing fast, and we are now are working with 17 banks across continental Europe, the UK, US and Latin America. Our technology is also being embedded by payment processors and merchant acquirers who use our real-time fraud prevention technology in their anti-fraud solutions.

In 2017, a report released by the Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP), which is made up of Singapore’s banks, financial regulator and police, found that lenders are looking at using data analytics to detect suspicious transactions, because current systems mistakenly identify fraud, resulting in declined transactions.

Earlier this year, Featurespace raised US$32.3 million from a funding round to support its international expansion and continued development of the company’s software capabilities.

Founded in 2008 and headquartered in the U.K. and U.S. with offices in Cambridge, London and Atlanta, Featurespace deals with fraud prevention and creator of the ARIC platform, a real-time AI machine learning software that risk scores transactions and other events in more than 180 countries.

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