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Featurespace & NatWest team up for real-time fraud prevention

featurespace

  Martina King, CEO, Featurespace

UK-based NatWest has selected Featurespace’s ARIC platform for profiling and monitoring payments and account activity for fraud prevention. The supplier states that the solution leverages Featurespace’s Adaptive Behavioral Analytics and is expected to detect anomalies and risk scores for fraud prediction, reduce third-party losses and prevent fraud before the point of payment.

Alasdair MacFarlane, Head of Fraud Prevention & Response at NatWest said, “The only way to consistently stop multifaceted fraud and protect our customers is to learn about customers’ specific behaviors, recognize what’s normal and immediately detect anomalies. Featurespace allows us to more accurately assess risk and authenticate activity across multiple channels while facilitating a much stronger incident management process.”

The ARIC platform enables the reduction of the number of false alerts, thereby granting the fraud analysts with time to review genuine fraud alerts. The process is expected to assist in the removal of friction in the payment process.

Martina King, CEO of Featurespace, said, “NatWest’s selection of Featurespace demonstrates how seriously the bank is committed to safeguarding its customers from a constantly evolving fraud landscape. The fraud challenge requires an innovative partnership to stay ahead of threats posed to our dynamic payment landscape and we are delighted to be working together to solve this problem.”

Recently, in a bid to diversify its portfolio in the BFSI sector, NatWest launched an alternative financing solution, Rapid cash, that disburses working capital loans in a range of £25,000 to £300,000.

Featurespace, previously, announced the development of a PSD2-ready fraud solution for the protection of customers as well as for complying with new and pending regulations.

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