GPS partners with Featurespace to detect issuer payments fraud
By Gloria Methri
UK PayTech GPS or Global Processing Services has partnered with fraud detection and risk management company Featurespace, to create a market issuer processing fraud mitigation solution.
GPS will leverage Featurespace’s solution ARIC Risk Hub, into its suite of fraud and risk management services globally. This will strengthen GPS’ fraud technology by improving detection rates, reducing false positives, and addressing fraudulent activity in real-time. Thus, customers can fully monitor, action and manage fraud alerts throughout the payments process.
Kevin Schultz, Chief Executive Officer, GPS said, “The sophistication and scale of payments fraud continues to evolve at a rapid pace making it one of the biggest risks in the payments industry today. Minimising payment fraud is a strategic priority for both GPS and our customers worldwide who put the protection of their cardholders’ accounts first.”
How ARIC Risk Hub works
Featurespace’s ARIC Risk Hub is a real-time fraud prevention tool chosen by several cards and payments businesses to guard against evolving fraud challenges and drive higher approval rates, whilst minimising false positive alerts.
It uses a combination of machine learning and artificial intelligence (AI) and adapts from each cardholders’ historical transactions to generate risk scores, alerts and actions on potentially fraudulent transactions.
“Our technology and the results our customers achieve are recognised as industry leading by those committed to fighting fraud and financial crime,” said Martina King, CEO, Featurespace. “Through this partnership, GPS will be able to provide an enhanced level of customer experience and increased security assurances, enabling their clients to focus on continued innovation and growth.”
Over 70 direct customers and 100,000 financial institutions utilise Featurespace’s technology including HSBC, NatWest, TSYS, Worldpay, Contis, Danske Bank, Akbank, Edenred and Permanent TSB. Founded in 2008, and headquartered in Cambridge, Featurespace has a team of over 400, operating globally from 7 locations.
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