NatWest boosts fight against financial crime with Featurespace’s ARIC Risk Hub
By Megha Bhattacharya
Featurespace today announced that NatWest has been utilising its ARIC Risk Hub through enterprise-wide transaction monitoring and payments fraud detection, including threats posed by Authorised Push Payments (APP) and scams. NatWest selected Featurespace in late 2019 and completed deployment of ARIC Risk Hub earlier this year for detecting anomalies and protecting customers in real-time.
“As we facilitate greater control over the access and movement of money for customers, our systems must be able to instantly determine if activity is genuine so that the high level of convenience is matched by uncompromising security standards,” said Alasdair MacFarlane, Head of Fraud Prevention & Response at NatWest. “In our continued efforts to optimise our fraud and risk strategies, ARIC Risk Hub’s ability allows us to adapt to and detect new fraud and suspicious activity in real-time.”
ARIC Risk Hub is a financial crime prevention platform and is powered by Adaptive Behavioural Analytics. The platform monitors individual behavioural activity in real-time, and allows financial institutions to catch more fraud and prioritise alerts of suspicious activity with greater accuracy while reducing the number of genuine transactions declined.
“NatWest demonstrates an unwavering commitment to overcoming fraud and financial crime across its business. We respect their ambition and we commend them for their determination. We are excited to be their partner and to continue our journey together,” said Martina King, CEO of Featurespace.
Recently, Featurespace has announced that its Adaptive Behavioral Analytics is all set to be offered to customers amidst the COVID-19 pandemic. The company states that fraud and financial crime have been on the rise in the current situation, and the new solution is expected to offer protection against the same.
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