In line with this commitment, fraud detection and risk management solutions provider, Featurespace launched a groundbreaking, anti-fraud technology into the Singapore market.
The technological platform uses machine learning to detect anomalies in individual behaviour for fraud and risk management. It was first developed by the world’s leading computer scientists in Cambridge University, England.
Featurespace’s real-time ARIC™ platform uses Adaptive Behavioural Analytics to self-learn and continuously respond to new customer data.
By understanding the behaviour of each individual banking and credit card customer, ARIC identifies new and known attacks and nips fraud in the bud, while accepting more genuine businesses.
As such, ARIC reduces false positives by 70 per cent, increasing revenue and reducing customer friction.
Featurespace chief executive officer, Martina King said millions of Singaporeans fell victim to a myriad of 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 safer banking infrastructure.”
According to the Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership, lenders are looking at using data analytics to detect suspicious transactions because current systems mistakenly identify fraud, resulting in declined transactions.
-- BERNAMA
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