From: RegTech Analyst
It’s been a busy week for Featurespace. Not only has it warned about rising types of fraud, but now it has been recognised by Gartner as a representative vendor.
Gartner’s 2020 Market Guide for Online Fraud Detection stated that “online fraud detection is expanding beyond traditional use cases, and market overlap with identity proofing and authentication is growing. SRM leaders focused on fraud should select vendors based on desired business outcomes and recognise that orchestration has become a critical requirement.”
Featurespace was recognised for its ARIC Risk Hub that uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real time.
“Our approach is unlike anything else in the industry because we focus on understanding good behaviours and adapt in real time so that the anomalies stand out,” said Dave Excell, founder of Featurespace. “Due to the volume and unpredictable nature of online payments activity, this is impossible to achieve without adaptive behavioral analytics. The other half of the equation is delivering these capabilities to our clients and providing them with maximum flexibility and control as they manage their unique fraud and risk strategies.”
The news comes after Featurespace raised £30m in a new funding round in May.
“During these challenging times, our machine learning models have automatically adapted to the shift in consumer, business and criminal behaviour,” said Martina King (pictured), CEO of Featurespace, at the time of the funding round. “It is our continued focus to deliver industry-leading, fraud and anti-money laundering solutions to our customers and partners.”
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