Featurespace, a global fraud and financial crime prevention firm, has entered into a strategic partnership with OrboGraph, a leading provider of check processing automation and fraud detection software and services.
Featurespace specializes in using adaptive behavioural analytics to detect and prevent fraud in real time. OrboGraph focuses on leveraging image forensics and pattern recognition to improve check fraud detection.
The partnership is driven by a significant increase in check fraud, which, according to FinCEN, now constitutes more than one-third of all fraud in depository institutions as of 2023. By combining their advanced technological solutions, Featurespace and OrboGraph aim to significantly enhance the precision and efficiency of fraud detection processes, thus safeguarding financial institutions against the escalating sophistication of check fraud.
Featurespace is renowned for its market-leading payments fraud detection and risk management platform, which is employed by over 70 banks and financial institutions globally, including prominent names like Worldpay, TSYS, NatWest, and Danske Bank.
This collaboration will integrate both companies’ technologies to create a unified solution that not only boosts the detection of fraudulent checks but also minimizes false positives. This integration is expected to enhance operational efficiencies and improve the overall customer experience by providing a more comprehensive and reliable fraud detection service.
OrboGraph CEO Barry Cohen said, “Check fraud is a growing and concerning area of financial crime – we know banks and financial institutions are experiencing a rise in reports and are in need of more advanced tools that can tackle the issue. Combining our expertise with Featurespace will enable us to deliver a more robust and comprehensive fraud detection solution, helping financial institutions to stay ahead of increasingly sophisticated check fraud schemes
Carolyn Homberger, President of Americas for Featurespace, stated, “Partnering with OrboGraph is a significant step forward in our mission to provide the most effective fraud and financial crime prevention solutions to our North American clients.
“OrboGraph’s expertise in check fraud detection perfectly complements our expertise, and together, we can offer a powerful tool that seamlessly integrates check image display functionality and common check risk data sources.”
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