Equals implements Featurespace's fraud prevention technology

UK-based payments services provider Equals Group has partnered Featurespace in order to embed the latter’s fraud prevention technologies across its platforms

UK-based payments services provider Equals Group has partnered Featurespace in order to embed the latter’s fraud prevention technologies across its platforms. Following the deal, a division of Equals Group named Equals Money will implement Featurespace’s anti-money laundering, payment fraud and card fraud prevention solutions in a bid to adapt to new market conditions.

One of these fraud detection solutions is Featurespace’s ARIC Risk Hub, a self-learning system that leverages machine learning models to identify fraud. ARIC Risk Hub provides several solutions for fraud and Anti-Money Laundering analysts to detect suspicious activity and prioritise alerts with explainable anomaly detection. Moreover, the system recognises genuine customers without blocking their activity thus reducing friction.

Official representatives from Featurespace cited by fintech. global emphasised that Equals should get the fraud and financial crime detection platform operational as soon as possible in order to update the security and safety of their customers. Equals develops and sells scalable payment platforms to enable organisations to move and manage their money flows through its payment and card products.

Some of the group’s brands include Equals Money, Equals Money Solutions, FairFX, CardOne Money, and Equals Connect. Other Featurespace developments and partnerships In July 2022, Featurespace partnered with Australia-based gaming company VGW, a creator of online social games. The partnership involved deploying the ARIC Risk Hub as cloud-based Software as a Service (SaaS) to VGW.

In 2021, Featurespace worked with Australia’s sovereign domestic debit payments scheme, eftpos, for a built-for-purpose fraud detection engine using artificial intelligence and machine learning. In April 2022, Featurespace partnered with Monavate to embed the ARIC Risk Hub fraud solution into the full-service issuing platform Monavate One. Following the implementation, the Monavate platform provided card issuance, processing, IBANs, data analytics, and card fulfilment for the E2E setup.

In July 2021, Featurespace has filed two global patents that support new levels of customer protection in the financial industry. The first patent is for Featurespace’s Automated Deep Behavioural Networks for the card and payments industry. The second is for Behavioural Anomaly Score, which identifies anomalies in individual customer behaviour without having any prior knowledge of contextual high-risk behaviour.

In a recent interview for The Paypers, Steve Goddard, Fraud Market Expert at Featurespace, explained the advantages of deploying a fraud prevention solution that is powered by machine learning techniques. He revealed that such a solution gives organisations access to systems that make real-time decisions based on changes in customer interactions. This helps protect the customer, payments systems, and financial institutions from rapidly changing fraud attacks.

For more information about Featurespace, please check out the company profile in The Paypers Company Database. .

Aug 23, 2022 12:13
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