Product Overview of Featurespace
Featurespace is a pioneering company in the field of fraud and financial crime prevention, renowned for its innovative use of Adaptive Behavioural Analytics and machine learning technologies. Here’s a detailed overview of what the product does and its key features and functionality.
What Featurespace Does
Featurespace provides real-time machine learning software designed to manage risk and prevent fraud across various industries, including financial services, payments, insurance, and gaming. The core of their solution is the ARIC™ (Adaptive Real-time Individual Change) platform, which was originally developed at Cambridge University by Professor Bill Fitzgerald and his PhD student, Dave Excell.
Key Features and Functionality
Adaptive Behavioural Analytics
The ARIC™ platform employs Adaptive Behavioural Analytics to analyze complex customer behavioural data in real-time, building individual customer behaviour profiles and identifying anomalies as they occur. This approach enables the detection of new fraud attacks and reduces the costs associated with managing fraud.
Real-Time Risk Scoring and Alerts
Featurespace’s technology generates real-time, individual risk scores and alerts, complete with understandable reason codes. This ensures that businesses can make informed decisions quickly, enhancing operational efficiency and reducing false positives.
Comprehensive Fraud Detection
The ARIC™ platform is designed to combat a wide range of fraud types, including account takeover, call center fraud, KYC & AML, new account fraud, payment fraud, and synthetic identity fraud. It integrates deep risk analysis and AI to improve fraud detection rates, particularly in areas like 3D Secure transactions.
Advanced Machine Learning and AI
Featurespace has introduced Automated Deep Behavioral Networks, a breakthrough in deep learning technology based on Recurrent Neural Networks. This innovation provides a deeper layer of defense against scams, account takeover, and card and payments fraud, ensuring stable, real-time scoring with high throughput and low latency response times.
End-to-End Case Management
The platform includes end-to-end case management and reporting dashboards, facilitating seamless management of fraud cases from detection to resolution. It also features a Rules Builder and an Open Model Manager, allowing users to import their own PMML data science models and customize risk strategies.
Security and Compliance
Featurespace ensures customer data security through a PCI-DSS certified environment. The platform is compliant with all global regulations and features a fault-tolerant architecture, ensuring continuous operation even under surge conditions.
Integration and Deployment
The ARIC™ platform can be deployed on-premise or via the cloud, with multiple internal and external data connectors to submit data. This flexibility makes it easy to integrate with existing systems, enhancing the overall efficiency of fraud management operations.
Partnership and Industry Coverage
Featurespace has partnered with other industry leaders, such as OrboGraph, to enhance check fraud detection and improve the accuracy and efficiency of identifying fraudulent activities. Their solutions are used by over 70 direct customers and 200,000 institutions globally, including major players like HSBC, NatWest, TSYS, and Worldpay.
In summary, Featurespace’s ARIC™ platform is a robust and innovative solution for real-time fraud detection and financial crime prevention, leveraging advanced machine learning, Adaptive Behavioural Analytics, and deep learning technologies to protect businesses and their customers from increasingly sophisticated fraud schemes.