Featurespace has launched its anti-fraud technology into the Singapore market.
Its technological platform – which uses machine learning to detect anomalies in individual behaviour for fraud and risk management – was first developed by world-leading computer scientists in the laboratories of Cambridge University. With the rise of more sophisticated fraud schemes, Featurespace uses its decades of experience to get out ahead and outsmart the criminals.
Martina King, Featurespace CEO, commented: “Featurespace is the world leader in Adaptive Behavioural Analytics technology, which helps financial institutions stop fraud faster. Millions of Singapore’s citizens have been victim of many 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 a safer banking infrastructure.
“Our financial services customer base is growing fast, and we are now are working with 17 banks across continental Europe, the UK, US and Latin America. Our technology is also being embedded by payment processors and merchant acquirers who use our real-time fraud prevention technology in their anti-fraud solutions.
“Singapore’s banking community has made it clear to us that it believes that the smart use of data is paramount in combatting and mitigating fraud. We look forward to sharing our proven capabilities and deep knowledge with the financial institutions of Singapore.”
Singapore currently has one of the highest rates of card fraud in the world. To combat this, in 2017 Singapore’s financial industry came together to commit to data analytics as a means of fighting financial crime.
In 2017, a report released by the Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP), which is made up of Singapore’s banks, financial regulator and police, found that lenders are looking at using data analytics to detect suspicious transactions, because current systems mistakenly identify fraud, resulting in declined transactions. Further, DBS Group Holdings, one of Singapore’s three major banks, reported in 2018 that the current situation yields a false positive in nine out of 10 cases.1
Featurespace’s real-time ARIC platform uses Adaptive Behavioural Analytics to self-learn and continuously responding to new customer data. By understanding the behaviour of each individual banking and credit card customer, ARIC identifies new and known attacks, and blocks fraud at the moment it occurs while accepting more genuine business. As such, ARIC reduces false positives, by 70%, increasing revenue and reducing customer friction.
Earlier this year, Featurespace raised US$32.3 million from a funding round to support its international expansion and continued development of the company’s software capabilities.