Featurespace, HSBC agree on fraud prevention deal

Wednesday 4 September 2019 00:08 CET | News

UK-based Featurespace has signed a contract with HSBC, which has started deploying the company’s machine learning platform to help identify financial crime.

The contract will see the Aric platform used to combat money laundering, automatically detect anomalies in client behaviour, and prioritise these for staff who can receive up to one million fraud alerts per month. HSBC joins ClearBank, TSYS and Worldpay in using the platform, which claims to reduce false positives by 76%. Moreover, the company also offers a white label version of Aric for users to customise and add their own branding.

Predefined PSD2-specific data feeds and configurations have been recently added to Aric. These include rules and adaptive behavioural analytics that automatically decide which transactions to escalate to Strong Customer Authentication.

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Keywords: UK, Featurespace, HSBC, fraud prevention, machine learning, financial crime, fraud, money laundering, PSD2, behavioural analytics, SCA, transactions
Countries: World