Thus the platform aims to help the bank comply with the forthcoming regulatory requirements of PSD2, which comes into effect in 14 September 2019 and mandates Stronger Customer Authentication practices and fraud reporting.According to the Banking & Payments Federation Ireland, more than 60 %of all fraud on Irish-issued payment cards is through Card Not Present (CNP), where criminals use stolen information to conduct digital fraud. In addition, the latest data from the European Central Bank shows that CNP fraud accounted for more than EUR 1.3 billion in losses across Europe in 2016 and was the only category of fraud to increase year-over-year.
The Featurespace ARIC platform uses machine learning and Adaptive Behavioral Analytics to build and monitor individual behavioural profiles for customers in real time, detecting anomalies and preventing fraud across all payment methods and channels. For more information about Featurespace, please check out a detailed profile in our web fraud & e-identity company database.
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