GPS will leverage Featurespace’s solution, ARIC Risk Hub, into its suite of fraud and risk management services globally, which will further strengthen its fraud infrastructure by improving fraud detection rates, reducing false positives, and addressing suspicious activity in real-time.
As fraud attempts have significantly increased throughout the year and it is estimated that will continue being on the rise in 2023, more merchants, ecommerce providers, and PSPs claim they are ready to invest more in anti-fraud solutions. By partnering with Featurespace, GSP can boost its fraud detection rates by 70%, on average, being able to mitigate risk faster and detect suspicious activity in real-time.
GPS Fraud Advantage solution will continue the work of the company’s Fraud Prevention Team, enabling customers to monitor, action, and manage fraud alerts throughout the payments process, helping merchants become more vigilant and increase their turnovers by spending less on chargebacks and friendly fraud. Ultimately, cart checkout rates will also improve, allowing for less abandonment and an overall superior customer experience.
Featurespace’s ARIC Risk Hub is a real-time fraud prevention tool chosen by cards and payments businesses to enable them to guard against evolving fraud challenges and drive higher approval rates, whilst minimising false positive alerts. Using a combination of machine learning and artificial intelligence (AI), ARIC Risk Hub learns and adapts from each cardholders’ historical transactions to generate risk scores, alerts, and actions on potentially fraudulent transactions.
Featurespace provides enterprise grade technology that prevents fraud and financial crime. With a mission to make the world a safer place to transact, Featurespace helps banks and financial institutions protect customers, and reduce risk and business operating costs by providing machine learning, financial crime prevention solutions.
Featurespace invented Adaptive Behavioral Analytics and Automated Deep Behavioral Networks and is the first to profile both genuine and fraudulent behaviour to identify and block criminal activity in real time. Both are patent pending technologies that are central to Featurespace’s ARIC Risk Hub. Over 70 direct customers and 100,000 financial institutions have put their trust in Featurespace’s technology including HSBC, NatWest, TSYS, Worldpay, Contis, Danske Bank, Akbank, Edenred and Permanent TSB. Founded in 2008, and headquartered in Cambridge, UK Featurespace has a team of over 400, operating globally from seven locations.
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