Facilitated by Visa’s acquisition of Featurespace, the newly launched ARIC Risk Hub platform utilises adaptive AI to develop profiles around legitimate customer activity scaling approvals and preventing bad actors in real time. Visa’s collaboration with Eika Gruppen, an alliance of 46 local banks in Norway, has underlined how leveraging AI technology can reduce the losses caused by fraud and scams. According to company data, after implementing the ARIC Risk Hub, Eika Gruppen witnessed a substantial minimisation in successful fraud attempts across its customer base, with a 90% decrease in phishing losses in 2024 compared to 2023.
Furthermore, Featurespace’s ARIC Risk Hub, a Visa solution, is currently available worldwide, providing businesses with a tool to facilitate the prevention of fraud and safeguard their customers. Commenting on the news, representatives from Featurespace mentioned their company’s commitment to assisting businesses in scaling security for transactions. The ARIC Risk Hub allows customers to access modern technology in fraud prevention, with the platform adapting in real time to identify abnormal behaviour. By merging Featurespace’s technology with Visa’s reach, the two companies intend to serve the needs, demands, and preferences of users while protecting them against fraud.
Among the key difficulties regarding fraud prevention, Eika Gruppen identified expanding fraud rates, complex fraud patterns, and manual review limitations. Additionally, the alliance required a fraud solution that, besides being effective at detecting threats, would also simplify operations and automate manual workload.
Implementing the ARIC Risk Hub was focused on learning the behavioural patterns of Eika customers, as well as creating a normal baseline, enabling the technology to flag suspicious activities in real time with reduced false positive rates when live. The platform can be leveraged for assessing the risk of every transaction initiative through online or mobile banking services, with each payment being evaluated by its technology in real time to determine its legitimacy. If flagged as suspicious, ARIC informs the bank to stop the transaction and mark it for further investigation.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now