LONDON–(BUSINESS WIRE)–Featurespace announced
that Ireland-based Permanent
TSB, a provider of retail banking, mortgage, insurance, and other
financial services, will deploy the Featurespace ARIC™ platform 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 percent 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 €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 behavioral profiles for
customers in real time, detecting anomalies and preventing fraud across
all payment methods and channels.
“Accurate customer authentication is essential and as fraud attacks
increase, having the most advanced risk detection and fraud prevention
tools are going to determine a bank’s success,” said Kevin Curley, Head
of Payments and Fraud at Permanent TSB. “With leading adaptive
behavioral models and alert management capabilities, the ARIC platform
will provide us with unprecedented real-time decisioning to keep us in
compliance and our portfolios and our customers safe.”
“Permanent TSB is our very first Irish bank client and we’re delighted
in its selection of the ARIC platform,” said Martina King, CEO of
Featurespace. “There has never been more scrutiny on banks to protect
customers and deliver a frictionless experience. Equipped with advanced
risk review and decisioning, Permanent TSB reaffirms their status as a
leader in the industry and for real-time fraud prevention and detection.”
Ends
About Featurespace
Headquartered in the U.K. and U.S. and with offices in Cambridge, London
and Atlanta, Featurespace™ is the world-leader in fraud prevention and
creator of the ARIC™ platform, a real-time AI machine learning software
that risk scores events in more than 180 countries.
The ARIC platform combines Adaptive Behavioral Analytics and anomaly
detection to automatically identify risk and catch new attacks as they
happen. The increased accuracy of understanding behavior strikes the
balance between improving fraud and risk detection and operational
efficiencies, while also reducing the number of genuine transactions
that would be incorrectly declined by as much as 70 percent. For more
information, visit www.featurespace.com.
Contacts
Featurespace
Michael Touchton
PR
and Communications Manager
[email protected]
(+1)
423-364-5491
