Featurespace foils fraud for Danske Bank
Danske Bank, the largest bank in Denmark, has selected Featurespace, an anti-fraud company, to provide capabilities for their systems.
This news follows the announcement that Danske was looking for fintech companies to partner with.
It likes fintech friends
Featurespace’s ARIC Fraud Hub was chosen by the bank to mitigate card fraud at the customer level in real time and across all channels, as the bank considered it was able to give customers the best experience by reducing the number of false positives.
“Mitigating fraud is incredibly challenging because the threat keeps evolving. A real-time adaptive system highlights new attacks at the time they occur, which protects the bank and its customers,” says Martina King, CEO, Featurespace.
Featurespace uses machine learning, in what it calls adaptive behavioural analytics, to spot fraudulent transactions.
The ARIC Fraud Hub, which the supplier says it is deployed in some of the world’s largest banks, payment processors and merchant acquirers, uses machine learning to build and monitor individual behavioural profiles in real time to detect anomalies and prevent fraud across all payment methods and channels, as it occurs.
One of these firms, for example, is Mexico-based MIT.
