Everis, a business consultancy, has selected the ARIC platform by Featurespace, the machine learning firm, to help banks combat payments and account fraud.
The consultancy tests and recommends the best technology solutions, thus it conducted a review of the fraud detection and prevention market before selecting the ARIC platform.
Everis will deliver ARIC to banks in 16 countries, including the UK, US, Spain, Italy, Mexico and Brazil.
“Fraud is one of the most prominent, ubiquitous challenges that banks around the world are facing, making Everis’ commitment to improve efficiencies and mitigate threats vital to the health of the industry,” says Martina King, CEO, Featurespace.
“The application of artificial intelligence in financial processes is still limited,” says Sergio Hermida, manager of digital banking at Everis. “Featurespace’s machine learning solution is one of the most advanced on the market and allows us to offer our customers world-class technological tools for financial risk management and to significantly reduce transaction fraud.”
According to Featurespace, ARIC is an adaptive behavioural analytics fraud and risk management platform, which uses machine learning to build and monitor individual behavioural profiles for customers in real time to detect anomalies and prevent fraud across all payment methods and channels.