Featurespace Launches Automated Deep Behavioral Networks
Today, Featurespace introduces Automated Deep Behavioral Networks for the card and payments industry, providing a deeper layer of defense to protect consumers from scams, account takeover, card and payments fraud, which cost an estimated $42 billion in 2020 .
"The significance of this development goes beyond the scope of addressing enterprise financial crime. It's truly the next generation of machine learning," said Dave Excell, founder of Featurespace.
A breakthrough in deep learning technology, this invention required an entirely new way to architect and engineer machine learning platforms. Automated Deep Behavioral Networks is a new architecture based on Recurrent Neural Networks that is only available through the latest version of the ARIC™ Risk Hub .
The Challenge and the Discovery
Deep learning technology has various applications, such as in natural language processing for the prediction of the next word in a sentence, however its use in preventing fraud in card and payments fraud detection has not been optimized to protect companies and consumers from card and payments fraud. With this invention, that challenge is solved.
Transactions are intermittent, making contextual understanding of time critical to predicting behavior. Previously, building effective machine learning models for fraud prevention required data scientists to have deep domain expertise to identify and select appropriate data features - a laborious, yet vital step.
Featurespace Research developed Automated Deep Behavioral Networks to automate feature discovery and introduce memory cells with native understanding of the significance of time in transaction flows, improving upon the market-leading performance of the company's Adaptive Behavioral Analytics. Detecting fraud before the victim's money leaves the account is the best line of defense against scams, account takeover, card and payment fraud attacks. For the following groups, the benefits of Automatic Deep Behavioral Networks include:
- Enabling genuine transactions with reduced verification; and
- Automatically identifying scams, account takeover, card and payment fraud attacks before the victim's money leaves the account.
- Automatically discovering features in transaction events;
- Pushing machine learning logic through the entire modelling stack;
- Leveraging the irregularity of human actions to identify anomalistic behavior; and
- Retaining all of the discoveries of Featurespace's Adaptive Behavioral Analytics.
Card and Payments Industry:
- Improving risk score certainty across all transactions (fraud detection during the transaction is increased and genuine behavior is more accurately identified to facilitate the acceptance of more transactions);
- Providing performance uplift for all payment types, including card and ACH/BACS, wire, P2P and faster payments;
- Improving the detection of high-value, low-volume fraud (and also detection of low-value, high-volume fraud);
- Reducing step-up authentication;
- Providing strict model governance documentation, with explainable logic, fair decision making and reason codes; and
- Delivering stable, real-time scoring with high throughput and low latency response times for business-critical enterprises, even under surge conditions.
Excell continued, “As real-time payments, digital transformation and consumer demand require the instantaneous movement of money, our role is to ensure the industry has the best tools for protecting their organizations and consumers from financial crime. I am immensely proud of our research team and their dedication to machine learning innovation on behalf of our customers.”
About Featurespace – www.featurespace.com
Featurespace™ is the world leader in Enterprise Financial Crime prevention for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and Automated Deep Behavioral Networks, both of which are available through the ARIC™ platform, a real-time machine learning software that risk scores events in more than 180 countries to prevent fraud and financial crime.
ARIC™ Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time. More than 30 major global financial institutions are using ARIC to protect their business and their customers. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank, AK Bank and Permanent TSB.
About Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
CGTN13.4.2021 19:59:12 CEST | Press release
CGTN: A City on the Rebound: How Hong Kong Can Move Forward
CA-TIGO-ENERGY,-INC.13.4.2021 19:55:11 CEST | Press release
Tigo Intellectual Property Infringement Lawsuit against APS Continues to Grow
MAXON13.4.2021 18:07:45 CEST | Press release
Maxon Announces Cinema 4D S24
MAXON13.4.2021 18:07:05 CEST | Press release
Maxon Announces Redshift for macOS Including Native Support for M1-Powered Macs
GOLDEN-EURO13.4.2021 17:31:13 CEST | Pressemeddelelse
Golden Euro-spiller rammer rekordstor jackpotgevinst på 3 millioner euro
AGTHIA-GROUP-PJSC13.4.2021 17:08:12 CEST | Press release
Agthia Embarks on Transformational Journey with its Strategy to Become an F&B Leader by 2025
IL-FRISS13.4.2021 17:05:12 CEST | Press release
FRISS Acquires Terrene Labs to Expand Underwriting Efficiency
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom