Featurespace has launched its ARIC Adaptive Behavioural Analytics anti-fraud and risk management platform in Singapore to enable financial institutions thwart cybercrimes.

The new anti-fraud and risk management platform utilises the technologies first developed by Cambridge University.

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It is designed to detect anomalies in individual behaviour and stop sophisticated fraud schemes.

The platform gains an understanding of each individual banking and credit card customer behaviour continuously. Accordingly, it identifies and block new and known threats. ARIC also reduces false positives by 70%.

Furthermore, it fulfils the requirements of Singapore’s Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) data analytics initiative.

Featurespace CEO Martina King said: “Featurespace is the world leader in Adaptive Behavioural Analytics technology, which helps financial institutions stop fraud faster.

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“Millions of Singapore’s citizens have been victim of many large-scale fraud attacks in the recent past – by implementing machine learning technology, we can help banks and credit card providers outsmart the criminals and build a safer banking infrastructure.”

Last month, Featurespace raised $32.3m in a funding round that was jointly led by Insight Venture Partners and MissionOG.

The company plans to use the funding to support its international expansion and further develop its software capabilities.

King added: “Our financial services customer base is growing fast, and we are now are working with 17 banks across continental Europe, the UK, US and Latin America.”