British bank NatWest has selected Featurespace’s ARIC platform to combat payment frauds and better monitor account activity.
The ARIC platform leverages machine learning and Featurespace’s Adaptive Behavioral Analytics to prevent fraud before the point of payment.
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The technology is equipped to detect anomalies, provide risk scores to each event and reduce false alerts.
Additionally, the deployment of ARIC platform is expected to remove friction in the payments process and improve customer experience.
Featurespace CEO Martina King said: “NatWest’s selection of Featurespace demonstrates how seriously the bank is committed to safeguarding its customers from a constantly evolving fraud landscape.
“The fraud challenge requires an innovative partnership to stay ahead of threats posed to our dynamic payment landscape and we are delighted to be working together to solve this problem.”
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By GlobalDataCurrently, more than 20 major global financial institutions utilise ARIC to protect their businesses. It includes HSBC, TSYS, Worldpay, Contis, Permanent TSB, Danske Bank and ClearBank, among others.
Commenting on the selection of ARIC platform, NatWest head of fraud prevention & response Alasdair MacFarlane said: “The only way to consistently stop multifaceted fraud and protect our customers is to learn about customers’ specific behaviours, recognise what’s normal and immediately detect anomalies.
“Featurespace allows us to more accurately assess risk and authenticate activity across multiple channels, while facilitating a much stronger incident management process.”
Last month, NatWest initiated its voice banking pilot where customers can avail banking services through voice commands. The pilot includes 500 customers and will run for three months.
