How they describe themselves: Featurespace is the world-leader in Adaptive Behavioural Analytics and creator of the ARIC engine, a machine learning software platform developed out of the University of Cambridge. The ARIC engine monitors individual behaviours to catch new fraud attacks as they happen. The increased accuracy of understanding customer behaviour simultaneously reduces the number of genuine customers whose purchases and transactions are incorrectly declined. Head quartered in Cambridge, UK, Featurespace has deployed ARIC to organisations that have services or products deployed in over 180 countries. Customers include Betfair, Vocalink/Zapp, Camelot, William Hill, and TSYS, the largest third-party processor of Visa® and MasterCard® credit cards in the US.
How they describe their product/innovation: Featurespace is the first company to identify new fraud attacks as they occur, enabling our clients to shift from writing rules after the attack, to blocking threats as they take place. Organisations do not need to second-guess where the next fraudulent threat is coming from, or from which device. ARIC Fraud Manager understands the real-time behaviour of each individual customer. It uses a machine learning approach to prevent fraud by spotting anomalous behaviour as soon as it occurs. The models constantly measure their own accuracy against the rate of change. This approach is innovative in recognising legitimate customer behaviour, reducing the number of genuine customers declined and improving customer experience.
Product distribution strategy: Licensed