COLUMBUS, Ga.--(BUSINESS WIRE)--TSYS (NYSE: TSS), in conjunction with Featurespace, announced a new fraud prevention product today, called TSYS Foresight ScoreSM with Featurespace®. Foresight Score is a fraud and risk scoring tool that incorporates innovative machine learning — a form of Artificial Intelligence (AI) that allows software to learn over time without being explicitly programmed — to bolster an issuer’s ability to fight transactional fraud. It was built in partnership with Featurespace and relies on their powerful and proven adaptive behavioral analytics platform — known as ARIC®.
According to the Nilson Report®, total fraud losses incurred by financial institutions and merchants on all types of payment cards was $21.84 billion in 2015, and is expected to reach $31 billion by 2020. TSYS Foresight Score is especially adept at spotting subtle variances from predicted human behavior, allowing it to more accurately predict new and unknown fraud types.
“We are excited to add Foresight Score to our comprehensive suite of risk and fraud products,” said Pam Joseph, president and chief operating officer, TSYS. “We are certain that it will help our clients detect and prevent more transactional fraud while at that same time reducing false-positive alerts — helping increase revenue and improve operational efficiency.”
“We are thrilled to bring this innovative fraud product to market with TSYS,” said Martina King, chief executive officer of Featurespace. “Our ARIC platform was specifically designed to help manage complex problems like transactional card fraud. Combined with TSYS’ industry experience, and robust client base, this product has tremendous potential in the fight against fraud.”
To learn more about TSYS Foresight Score with Featurespace, please visit our website at: www.tsys.com/foresight-score.
TSYS® (NYSE: TSS) is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum — from issuer processing and merchant acquiring to prepaid program management . We succeed because we put people, and their needs, at the heart of every decision. It’s an approach we call ‘People-Centered Payments®’.
Our headquarters are located in Columbus, Ga., U.S.A., with approximately 11,500 team members and local offices spread across 13 countries. TSYS generated revenue of $4.2 billion in 2016, while processing more than 25.5 billion transactions. We are a member of The Civic 50 and were named one of the 2017 World's Most Ethical Companies by Ethisphere magazine. TSYS is a member of the S&P 500 and routinely posts all important information on its website. For more, visit tsys.com.
Featurespace™ is the world-leader in Adaptive Behavioral Analytics and creator of the ARIC™ platform, a real-time machine learning software system developed out of the University of Cambridge.
Our headquarters are in Cambridge, UK, and we have deployed ARIC to organizations that have services or products deployed in over 180 countries.
The ARIC™ platform – a real-time, machine learning software system – monitors individual behaviors to catch new fraud attacks as they happen. At the same time, the increased accuracy of understanding customer behavior reduces the number of genuine customers whose purchases and transactions are incorrectly declined. For more, visit www.featurespace.co.uk.