LONDON--(BUSINESS WIRE)--Featurespace announced that Ireland-based Permanent TSB, a provider of retail banking, mortgage, insurance, and other financial services, will deploy the Featurespace ARIC™ platform to help the bank comply with the forthcoming regulatory requirements of PSD2, which comes into effect in 14 September 2019 and mandates stronger customer authentication practices and fraud reporting.
According to the Banking & Payments Federation Ireland, more than 60 percent of all fraud on Irish-issued payment cards is through Card Not Present (CNP), where criminals use stolen information to conduct digital fraud. In addition, the latest data from the European Central Bank shows that CNP fraud accounted for more than €1.3 billion in losses across Europe in 2016 and was the only category of fraud to increase year-over-year.
The Featurespace ARIC platform uses machine learning and Adaptive Behavioral Analytics to build and monitor individual behavioral profiles for customers in real time, detecting anomalies and preventing fraud across all payment methods and channels.
"Accurate customer authentication is essential and as fraud attacks increase, having the most advanced risk detection and fraud prevention tools are going to determine a bank's success," said Kevin Curley, Head of Payments and Fraud at Permanent TSB. "With leading adaptive behavioral models and alert management capabilities, the ARIC platform will provide us with unprecedented real-time decisioning to keep us in compliance and our portfolios and our customers safe."
"Permanent TSB is our very first Irish bank client and we're delighted in its selection of the ARIC platform," said Martina King, CEO of Featurespace. "There has never been more scrutiny on banks to protect customers and deliver a frictionless experience. Equipped with advanced risk review and decisioning, Permanent TSB reaffirms their status as a leader in the industry and for real-time fraud prevention and detection.”
Headquartered in the U.K. and U.S. and with offices in Cambridge, London and Atlanta, Featurespace™ is the world-leader in fraud prevention and creator of the ARIC™ platform, a real-time AI machine learning software that risk scores events in more than 180 countries.
The ARIC platform combines Adaptive Behavioral Analytics and anomaly detection to automatically identify risk and catch new attacks as they happen. The increased accuracy of understanding behavior strikes the balance between improving fraud and risk detection and operational efficiencies, while also reducing the number of genuine transactions that would be incorrectly declined by as much as 70 percent. For more information, visit www.featurespace.com.