LONDON--(BUSINESS WIRE)--Featurespace™, the world leader in financial crime risk management for fraud and Anti-Money Laundering, has announced that Enfuce - Finland's biggest fintech start-up with more than 8 million end-users in their platform – has selected the ARIC Risk Hub to protect its clients from existing fraud and new attacks.
Fraud prevention techniques are constantly evolving. The global financial cost of fraud is an estimated £3.89 ($5.13) trillion1 and as this threat continues growing, it is vitally important to protect customers and businesses against fraud and scams.
Enfuce was seeking a flexible fraud prevention solution for their banks, merchants and financial operators that could quickly integrate with its cloud-based payments platform. They required scalable multi-tenancy functionality delivering customizable controls at every level - even down to individual organizations.
"Our clients deserve industry-leading services that allow them to freely and fully concentrate on the success of their core business, without worrying about ever-evolving fraud," said Monika Liikamaa, cofounder and Chair, Enfuce. “With ARIC Risk Hub, we remove that worry. It's an extremely intuitive, futureproof risk solution that allows us to protect our clients' transactions across all verticals, facilitates faster onboarding and supports our growth."
Powered by Adaptive Behavioral Analytics, a Featurespace invention, ARIC Risk Hub delivers real-time transaction monitoring for fraud and financial crime. This allows financial institutions to spot more fraud and suspicious activity as it happens, while also reducing genuine transactions declined.
“Risk exposure and criminal behavior is constantly growing and we must collaborate more effectively to outsmart them,” said Martina King, CEO, Featurespace. “We are thrilled that Enfuce selected us. They're innovators that are committed to providing their clients with stellar service and our partnership will keep driving the industry forward.”
Enfuce offers payment, open banking and sustainability services to banks, fintechs, financial operators, and merchants. By combining industry expertise, collaborative partnerships and compliance, they are delivering long term and scalable solutions fast and secure. Established in 2016, Enfuce employs over 50 driven professionals in the Nordics and has over 8 million end-users in their platform. www.enfuce.com.
About Featurespace – www.featurespace.com
Featurespace™ is the world leader in financial crime risk management for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and created the ARIC™ platform, a real-time machine learning software that risk scores events in more than 180 countries to prevent fraud and financial crime.
ARIC™ Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time. More than 20 major global financial institutions are using ARIC to protect their business and their customers, including 4 of the 5 largest banks in the U.K. Publicly announced customers include HSBC, TSYS, Worldpay, RBS NatWest Group, Contis, Danske Bank, ClearBank, Permanent TSB and Betfair.
1 The Financial Cost of Fraud 2019, Crowe Clark Whitehill and the Centre for Counter Fraud Studies at the University of Portsmouth, crowe.com