Featurespace

The public is already highly scam-aware, our latest research reveals. Consumer awareness can only go so far. As financial criminals deploy AI, checking for mis-spelled emails doesn't always cut it anymore. Consumers need top banking technology on their side, now. Find out more here: https://lnkd.in/gEnhutsf

As the Olympics continues, we're celebrating our team's own sporting pursuits. That's right: SCAMp - your bank’s loyal guard dog – has gone Commando! 😎 As you know, the fluffy face of Scam Detect will fiercely protect your bank from APP fraud. Won't bring back sticks. But he might just help you carry a very large log for charity! SCAMp recently hit the road with Morgan Cowper and the Royal Marines for the Dreadnought Challenge, carrying an 80kg log for 50 miles across the Peak District. Living up to Scam Detect’s reputation for seamless, out-of-the-box impact, enhancement of your team’s existing capabilities, and an endlessly ethical approach, SCAMp truly earned his stripes – and his Full English brekkie. Visit our website here to discover more about Scam Detect: https://lnkd.in/g-i3uV7Q And find out more about Morgan and SCAMp’s charity challenge here: https://lnkd.in/exSbk57a

📢 We're thrilled to be supporting PAYSTRAX to manage fraud in merchant transactions across Europe! As fraud and financial crime rates continue to climb globally, the Featurespace platform will analyze merchants' transactional behaviour to protect PAYSTRAX from processing payments that contribute to fraud. 🚀 The technology will help optimize decision-making through its speed and accuracy of insight into merchant transactional behaviors. To find out more, read the news here: https://lnkd.in/g3qK7D5u

"In business, it is vital to deeply understand what success means to your customers. There are no good solutions to the problems you don’t yet fully understand." Featurespace's Director of Analytics, Lucy Griffin, spoke recently to Payment Expert, sharing how achieving success in the payments industry requires having a gracious approach to success, failure, and achievement 🌟 From the Boat Race to Featurespace, it's a relentless focus on delivering on unique excellence that has inspired Lucy's brilliant career so far. Read more in Payment Expert here: https://lnkd.in/evBe_eic

📢 Some exciting news for your Tuesday! We've partnered with OrboGraph to help financial institutions prevent check fraud. With check fraud rampant in the US, making up a third of all fraud at depository institutions in 2023, this combination of OrboGraph's innovative image forensics and pattern risk capabilities - plus Featurespace's market-leading payments fraud detection platform - will help institutions stay ahead of increasingly sophisticated schemes. The partnership will help customers significantly improve the accuracy and efficiency of identifying and preventing fraudulent check activities for both deposit and 'on-us' fraud. Discover more here: https://lnkd.in/eacpDKgT

The most important KPI in fraud is how fast you can react. 🏃♂️ That’s what our team members James MacDonald Turner , Edward Medcalf and Daniel Shonfeld took away from the Fraud Leaders' Summit in London earlier this month. Fraudsters thrive off trial and error, according to Dr Nicola Harding of We Fight Fraud, speaking at the event. What’s also clear is that generative AI is making that trial and error faster. It means fraud techniques are increasingly fresh, creative, and multiplying in number. But financial service providers can’t afford to spend time learning what each of these new frauds looks like, in order to stop them.⏱ Instead, they must know their customers. 👨👩 Without any sensitive data, banks and FIs can understand how customers transact, and spot anomalies that could point to transactions influenced by fraud. The faster we can react using advanced behavioral analytics, the greater the struggle is for fraudsters. It’s the key to making the world a safer place to transact.💪

With new rules from the UK’s Payment Systems Regulation on the horizon this autumn, our SME Paul Evans shares with Finder why the new approach to reimbursing customers is both game-changing and concerning. Many banks have made hugely positive changes ahead of the deadline, including increasing AI adoption to prevent scams in the first place. But the possibility that less-well-off customers could fall foul of high excesses on claims remains a potential obstacle. While prevention of scams is always the best medicine, the advice would be for PSPs going through this transition to remain vigilant to the needs of all customers, by only applying the excess to larger or repeat claims. Agree? Let us know what you think below, and explore the article here: https://lnkd.in/eEsgsAHs

“While these criminals have a wide range of tools at their disposal, and access to our identities in many cases, the good news is that the industry has a wealth of behavioural data within our banks that can be used to spot signs of fraud before it happens. This data is our superpower, and it is how we will turn the tide on fraud – by using AI for good." Martina King #fraudprevention #scamprevention #financialcrimeprevention

This AI Appreciation Day, we’re asking: Can Generative AI really help combat rampant fraud? The unrelenting rise in scams and fraud is proving to be an increasingly complex, costly, and time-consuming battle for banks. Many existing, customer-facing fraud detection solutions can be highly effective, but even the most advanced solutions can only go so far to limit increasingly sophisticated fraud. To truly tackle this issue, we need highly adaptive, real-time technologies – the cutting edge of innovation. Enter Generative AI 💡 Chat GPT may have taken the world by storm, but its understanding of language only scratches the surface of GenAI’s potential. What if models were to have the same, advanced, complex understanding of transactions – both genuine ones, and those influenced by fraudsters? Large Transactional Models (LTMs), similar to the Large Language Models behind ChatGPT, work in real-time to react to transactions to offer the next level of financial protection - something fixed fraud models will never be capable of. At Featurespace, we have built the world’s first LTM. The results speak for themselves. Using it, we’ve spotted up to 71% more fraud than industry standard models 🚀 Gen AI is turning the tables on fraudsters. It is the future of fraud prevention, and is critical to making the world a safer place to transact. #AIAppreciationDay

What a party! Featurespacers from far and wide descended on Churchill College, Cambridge, for our all-team summit last week 🎉 From Glastonbury headliners and technological innovations to choosing the wannabe successor for Scam Detect’s lovable pooch SCAMp, we had a ball celebrating the successes of our team members and our clients! 🚀