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UK AI COMPANY, FEATURESPACE, SECURES BREAK THROUGH DEAL WITH TWO GLOBAL FINANCIAL OPERATORS – PAYMENT PROCESSOR TSYS AND CREDIT CARD ISSUER CAPITAL ONE UK

Published by Gbaf News

Posted on February 14, 2018

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According to UK Finance: currently around £3.50 of every £10 that fraudsters attempt to steal from credit cards in the UK is missed by existing fraud prevention technologies. £287m was stolen from UK credit cards in H1 2017
According to Capital One, TSYS Foresight Score with Featurespace has helped Capital One increase fraud detection by 35% and reduce blocked cards by 47%
Featurespace’smachine learning software is powering TSYS’ Foresight Score – a fraud prevention tool
Capital One UK, one of the UK’s top 10 card providers,is the first credit card issuer to launch Foresight Score for its payment clearing
TSYS Foresight Score with Featurespace has already received industry endorsement, winning ‘Best Security or Anti-Fraud Development’ at the annual Card & Payments Awards in February 2018
Featurespace’s technology takes a different approach to fraud prevention:
uses machine learning adaptive behavioural analytics – allows it to understand and predict individual customer behaviour, which means it can identify new types of fraud without needing to be reprogrammed or updated
by understanding a customer’s behaviour the technology is able to identify when a customer acts out of character, which means it can more accurately identify fraud and prevent it in real time
Cambridge based, Featurespace is backed by Worldpay (leading global payment processing company), Invoke Capital, Touchstone Innovations, NESTA, TTV Capital and Robert Sansom. Its customers include TSYS, Ally Bank, VocalinkZapp and Worldpay
TSYS is a leading global payments provider and is a member of the S&P 500 – it generated revenue of $4.2bn in 2016, while processing more than 25.5bn transactions

According to UK Finance: currently around £3.50 of every £10 that fraudsters attempt to steal from credit cards in the UK is missed by existing fraud prevention technologies. £287m was stolen from UK credit cards in H1 2017
According to Capital One, TSYS Foresight Score with Featurespace has helped Capital One increase fraud detection by 35% and reduce blocked cards by 47%
Featurespace’smachine learning software is powering TSYS’ Foresight Score – a fraud prevention tool
Capital One UK, one of the UK’s top 10 card providers,is the first credit card issuer to launch Foresight Score for its payment clearing
TSYS Foresight Score with Featurespace has already received industry endorsement, winning ‘Best Security or Anti-Fraud Development’ at the annual Card & Payments Awards in February 2018
Featurespace’s technology takes a different approach to fraud prevention:
uses machine learning adaptive behavioural analytics – allows it to understand and predict individual customer behaviour, which means it can identify new types of fraud without needing to be reprogrammed or updated
by understanding a customer’s behaviour the technology is able to identify when a customer acts out of character, which means it can more accurately identify fraud and prevent it in real time
Cambridge based, Featurespace is backed by Worldpay (leading global payment processing company), Invoke Capital, Touchstone Innovations, NESTA, TTV Capital and Robert Sansom. Its customers include TSYS, Ally Bank, VocalinkZapp and Worldpay
TSYS is a leading global payments provider and is a member of the S&P 500 – it generated revenue of $4.2bn in 2016, while processing more than 25.5bn transactions