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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

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