A recent threat increase in application fraud has led to email risk assessment specialists Emailage teaming up with Featurespace in an effort to provide improved global protection.
Application fraud is the act of using stolen documents to open online accounts and the crime has been on a steep rise – according UK Finance the threat increased by 159% (£29.4m) last year alone.
Emailage will utilise Featurespace’s risk detection and fraud prevention services to help guard eCommerce and financial services organisations against the growing threat.
Tim White, chief partnership officer at Emailage, commented: “In order to keep up with the fast-changing payment landscape, we are always on the lookout to leverage our expertise and that of other providers.
“Emailage and Featurespace are two companies moving in the same direction, in terms of innovation and growth. Therefore, we felt this collaboration was a highly strategic opportunity.
“This is yet another step in our journey to provide our customers with full regulatory compliance and a best-in-class solution.”
The partnership will aim to improve the accuracy surrounding customer authentication by applying Emailage’s risk assessments data banks which report and record application fraud as and when it occurs.
This risk assessment technology, which has helped global organisations mitigate $2.8bn in fraudulent purchases and fake applications, uses data science techniques along with machine learning technologies to build multi-dimensional online profiles of applicants/purchasers.
These are then given an overall ‘fraud risk score’ that is fed through the ARIC platform which automatically identifies new risks and attacks as they occur.
Martina King, CEO of Featurespace, concluded: “This integration makes it easy for all of our customers to leverage the combined power of our innovative Adaptive Behavioral Analytics and Emailage’s proprietary data set to improve risk scoring and reduce exposure to sophisticated online threats at the point of application.”