Featurespace has revealed that its proprietary ‘ARIC platform’ has been chosen by HSBC to support and bolster its anti-money laundering (AML) and fraud efforts in the insurance and retail fields.
The Cambridge-based fraud prevention, risk and compliance firm already boasts an impressive number of clientele in the financial sector that utilise its ARIC platform including: Worldpay, ClearBank and TSYS.
These institutions are leveraging Featurespace’s adaptive behavioral analytics and machine learning capabilities to monitor transactions.
The solution automatically detect anomalies in individual behavior and provides the ability to prioritise alerts and predict future threats.
Martina King, CEO at Featurespace commented: “In the fight against the ever-evolving threat of financial crime, collaboration is key.
“These firms’ application of our technology will help them in optimising the detection of suspicious activity, ultimately protecting their customers from the global impact of financial crime.”
Featurespace claims with machine learning tech, banks and financial institutions will be able to reduce the number of overall criminal alerts by 12%.
They also state firms will be able to reduce the number of alerts that humans have to assess by half and spot potential criminal activity more than a month earlier than the current rules-based systems.
