Fraud detection and risk prevention specialists Featurespace has secured a new agreement with Círculo de Crédito, a Latin American credit bureau, that will see the former’s ARIC platform applied in Mexico.
The partnership aims to provide more protection against application fraud to lenders in the Mexican market.
“Just a few years ago, our country ranked eighth globally in identity theft. It’s an increasingly growing threat to Mexico’s financial sector,” commented Gustavo Lacroix, CEO, Círculo de Crédito.
“Along with our vast data set and market expertise, this product will open up new opportunities in Latin America.”
Application fraud is rising globally and often occurs in one of two main methods; when a person intentionally modifies information in an attempt to illegally receive benefits (first-party fraud) or when a criminal steals personal identifiable information from someone and opens an account (third-party fraud).
Featurespace’s ARIC platform utilises both adaptive behavioral analytics and anomaly detection to identify risk and catch new attacks in real-time.
With high profile clients such as HSBC, the solution analyses and learns unique behavioral patterns of applicants across all channels before building individual profiles, against which it identifies anomalies.
Lacroix concluded: “This partnership will result in the first Artificial Intelligence platform for anomaly detection, which will help companies optimise the way they’re fighting fraud and allow them to prosper.”
“Criminals are constantly trying to find ways to imitate genuine customers and the problem is growing because there are more points of attack,” added David Excell, CTO and co-founder, Featurespace.
“Círculo de Crédito’s entire organisation is dedicated to improving the portfolio integrity of lenders in Mexico and we’re excited to support their efforts by helping them outsmart fraud, no matter how sizable or complex the challenge.”