Featurespace has revealed that it has combined with NatWest to improve financial scam detection rate by 135% through modelling technology.
The collaboration came amid the need for a more robust detection model as scams have risen due to the introduction of Faster Payments in 2008 and the rise of authorised push payment (APP) fraud in recent years.
As part of the On The Frontier Of Scam Detection report, commissioned by Aite-Novarica Group, the advisory firm providing insights for the financial industry, demonstrates the work Featurespace has done with NatWest – as well as showing wider findings on how the financial services industry can tackle scams.
NatWest linking with Featurespace reportedly boosted scam detection rates of 135% and led to a reduction in false positives for scams by 75% – something the group underlined is key to business.
Martina King, CEO, Featurespace, said: “NatWest should be congratulated for taking a modern approach to solving a huge challenge for their company and their customers. They have demonstrated the benefits to be achieved through innovation and partnership. We developed our technology to support them and with the knowledge that our invention, Adaptive Behavioral Analytics, works for any bank in the world.”
The machine learning architecture coupled with the experience of the team helped enable NatWest to use their customer data with the most valuable signals. The modelling schema required much less data transformation than would be the case for vended platforms built on relational databases.
Trace Fooshée, Strategic Advisor at Aite-Novarica Group, added on the report and the importance of the partnership: “As criminals develop new ways of carrying out scams, fresh thinking is required to combat this pressing business and societal challenge. The innovative approaches pioneered by the collaboration between NatWest and Featurespace are insightful examples of how it’s possible to take on these challenges.”