Featurespace Named as Representative Vendor in Gartner's May 2020 Market Guide for Online Fraud Detection
- Fraud Detection
- 04.06.2020 12:11 pm
Featurespace™, the leading provider of Enterprise Financial Crime prevention software, has been recognised as a Representative Vendor in Gartner's 2020 Market Guide for Online Fraud Detection1.
The report states, "online fraud detection is expanding beyond traditional use cases, and market overlap with identity proofing and authentication is growing. SRM leaders focused on fraud should select vendors based on desired business outcomes and recognize that orchestration has become a critical requirement."
Featurespace is recognised as a Representative Vendor in Online Fraud Detection: Event Monitoring Vendors With a Banking Focus - for its ARIC™ Risk Hub.
Powered by Adaptive Behavioral Analytics - a Featurespace invention - the ARIC™ Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real time.
Featuring out-of-the-box models that use supervised and unsupervised techniques that automatically adapt to changes in behavior, ARIC Risk Hub also enables clients to create and deploy rules in real-time, as well as build and upload custom models into an Open Modelling Environment so that data science teams can conduct testing without impacting system performance.
"Our approach is unlike anything else in the industry because we focus on understanding good behaviors and adapt in real time so that the anomalies stand out. Due to the volume and unpredictable nature of online payments activity, this is impossible to achieve without adaptive behavioral analytics," said Dave Excell, Founder of Featurespace. "The other half of the equation is delivering these capabilities to our clients and providing them with maximum flexibility and control as they manage their unique fraud and risk strategies."
In a May 2020 Net Promoter Score (NPS) survey, which gauges a company's overall customer satisfaction with its product, service and willingness to recommend to others, Featurespace was rated well above the technology industry standard. In addition, according to customer feedback, it was the only company to have increased its model score performance amid the current period of changing spending behaviors, proving the company's ability to adapt and detect new fraud and suspicious activity in real time.
1Gartner, “Market Guide for Online Fraud Detection” Akif Khan, Jonathan Care, 13 May 2020