NatWest has agreed a strategic partnership with Featurespace to profile and monitor payments and account activity to prevent fraud and scams using Featurespace’s ARIC™ platform. The platform has the ability to detect and reduce third-party fraud losses and prevent overall fraud before the point of payment.
The ARIC platform, powered by machine learning and Featurespace's Adaptive Behavioral Analytics, detects anomalies and risk scores each event to predict the likelihood of fraud. In addition, the ARIC platform reduces the number of false alerts, allowing fraud analysts to dedicate their time to reviewing genuine fraud alerts and removing friction in the payments process for customers.
Commenting on the partnership Alasdair MacFarlane, Head of Fraud Prevention & Response at NatWest said: "The only way to consistently stop multifaceted fraud and protect our customers is to learn about customers' specific behaviors, recognize what's normal and immediately detect anomalies. Featurespace allows us to more accurately assess risk and authenticate activity across multiple channels, while facilitating a much stronger incident management process."
Martina King, CEO of Featurespace, said, “NatWest’s selection of Featurespace demonstrates how seriously the bank is committed to safeguarding its customers from a constantly evolving fraud landscape. The fraud challenge requires an innovative partnership to stay ahead of threats posed to our dynamic payment landscape and we are delighted to be working together to solve this problem."