Australian Fintech Hay Selects Featurespace to Strengthen Prepaid Card Security and AML

Australian Fintech Hay Selects Featurespace to Strengthen Prepaid Card Security and AML
09.06.2020 12:10 pm

Australian Fintech Hay Selects Featurespace to Strengthen Prepaid Card Security and AML

Security , Fraud Detection , AML and KYC , Risk Management

Featurespace™, the leading provider of Enterprise Financial Crime prevention software, has revealed that Australian fintech Hay has selected its ARIC™ Risk Hub to detect and prevent fraud and money laundering on its mobile-first solution.

Hay is one of Australia's first born-in-the-cloud financial services, offering customers a prepaid Visa card that links to their digital transaction account, through which funds can be stored and accessed.

 “This is the first of many revolutionary steps we're going to take to deliver the flexibility our customers demand and that few in the industry can deliver," said Jason Latham, CIO of Hay"Banking with next generation security has been our priority from day one. That's why we chose Featurespace.”

Powered by Adaptive Behavioral Analytics, a Featurespace invention, ARIC Risk Hub is an award-winning fraud detection and financial crime prevention platform with fully adaptive machine-learning models that delivers real-time transaction monitoring for fraud and financial crime. This allows Australian banks and payment providers to spot more fraud and suspicious activity as it happens, while also reducing the number of genuine transactions declined.

"Financial institutions are seeing a sharp rise in new types of scams, including social engineering attacks and real-time fraud further perpetuated by the impact of Covid-19," said Dave Excell, founder of Featurespace. "By using next generation adaptive machine learning banks can protect themselves and their customers from criminals that are testing the systems in place in new and evolving ways to exploit weaknesses."

Related News

Leading Firms Collaborate with Mastercard to Further Secure Open Banking Ecosystem

Mastercard announces three key financial firms as the latest companies to start using Mastercard Open Banking Protect, safeguarding organisations who manage... Read more »

iProov to provide biometric technology to challenger bank Knab, part of AEGON

Today, iProov is proud to announce that its technology is to be deployed by Dutch challenger bank Knab, to provide an effortless online biometric experience to its nearly 500,... Read more »

FICO Awarded 13 New Patents for Responsible AI, Fraud and Decision Management

Silicon Valley analytic software firm FICO has been awarded 13 new patents related to fraud, artificial intelligence (AI) and decision management. In total, FICO currently... Read more »

Trade Ledger and Equifax extend partnership to support bid for Capability & Innovation Fund (CIF) to transform SME credit scoring

Trade Ledger, the global banking platform, and Equifax, the consumer and business insights expert, have announced an extended partnership for... Read more »

Security markets across countries will recover at a different pace but the outlook is promising, finds Frost & Sullivan

Frost & Sullivan’s recent analysis, Post-Pandemic Growth Opportunity in the Global Security Industry, finds that the security industry has... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel