Mexico deal a Featurespace first in Latin America
Fraud busting technology from Featurespace in Cambridge has earned its first contract in Latin America.
Mercadotecnia Ideas y Tecnologia (MIT), the Mexico-based payments processor, is the maiden client in the territory for Featurespace’s Adaptive Behavioural Analytics risk management software.
Featurespace will provide MIT with real-time merchant monitoring and protection to prevent fraud and reduce both chargebacks and false alerts.
MIT optimises and secures payment channels for merchants by facilitating the handling of card transactions across all sales channels, with high security and availability.
Featurespace’s real-time, machine learning ARIC platform detects anomalies in individual behaviour for fraud and risk management.
The platform will provide MIT with monitoring capabilities and market-leading risk visibility across its merchant portfolio for increased fraud detection, reduced false alerts, and increased transaction acceptance.
MIT services 17,000 merchants with more than 80,000 points of sale throughout Mexico.
CEO Juan Carlos Viramontes, said: “The growth in fraud, as well as the sophisticated forms that attacks take, forces payments ecosystem participants to seek innovative and disruptive solutions to reduce fraud and make manual processes more efficient, without sacrificing customer experience.
“MIT strives to offer its clients cutting-edge technology. Recognising that fraud prevention and its techniques are constantly evolving, MIT has selected Featurespace as its business partner so that the ARIC platform’s adaptive behavioural analytics can reduce fraud and increase customer approval.”
Martina King (pictured), Featurespace CEO, added: “Card fraud is a growing issue across the world and poses a serious threat to merchants, which is why we are delighted to be working with MIT to protect their customers from fraud.
“This is our first deployment in Latin America and is a great example of how our machine learning technology can be seamlessly integrated into systems across any geography or in any language.”