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8 August, 2013 - 12:46 By Tony Quested

Betfair upgrades fraudbusting capability

Martina King, CEO of Featurespace

Online betting giant Betfair has extended a partnership with Cambridge UK  predictive technology business Featurespace to guard against fraud in millions of daily transactions as well as major sporting events such as the Grand National.

Betfair is the world’s largest internet betting exchange while Featurespace – a spinout from Cambridge University engineering department – is gaining increasing global traction with its software.

The original partnership has provided Betfair with cutting edge fraud detection technology over the last five years and allows fraudulent behaviour to be predicted and identified in real time.

The extended partnership includes an upgrade to Featurespace’s ARIC engine, first deployed in 2008. The upgraded system brings with it, for the first time, infinite horizontal scalability. This means that Featurespace’s unique Adaptive Behvioural Analytics approach to automating the problem of fraud can continue to run in real time, even with Betfair’s constantly increasing customer base.

This will allow for peaks in events such as the Grand National to be handled without having to resort to manual review and rules-based systems – adding some Aintree iron to Betfair’s online security safeguards.

With Featurespace’s technology, Betfair is able to analyse millions of transactions per day, using ARIC’s (Adaptive, Real-time, Individual Change-Identification) ability to identify unusual behavioural patterns and spot customer fraud before it even happens, saving Betfair costs in its risk management.

Martina King, CEO of Featurespace, said: “Fraud is becoming increasingly sophisticated; companies need a solution that keeps them ahead, identifies new types of fraud, and reacts to it instantly – closing the door on vulnerabilities before they can be exploited. That’s exactly what we do for Betfair.”

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