NatWest notes instant payback from adopting Featurespace
NatWest is protecting customers with fraud busting technology from Featurespace in Cambridge.
And the bank says that within 24 hours, it saw an increase in the value of fraud and scams detected and an immediate decrease in false positive rates. They also noted that the customer experience was significantly enhanced.
As banks around the world continue fighting fraud, scams and false positives, Featurespace™ is cashing with its ARIC™ Risk Hub.
The technology offers enterprise-wide transaction monitoring and payments fraud detection – including detection of threats posed by Authorized Push Payments (APP) and scams.
After choosing Featurespace in late 2019, NatWest completed an enterprise-wide deployment of ARIC Risk Hub earlier this year to detect anomalies and protect customers in real time by collating account-level data across all touch points.
Alasdair MacFarlane, head of Fraud Prevention & Response at NatWest, said: “As we facilitate greater control over the access and movement of money for customers, our systems must be able to instantly determine if activity is genuine so that the high level of convenience is matched by uncompromising security standards.
“In our continued efforts to optimise our fraud and risk strategies, ARIC Risk Hub's ability allows us to adapt to and detect new fraud and suspicious activity in real time.”
Powered by unique Adaptive Behavioral Analytics stemming originally from Cambridge University, ARIC Risk Hub is an award-winning enterprise financial crime prevention platform using fully adaptive machine learning models to protect customers.
Individual behavioural activity is monitored in real time, allowing financial institutions to catch more fraud and prioritise alerts of suspicious activity with greater accuracy, while reducing the number of genuine transactions declined.
Martina King, CEO of Featurespace, said: “NatWest demonstrates an unwavering commitment to overcoming fraud and financial crime across its business.
“We respect their ambition and we commend them for their determination. We are excited to be their partner and to continue our journey together.”