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New Featurespace services will significantly enhance GPS' existing real-time fraud prevention capabilities to reduce fraud throughout the payments journey.
GPS, a leading global payments technology platform, today announced it is partnering with Featurespace, the world’s leading provider of adaptive behavioural analytics for fraud detection and risk management, to create a market leading issuer processing fraud mitigation solution.
GPS will incorporate Featurespace’s industry leading ARIC™ Risk Hub into its suite of fraud and risk management services globally. ARIC Risk Hub will further strengthen GPS' fraud technology by improving fraud detection rates by over 70%, reducing false positives by 80%, and addressing fraudulent activity in real-time.
Martina King, CEO of Featurespace says; "Our technology and the results our customers achieve are recognised as industry leading by those committed to fighting fraud and financial crime. Through this partnership, GPS will be able to provide an enhanced level of customer experience and increased security assurances, enabling their clients to focus on continued innovation and growth.
GPS Fraud Advantage, powered by Featurespace, will be enhanced with the expansion of GPS' Fraud Prevention Team, enabling its customers to fully monitor, action and manage fraud alerts throughout the payments process. GPS Fraud Advantage powered by Featurespace is expected to be available by mid-2023 with the phase one roll-out starting earlier in 2023."
Featurespace’s ARIC Risk Hub is an industry leading real-time fraud prevention tool chosen by many of the world’s leading cards and payments businesses to enable them to successfully guard against evolving fraud challenges and drive higher approval rates, whilst minimising false positive alerts. Using a combination of machine learning and artificial intelligence (AI), ARIC Risk Hub learns and adapts from each cardholders’ historical transactions to generate risk scores, alerts and actions on potentially fraudulent transactions.
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