Business Wire

Featurespace Launches Automated Deep Behavioral Networks

Share

Today, Featurespace introduces Automated Deep Behavioral Networks for the card and payments industry, providing a deeper layer of defense to protect consumers from scams, account takeover, card and payments fraud, which cost an estimated $42 billion in 2020.

"The significance of this development goes beyond the scope of addressing enterprise financial crime. It's truly the next generation of machine learning," said Dave Excell, founder of Featurespace.

The Invention

A breakthrough in deep learning technology, this invention required an entirely new way to architect and engineer machine learning platforms. Automated Deep Behavioral Networks is a new architecture based on Recurrent Neural Networks that is only available through the latest version of the ARIC™ Risk Hub.

The Challenge and the Discovery

Deep learning technology has various applications, such as in natural language processing for the prediction of the next word in a sentence, however its use in preventing fraud in card and payments fraud detection has not been optimized to protect companies and consumers from card and payments fraud. With this invention, that challenge is solved.

Transactions are intermittent, making contextual understanding of time critical to predicting behavior. Previously, building effective machine learning models for fraud prevention required data scientists to have deep domain expertise to identify and select appropriate data features - a laborious, yet vital step.

Featurespace Research developed Automated Deep Behavioral Networks to automate feature discovery and introduce memory cells with native understanding of the significance of time in transaction flows, improving upon the market-leading performance of the company's Adaptive Behavioral Analytics. Detecting fraud before the victim's money leaves the account is the best line of defense against scams, account takeover, card and payment fraud attacks. For the following groups, the benefits of Automatic Deep Behavioral Networks include:

Consumers:

  • Enabling genuine transactions with reduced verification; and
  • Automatically identifying scams, account takeover, card and payment fraud attacks before the victim's money leaves the account.

Data scientists:

  • Automatically discovering features in transaction events;
  • Pushing machine learning logic through the entire modelling stack;
  • Leveraging the irregularity of human actions to identify anomalistic behavior; and
  • Retaining all of the discoveries of Featurespace's Adaptive Behavioral Analytics.

Card and Payments Industry:

  • Improving risk score certainty across all transactions (fraud detection during the transaction is increased and genuine behavior is more accurately identified to facilitate the acceptance of more transactions);
  • Providing performance uplift for all payment types, including card and ACH/BACS, wire, P2P and faster payments;
  • Improving the detection of high-value, low-volume fraud (and also detection of low-value, high-volume fraud);
  • Reducing step-up authentication;
  • Providing strict model governance documentation, with explainable logic, fair decision making and reason codes; and
  • Delivering stable, real-time scoring with high throughput and low latency response times for business-critical enterprises, even under surge conditions.

Excell continued, “As real-time payments, digital transformation and consumer demand require the instantaneous movement of money, our role is to ensure the industry has the best tools for protecting their organizations and consumers from financial crime. I am immensely proud of our research team and their dedication to machine learning innovation on behalf of our customers.”

About Featurespace – www.featurespace.com

Featurespace™ is the world leader in Enterprise Financial Crime prevention for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and Automated Deep Behavioral Networks, both of which are available through the ARIC™ platform, a real-time machine learning software that risk scores events in more than 180 countries to prevent fraud and financial crime.

ARIC™ Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time. More than 30 major global financial institutions are using ARIC to protect their business and their customers. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank, AK Bank and Permanent TSB.

Contact information

Michael Touchton, Featurespace
PR and Communications Manager
Michael.touchton@featurespace.com
+1 (423) 364-5491

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

XPRIZE and Musk Foundation Announce Guidelines and Open Registration for $100M XPRIZE Carbon Removal23.4.2021 01:23:00 CEST | Press release

XPRIZE, the global leader in designing and implementing innovative competition models to solve the world’s grand challenges, today announced the official launch of $100 Million XPRIZE Carbon Removal with the opening of team registration and the release of the competition guidelines. The announcement comes shortly after Peter H. Diamandis,XPRIZE founder and executive chairman, and Elon Musk sat down for a live stream hosted on Twitter to discuss the importance of spurring carbon removal solutions, the climate crisis, and the launch of the largest incentive prize in history. The conversation was followed by a virtual question and answer hosted by Marcius Extavour, vice president of climate and environment at XPRIZE, and XPRIZE’s chief impact officer, Zenia Tata. Funded by the Musk Foundation, $100M XPRIZE Carbon Removal is aimed at tackling climate change by asking global innovators to develop solutions that can pull carbon dioxide directly from the atmosphere or oceans and lock it away

Verimatrix To Participate in SportsPro Live Virtual Panel: How To Transform Physical Spaces into Digital Ecosystems22.4.2021 17:45:00 CEST | Press release

Regulatory News: Verimatrix, (Paris:VMX) (Euronext Paris: VMX), the leader in powering the modern connected world with people-centered security, today announced that Lu Bolden, Chief Revenue Officer, is slated to participate in a SportsPro Live virtual panel discussion from 9:10 to 9:55 a.m. Central Time on Thursday, April 29. The event, which unites sports and technology professionals from across the globe, aims to prepare the industries for the future of sport. Bolden’s panel is slated to take place in the South Stand and discuss how technology can connect the in-venue experience to create more revenue opportunities. The group, moderated by Mike Bohndiek, CEO of PTI Digital Group, will also discuss what strategies and technologies can best deliver the new digital experiences. Other speakers on the panel include: Michael Cole, Chief Technology Officer, PGA European Tour and Ryder Cup Europe Adam Heintz, Senior Vice President, Business Intelligence, Monumental Sports & Entertainment “T

Rajeev Bhalla Named Director of Board at Next Level Aviation22.4.2021 17:39:00 CEST | Press release

Seasoned senior finance executive Rajeev Bhalla has been named a Director of the Board at Next Level Aviation, a leader in the aerospace used serviceable materials (USM) market. He brings wide-ranging financial, operational, and strategic expertise to the company as it plans substantial growth in the coming years, both organically and through acquisition. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210422005834/en/ Rajeev Bhalla has been named Director of the Board of Next Level Aviation. He will help guide the company’s planned growth in the coming years, both organically and through acquisition. (Photo: Business Wire) Bhalla’s background includes demonstrated discipline and expertise in finance, governance, and team development. This comes through current work as a Cerberus Operating Partner, board of director roles as well as experience in a number of successful companies. Notably, those include: Circor International,

Medical Aesthetic Products’ Manufacturer Croma-Pharma Launches “Croma is More” E-Learning Series for Health Care Professionals22.4.2021 17:00:00 CEST | Press release

Croma-Pharma GmbH (Croma) always strives to support physicians in their work in the best possible way. For this reason, the company has developed an interactive e-learning platform with continuing education offerings for physicians working in the field of minimally invasive aesthetic. In this way, Croma aims to help health care professionals achieve sustainable growth and success in their medical clinics/practices. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210422005727/en/ Social Media Training for Health Care Professionals Copyright: Croma-Pharma GmbH (Graphic: Business Wire) Medical professionals can choose from a broad variety of different formats: Social Media & Online Marketing Facial Anatomy Workshops Aesthetic Startup Academy Aesthetic Excellence A variety of topics is presented by Industry experts. All the content comes with lifetime access hence the health care professionals can learn on their own schedule and

PerkinElmer Supports PROXIDRUGS Consortium Aimed at Advancing Targeted Protein Degradation/PROTAC Drugs22.4.2021 16:44:00 CEST | Press release

PerkinElmer, Inc., a global leader committed to innovating for a healthier world, today announced that it is serving as a provider and co-developer of assays, instrument solutions and expertise for the PROXIDRUGS Consortium which is zeroing in on research for proximity drugs or PROTACs (PROteolysis Targeting Chimeras). PROTACs are a new class of drugs that take advantage of the body’s own cell protein recycling system to fight disease by tapping into the 80% of disease-relevant proteins that are currently untargeted by today’s available therapeutics. Led by Goethe University in Frankfurt, Germany, the Consortium includes researchers from the Technical University of Darmstadt, the Fraunhofer Institute for Translational Medicine and Pharmacology, and global pharmaceutical companies based in Frankfurt’s Rhine-Main region. The research project, starting October 2021, aims to streamline novel drug target validation by putting disease-relevant proteins in close proximity with key enzymes (su

Xsolla Acquires Slemma, an Advanced Data Analytics and Visualization Company22.4.2021 16:00:00 CEST | Press release

Xsolla, the video game commerce company powered by its Transaction Engine and Business Engine to help developers and publishers market, sell, connect and optimize their games globally, has announced the acquisition of Slemma, an advanced data analytics and visualization reporting platform. The web-based tools allow users to create simple, easy-to-use and dynamic data reports with customizable dashboards. Xsolla will integrate Slemma’s product suite into the Publisher Account to provide clients with next-level data visualizations, even connecting to third party tools and services including Amazon RDS, Microsoft Azure, Google Analytics, Facebook, Twitter, Zendesk, Salesforce and many more. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210422005443/en/ Xsolla acquires Slemma, a robust data analytics and visualization platform. (Graphic: Business Wire) “Everything we do at Xsolla focuses on providing the best experience, tools

Serie A Club Parma Calcio Signs Deal with Stats Perform for Access to the Most Sophisticated Player Identification Tool—Edge Recruitment22.4.2021 15:49:00 CEST | Press release

Today, Stats Perform, the sports tech leader in data and AI, announced a deal with Italian football club Parma Calcio, recently purchased by Iowa-based Krause Group, which will see the Serie A side become the first club worldwide to access the innovative Edge Recruitment platform, the industry’s most sophisticated player identification tool. Since the emergence of technical scouting during the mid-2000s, recruitment analysts have been using data to assess prospects through the lens of traditional on-field position labels. Launched earlier this season, Edge Recruitment introduces a new method of assessing players, applying multiple AI-powered models to profile players based on their role in a team. At the heart of Edge Recruitment is Role Discovery, a model which detects 18 different types of role all over the pitch based on a player’s spatial tendencies, contributions to different phases of play, possession involvement, distribution and shooting tendencies. Through applying Role Discov