The Featurespace fraud hub ARIC™ will be deployed by Ireland-based Permanent TSB to help the bank to comply with PSD2, which comes into effect from 14 September 2019.
The ARIC™ platform uses machine learning and Adaptive Behavioral Analytics to build and monitor individual behavioral profiles for customers in real time, detecting anomalies and preventing fraud across all payment methods and channels.
Adaptive Behavioral Biometrics, debuted at this week’s Money 20/20 Europe, was added to the platform to track user-specific features collected ahead of a transaction.
The models self-learn from each interaction to produce a unique session fingerprint indicating an individual’s usual or unusual behaviour, and provide fraud analysts with a visual profile that detects phishing and malware activity generated by genuine customers.
“Accurate customer authentication is essential and as fraud attacks increase, having the most advanced risk detection and fraud prevention tools are going to determine a bank’s success,” said Kevin Curley, Head of Payments and Fraud at Permanent TSB.
“With leading adaptive behavioral models and alert management capabilities, the ARIC platform will provide us with unprecedented real-time decisioning to keep us in compliance and our portfolios and our customers safe.”
“Permanent TSB is our very first Irish bank client and we’re delighted in its selection of the ARIC platform,” added Martina King, CEO of Featurespace. “There has never been more scrutiny on banks to protect customers and deliver a frictionless experience. Equipped with advanced risk review and decisioning, Permanent TSB reaffirms their status as a leader in the industry and for real-time fraud prevention and detection.”
According to the Banking & Payments Federation Ireland, more than 60 per cent of all fraud on Irish-issued payment cards is through Card Not Present (CNP), where criminals use stolen information to conduct digital fraud.
