Featurespace, specialists in financial crime risk management for fraud and Anti-Money Laundering, has announced that Finland’s biggest start-up Enfuce has selected the ARIC Risk Hub to protect its clients from existing fraud and new attacks.
The collaboration comes as fraud prevention techniques are constantly evolving, with the global financial cost of fraud an estimated £3.89 ($5.13) trillion, with this threat continuing to grow, it is vitally important to protect customers and businesses against fraud and scams.
Enfuce revealed it was seeking a flexible fraud prevention solution for its banks, merchants and financial operators that could quickly integrate with its cloud-based payments platform. The firm required scalable multi-tenancy functionality delivering customisable controls at every level, even down to individual organizations.
Monika Liikamaa, co founder and Chair, Enfuce stated: “Our clients deserve industry-leading services that allow them to freely and fully concentrate on the success of their core business, without worrying about ever-evolving fraud.
“With ARIC Risk Hub, we remove that worry. It’s an extremely intuitive, futureproof risk solution that allows us to protect our clients’ transactions across all verticals, facilitates faster onboarding and supports our growth.”
Powered by Adaptive Behavioral Analytics, a Featurespace invention, ARIC Risk Hub delivers real-time transaction monitoring for fraud and financial crime. This allows financial institutions to spot more fraud and suspicious activity as it happens, while also reducing genuine transactions declined.
“Risk exposure and criminal behavior is constantly growing and we must collaborate more effectively to outsmart them,” added Martina King, CEO, Featurespace. “We are thrilled that Enfuce selected us. They’re innovators that are committed to providing their clients with stellar service and our partnership will keep driving the industry forward.”
