Featurespace behavioral biometrics to secure HSBC against money laundering
UK-based risk prevention technology provider Featurespace has secured a fraud prevention deal with global bank HSBC, the company announced. The Adaptive Behavioral Biometrics technology to detect and prevent fraud during customer onboarding and digital sessions was introduced to the ARIC Platform in June.
Featurespace’s ARIC Platform uses a real-time AI machine learning algorithm to monitor transactions in retail and insurance to fend off money-laundering and fraud attempts. The software combines adaptive behavioral analytics and anomaly detection to predict, identify, assess and catch new financial crime attempts in over 180 countries.
“In the fight against the ever-evolving threat of financial crime, collaboration is key,” said Martina King, CEO at Featurespace. “These firms’ application of our technology will help them in optimizing the detection of suspicious activity, ultimately protecting their customers from the global impact of financial crime.”
According to the press release, the ARIC platform generates a 70 percent decrease in the number of legitimate transactions that may be incorrectly rejected due to traditional rules.
HSBC Holdings is one of the largest financial institutions in the world, with customers in 67 countries and territories around the world. Other financial institutions that chose the ARIC platform are Worldpay, ClearBank and TSYS.