Featurespace adaptive behavioral analytics tool to fight application fraud in Mexico
Fraud detection and risk prevention company Featurespace has partnered with credit bureau Círculo de Crédito to roll out its ARIC platform in Mexico to reduce application fraud, a prevalent problem the country has been struggling with lately, the company announced.
“Just a few years ago, our country ranked eighth globally in identity theft. It’s an increasingly growing threat to Mexico’s financial sector,” said Gustavo Lacroix, CEO of Círculo de Crédito.
To identify anomalies and contain attacks, the ARIC platform leverages adaptive behavioral analytics and anomaly detection to create individual profiles based on unique behaviors. The company claims its tool delivers high accuracy while processing high application volumes.
“Along with our vast data set and market expertise, this product will open up new opportunities in Latin America. This partnership will result in the first Artificial Intelligence platform for anomaly detection, which will help companies optimize the way they’re fighting fraud and allow them to prosper,” added Lacroix.
“Criminals are constantly trying to find ways to imitate genuine customers and the problem is growing because there are more points of attack,” David Excell, CTO and co-founder of Featurespace. “Círculo de Crédito’s entire organization is dedicated to improving the portfolio integrity of lenders in Mexico and we’re excited to support their efforts by helping them outsmart fraud, no matter how sizable or complex the challenge.”
In September, Featurespace secured a fraud prevention deal with global bank HSBC.