Featurespace behavioral biometrics chosen by Akbank for fraud detection
Corporate banking firm Akbank will start using Featurespace’s fraud detection solutions, the behavioral biometrics provider has announced.
Akbank will be deploying Featurespace’s ARIC Risk Hub to reduce fraud risk as well as increasing acceptance rates across all transactional channels.
The ARIC Risk Hub was implemented by Featurespace in partnership with DVA Bilgi Teknolojileri A.Ş, a company which provides authentication powered by Aware’s Knomi biometric framework. Featurespace also integrated its behavioral biometrics into the ARIC Risk Hub last year.
This means the software can build up profiles of ‘normal’ behavior in real-time, which are individually tailored, and consequently spot the moment where changes occur.
When the ARIC system detects an anomaly, it also provides a risk score based on the customer’s known behavior, adapting to identify new types of fraud, and reducing the number of genuine transactions declined.
“With Featurespace, we reduce fraud and genuine transactions declined across a dynamic range of services,” explained Semih Dilmen, Chief Information Risk Officer of Akbank.
“This is critical to our ability to deliver a next-generation customer experience in today’s highly competitive environment.”
The news comes amidst an increase of online bank transactions in Turkey and a consequent increase in attempts by malicious actors to exploit this trend.
“Transaction volumes continue to increase in Turkey and criminals are always devising new scams and attacks to exploit customers and the financial institutions that serve them,” said Featurespace CEO Martina King.
“By prioritizing a better customer experience through stronger fraud controls with ARIC Risk Hub, Akbank shows why it is a leader and underscores the imperative for advanced fraud detection and risk prevention systems.”