Zapp to use behavioural fraud tech to protect mobile users
02 September 2015 | 8536 views | 2
UK m-commerce outfit Zapp is to use fraud detection technology from Cambridge University spin-off Featurespace to protect users of its 'Pay by bank' app at launch later this year.
VocaLink-owned Zapp says it will deploy a fraud monitoring and alerting system based on Featurespace’s Aric adaptive behavioural analytics engine to protect its users against fraud in real time.
The engine is powered by machine learning adaptive algorithms, which run in real time and spot subtle changes at individual account level. Following launch, the system will process thousands of events every second for customers of Zapp’s banking partners, which include Barclays, HSBC, First Direct, Nationwide, Santander.
Peter Keenan, chief executive officer of Zapp says of the five-year deal: “We need to ensure that payments are trusted by consumers and merchants alike and our implementation of Featurespace’s incredible real-time analytics capability will be essential over the next five years to delivering a great experience, whilst providing some of the highest levels of fraud protection in the industry.”