Featurespace, the leading provider of Enterprise Financial Crime prevention software, has revealed that Australian fintech Hay has selected its ARIC Risk Hub to detect and prevent fraud and money laundering on its mobile-first solution.
Hay is one of Australia's first born-in-the-cloud financial services, offering customers a prepaid Visa card that links to their digital transaction account, through which funds can be stored and accessed.
“This is the first of many revolutionary steps we're going to take to deliver the flexibility our customers demand and that few in the industry can deliver," said Jason Latham, CIO of Hay. "Banking with next generation security has been our priority from day one. That's why we chose Featurespace.”
Powered by Adaptive Behavioral Analytics, a Featurespace invention, ARIC Risk Hub is an award-winning fraud detection and financial crime prevention platform with fully adaptive machine-learning models that delivers real-time transaction monitoring for fraud and financial crime. This allows Australian banks and payment providers to spot more fraud and suspicious activity as it happens, while also reducing the number of genuine transactions declined.
"Financial institutions are seeing a sharp rise in new types of scams, including social engineering attacks and real-time fraud further perpetuated by the impact of Covid-19," said Dave Excell, founder of Featurespace. "By using next generation adaptive machine learning banks can protect themselves and their customers from criminals that are testing the systems in place in new and evolving ways to exploit weaknesses."