A new machine learning fraud score helps prevent fraud while reducing false-positives and improving customer experience.
TSYS has teamed with Featurespace to launch TSYS Foresight Score with Featurespace. Foresight Score is a fraud and risk scoring tool that allows software to learn over time without being explicitly programmed — to bolster an issuer’s ability to fight transactional fraud. It was built in partnership with Featurespace and relies on their powerful and proven adaptive behavioral analytics platform — known as ARIC.
According to the Nilson Report, total fraud losses incurred by financial institutions and merchants on all types of payment cards was $21.84 billion in 2015, and is expected to reach $31 billion by 2020. TSYS Foresight Score is especially adept at spotting subtle variances from predicted human behavior, allowing it to more accurately predict new and unknown fraud types.
TSYS says it is certain the new solution will help our clients detect and prevent more transactional fraud while at that same time reducing false-positive alerts — helping increase revenue and improve operational efficiency.
Featurespace notes its ARIC platform was specifically designed to help manage complex problems like transactional card fraud. Combined with TSYS’ industry experience, and robust client base, this product has tremendous potential in the fight against fraud.
Featurespace is the creator of the ARIC platform, a real-time machine learning software system developed out of the University of Cambridge.
The ARIC platform – a real-time, machine learning software system – monitors individual behaviors to catch new fraud attacks as they happen. At the same time, the increased accuracy of understanding customer behavior reduces the number of genuine customers whose purchases and transactions are incorrectly declined.