CHEQUING OUT
the rise in fraud and ensure consumers are protected before the scam occurs .
Featurespace recently announced the results of a major pilot with Pay . UK , the independent , not-for-profit operator of the UK ’ s national retail payments system , to protect UK consumers from APP fraud .
The overall pilot exceeded expectations with participants ’ results showing an average uplift of more than £ 112m worth of additional fraud detected in a year –
Featurespace significantly outperformed this average , achieving an uplift of £ 138.7 million demonstrating how significant improvements in fraud detection is possible at a national level through a consortium approach .
Martina King , CEO at Featurespace , said : “ The UK is in the midst of a fraud epidemic and millions of people across the country are having to think twice and become more cautious in their daily lives to try to avoid scams .
“ While these criminals have a wide range of tools at their disposal , and access to our identities in many cases , the good news is that the industry has a wealth of behavioural data within our banks that can be used to spot signs of fraud before it happens . This data is our superpower , and it is how we will turn the tide on fraud – by using AI for good .
“ Banks across the UK have been harnessing this data and using AI and Machine Learning technology for
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