Featurespace has announced that Turkey-based Akbank has selected the ARIC Risk Hub to reduce fraud risk.
Akbank sought to replace its existing system with an advanced platform that provides real-time enterprise-wide fraud detection. Featurespace has partnered with DVA Bilgi Teknolojileri A.Ş. to implement ARIC Risk Hub, which will safeguard every transaction across all of the bank’s channels, while also reducing the number of good transactions that are mistakenly blocked.
Powered by Adaptive Behavioral Analytics, a Featurespace invention, ARIC Risk Hub is a fraud detection and financial crime prevention platform with adaptive machine learning models that deliver real-time transaction monitoring for fraud and financial crime. This allows banks and payment providers to spot more fraud and suspicious activity as it happens, while also reducing the number of genuine transactions declined.
Semih Dilmen, Chief Information Risk Officer of Akbank, said, “With Featurespace, we reduce fraud and genuine transactions declined across a dynamic range of services. This is critical to our ability to deliver a next-generation customer experience in today’s highly competitive environment.”
Martina King, CEO of Featurespace, added, “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. 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.”
