How would you sleep at night if you knew your money wasn’t safe? Would you sleep at all? Luckily, companies like FeatureSpace have created ways for banks, payment systems, and other fintech to keep your money secure.
Though we all enjoy the comforts of digital services, we take risks each time we connect to the Internet or make an online transaction. Hackers routinely try to steal our passwords or get into our bank accounts in other ways.
And it’s not just fiat money that matters — cryptocurrency blockchains get attacked occasionally too.
Fortunately, money safety is one of the fintech branches seeing rapid growth in recent years. It’s thanks to fintech startups like FeatureSpace that you can get a full night’s rest and keep hackers out of your dreams. But what’s so special about this fintech company?
Introduction to FeatureSpace
FeatureSpace is a fintech that protects other fintechs. It is a world leader in financial crime prevention, anti-fraud, and anti-money laundering services. Naturally, most of its clients come from the financial services industry because that is where money-related fraud might occur. Thus, FeatureSpace is an excellent example of when fintech itself inspires more innovation within the industry.
The ARIC Risk Hub
FeatureSpace’s primary product is the ARIC (adaptive, real-time, individual, change-identification) Risk Hub. It is a well-rounded cybersecurity defence system built on the company’s proprietary concept of Adaptive Behavioral Analytics.
What is ABA? Simply put, it refers to how we analyse information and notice behavioural patterns all around us. Every day, we do this kind of analysis — knowing when your neighbour walks their dog, the nickname your best friend uses when they address you, etc.
If you don’t see your neighbour take their dog on a walk one day, you would know something is odd, right? Same thing if your friend suddenly drops the nickname and calls you by your full name. Your brain will notice that something atypical is happening and make you more alert.
ARIC uses the same adaptive behavioural analytics mechanism and monitors individual behaviours. Instead of relying on human employees to process large amounts of data, it utilises a machine-learning software system.
The AI-powered tool tracks the behaviour of customers to create patterns. It prevents fraud attacks by noticing when a customer stops acting according to their pattern — a clear sign that something is wrong. That is how it detects anomalies in individual behavior.
The Hard Facts and Numbers
FeatureSpace’s solution has been widely successful in the financial services industry. Here are just some of the company’s achievements in real-time fraud prevention:
- 500 million clients using FeatureSpace;
- Over 50 billion potential new fraud attacks handled each year;
- Successful blocks of 75% of all attacks;
- 100% success rate of suspicious activity reports from priority alerts.
The high accuracy of FeatureSpace’s software has pushed it to the forefront of the fraud and financial crime prevention industry. It’s hardly surprising that the company works with some of the most prominent financial institutions. In particular, it counts companies such as HSBC, AKBank, Worldpay, TSYS, Clear.bank, Danske Bank, and more among its customers.
The Boom of the Financial Services Industry
We need companies like FeatureSpace precisely because fintech is becoming the norm. What started as a novel field of experimental technology is now here to replace traditional finance.
One of the most revolutionary subsections of fintech is here to replace money too. Of course, we mean cryptocurrencies!
When Bitcoin first launched, there were many detractors. People generally didn’t believe we could make our own money without the involvement of a regulatory body. Yet here we are today, with a global crypto market cap of $2 trillion. Cryptocurrencies are a success story and proof that technology can create value on its own.
As for investors, stocks and futures increasingly seem like things from the past. Blockchain technology, crypto, DeFi — that’s what everyone is betting their money on. And looking at how far the crypto world has come in the past decade, who can blame them? Fintech truly is the place to be.
Disclaimer
Financial trading involves risk. Even with the best preparation, the market remains unpredictable and may lead you to lose money. The information in this article is not intended as investment advice. Consult a professional and always do your own research.
