NatWest uses Featurespace’s tech to fight financial fraud

From: RegTech Analyst

Crime prevention software developer Featurespace has been enlisted by NatWest to protect the bank’s customers against fraud.

The deal will see NatWest use Featurespace’s ARIC Risk Hub through enterprise-wide transaction monitoring and payments fraud detection – including threats posed by authorised push payments (APP) and scams.

The announcement has been in the works for some time, with NatWest having tapped Featurespace in late 2019. Now, the anti-money laundering RegTech boasts about having helped NatWest detect a massive amount of suspect transactions within 24 hours of deploying the software.

“As we facilitate greater control over the access and movement of money for customers, our systems must be able to instantly determine if activity is genuine so that the high level of convenience is matched by uncompromising security standards,” said Alasdair MacFarlane, head of fraud prevention and response at NatWest. “In our continued efforts to optimise our fraud and risk strategies, ARIC Risk Hub’s ability allows us to adapt to and detect new fraud and suspicious activity in real time.”

Martina King, CEO of Featurespace, added, “NatWest demonstrates an unwavering commitment to overcoming fraud and financial crime across its business. We respect their ambition and we commend them for their determination. We are excited to be their partner and to continue our journey together.”

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