A Cambridge financial crime risk management company has joined forces with Finland’s biggest fintech startup to protect clients from fraud.
Featurespace, which was born out of the University of Cambridge’s engineering department, is working with Enfuce to work on new fraud prevention techniques.
A Featurespace invention, ARIC Risk Hub, delivers real-time transaction monitoring for fraud, financial crime and money laundering.
This allows financial institutions to spot more fraud and suspicious activity as it happens, while also reducing the number of genuine transactions declined.
Enfuce - which offers payment and banking services to banks, merchants and financial operators - required a fraud prevention solution for its clients that could quickly integrate with its cloud-based payments platform, so the two companies have collaborated to provide this.
“Risk exposure and criminal behaviour is constantly growing and we must collaborate more effectively to outsmart them,” said Featurespace CEO Martina King.
“We are thrilled that Enfuce selected us. They’re innovators that are committed to providing their clients with stellar service and our partnership will keep driving the industry forward.”
The global financial cost of fraud is an estimated £3.89 trillion, according to a recent University of Portsmouth study, making it a growing priority for businesses.
Enfuce cofounder and chairman, Monika Liikamaa, said: “Our clients deserve industry-leading services that allow them to freely and fully concentrate on the success of their core business, without worrying about ever-evolving fraud.
“With ARIC Risk Hub, we remove that worry. It’s an extremely intuitive, future-proof risk solution that allows us to protect our clients’ transactions across all verticals, facilitates faster onboarding and supports our growth.”
