Payments technology company Global Processing Services (GPS) is advancing its fraud detection capabilities through a new collaboration with fraud detection and risk management firm Featurespace.
GPS is integrating Featurespace’s ARIC Risk Hub into its global suite of fraud and risk management services, according to a Tuesday (Oct. 18) press release. ARIC Risk Hub is expected to improve fraud detection by 70%, lower false positives by 80%, and spot suspicious activity in real time.
“Through this partnership, GPS will be able to provide an enhanced level of customer experience and increased security assurances, enabling their clients to focus on continued innovation and growth,” said Featurespace CEO Martina King in the release.
GPS Fraud Advantage powered by Featurespace will be further enhanced by expanding the company’s fraud prevention team. The improvements will enable its customers to fully monitor, action and manage fraud alerts throughout the payments process, according to the release.
The initial phase of the new solution’s launch will start in early 2023 with full availability later next year, the release stated.
According to “The State of Fraud and Financial Crime in the U.S.,” a PYMNTS and Featurespace collaboration that used the Federal Reserve’s FraudClassifier system, more than 60% of financial institutions (FIs) report that there have been increases in credit card fraud and financial crimes in general.
Read more: AI Provides Context Needed to Help Banks Stop Financial Scams
Earlier this year, Featurespace Founder David Excell told PYMNTS that Payments-as-a-Service (PaaS) providers, banks and security firms must join forces to beat back the fraudsters. And collaboration between banks and between FIs and various service providers is key.
See more: Competitors Become Collaborators in Fight Against Financial Crime
“When fraud is identified and experienced by the end customers, that information is fed back to the platform so that everyone continues to learn,” he said at the time.
