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ARIC Risk Hub: outsmart risk with machine learning for fraud and financial crime

 

Featurespace's ARIC Risk Hub uses Adaptive Behavioral Analytics powered by real-time machine learning and anomaly detection, to enable financial institutions to manage global fraud and financial crime. It monitors transactions across channels, building individual profiles to spot suspicious activity without blocking genuine transactions.

 

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About Featurespace

Using machine learning and advanced anomaly detection, ARIC Risk Hub analyzes complex behavioral data to help financial institutions and organizations around the globe stop fraud and financial crime in real time.

Humans intuitively profile people we know over time – adapting our sense of normal patterns of behavior. If we spot someone behaving out of character, we reach out. Featurespace’s invention - adaptive behavioral analytics - works in the same way.

The ARIC Risk Hub models a pattern of normal or ‘good’ behavior at a granular level, which it uses to then detect anomalies, enabling ARIC to identify fraud and suspicious activity as it happens, reducing the costs associated with managing fraud and financial crime. Simultaneously, ARIC reduces the number of genuine transactions incorrectly declined by over 70%, enabling businesses to accept more revenue.

Organizations that have implemented the ARIC Risk Hub have achieved an average of:

  • 84% of all new fraud attacks blocked – by spotting and blocking new fraud attacks in real time, fraud losses are dramatically reduced.
  • 76% reduction in genuine transactions declined, fewer customers are blocked unnecessarily in an attempt to catch fraud. This means happier, more loyal customers and reduced costs of managing customer complaints.
  • 52% improvement in operational efficiency – resulting in analysts keeping focused on only the real fraud.

Features

  • Customizable Adaptive Machine Learning Models & Adaptive Behavioral Analytics as well as Model Governance.
  • ARIC Open Modeling Environment; world-class modeling studio environment that allows full life-cycle model management, pre-built models upload and support for multiple programming languages and software.
  • Adaptive Rules Engine; build your own rules with Featurespace's proprietary rule writing language (AMDL) or use templated or bespoke built rules and configure them with our Analitycs Workflow Manager.
  • Sandbox environment; test and promote rules, models and thresholds in Sandbox Live and Replay.
  • Customer data; ingest and process data (including batch data) in real-time and via different methods all run through a self-learning feedback loop.
  • Third-Party Integrations; ARIC can integrate with a range of third-party data and a number system according to business needs.
  • Reporting; advanced reporting using Tableau and out-of-the-box reporting on performance. ARIC can be integrated with existing Business Intelligence tools or reporting software.
  • User Interface (UI); ARIC's UI is translatable into any language and has in-platform documentation, uses investigation tools including network analysis, risk geo-mapping, Adaptive Behavioral Biometrics - allowing for high performing incident and alert management.
  • Multi-tenancy; servicing thousands of tenanted customers under one landlord. Customizable tenant grouping and hierarchical analytics with powerful multi-level reporting and analytics.
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