UK’s Featurespace Lands Major HSBC Fraud Prevention Deal

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UK-based Featurespace has won a major contract with HSBC, which has started deploying the company’s machine learning platform to help identify financial crime.

The contract will see the Cambridge-based firm’s Aric platform used to combat money laundering, automatically detect anomalies in client behaviour and prioritise these for staff, who can receive up to one million fraud alerts per month; an overwhelming deluge of emails that, ignored, can result in major compliance issues.

HSBC joins ClearBank, TSYS and Worldpay in using the platform, which claims to reduce false positives by 76 percent. The company also offers a

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