With total fraud losses outside of consumer losses expected to reach $31 billion by 2020, it’s no wonder payments provider TSYS partnered up with adaptive analytics and real-time learning platform provider Fearturespace for a new venture into the fraud prevention and cybersecurity space.
Dubbed the TSYS Foresight ScoreSM with Featurespace, this new tool is a fraud and risk scoring application that uses smart technology like machine learning to combat transactional fraud via cyberattacks. The backbone of this new offering will lean on Featurespace’s adaptive behavioral analytics platform ARIC.
TSYS’s President and Chief Operating Officer, Pamela A. Joseph, commented on this joint effort in the company’s press release.
“We are excited to add Foresight Score to our comprehensive suite of risk and fraud products. We are certain that it will help our clients detect and prevent more transactional fraud while at that same time reducing false-positive alerts — helping increase revenue and improve operational efficiency,” Joseph said.