U.K. fraud prevention firm Featurespace announced on Wednesday (Feb. 26) that Enfuce — Finland’s largest FinTech startup — is implementing the Featurespace ARIC Risk Hub to protect its clients from cyberattacks.
Founded in 2016 by Monika Liikamaa, Denise Johansson, Niklas Apellund, Tom Gråhn and William Ekström, Enfuce has more than 8 million end-users on its platform. It offers payment and open banking services to banks, FinTechs, financial operators and merchants.
Noting the worldwide cost of fraud is estimated at £3.89 trillion ($5.13 trillion) Featurespace said as fraud techniques evolve so must prevention solutions.
Enfuce was in search of a flexible program for its banks, merchants and financial operators that would prevent fraud while also easily working with its cloud-based payments platform. The startup also needed a scalable multi-tenancy process for bringing customizable controls at each level, right down to single organizations.
“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,” said Liikamaa, Enfuce co-founder and chair. “With ARIC Risk Hub, we remove that worry. It’s an extremely intuitive, futureproof risk solution that allows us to protect our clients’ transactions across all verticals, facilitates faster onboarding and supports our growth.”
Featurespace’s own Adaptive Behavioral Analytics power ARIC Risk Hub for real-time transaction monitoring for cybercrime and fraudulent activities. This enables financial institutions to detect suspicious activity as it happens, while at the same time lowering the number of legitimate transactions declined.
“Risk exposure and criminal behavior are constantly growing and we must collaborate more effectively to outsmart them,” said Featurespace CEO Martina King. “We are thrilled that Enfuce selected us. They are innovators that are committed to providing their clients with stellar service and our partnership will keep driving the industry forward.”
With the evolution of fraud, P2P payments and eCommerce are increasingly becoming key areas of cyberattacks. Fraud prevention efforts are also evolving and there is no one-size-fits-all approach when it comes to fighting cyberattacks.