Featurespace Raises Capital for Bank Fraud Monitoring Technology
September 21, 2016
Monitoring online fraud has become an increasingly popular application for machine learning and search technology. The Telegraph reported Cambridge AI fraud detection group raises £6.2m. The company, Featurespace, grew out of Cambridge University and its ARIC technology goes beyond rule-based fraud-detection. It scans all activity on a network and thus learns what registers as fraudulent or suspicious. The write-up tells us,
The company has now raised $9m (£6.2m), which it will use to open a US office after signing two big stateside deals. The funding is led by US fintech investor TTV Capital – the first time it has backed a UK company – and early stage investors Imperial Innovations and Nesta.
Mike Lynch, the renowned technology investor who founded software group Autonomy before its $11.7bn sale to Hewlett Packard, has previously invested in the company and sits on its board. Ms King said Featurespace had won a contract with a major US bank, as well as payments company TSYS, which processes MasterCard and Visa transactions.”
Overall, the company aims to protect consumers from credit and debit card fraud. The article reminds us that millions of consumers have been affected by stolen credit and debit card information. Betfair, William Hill and VocaLink are current customers of Featurespace and several banks are using its technology too. Will this become a big ticket application for these machine learning technologies?
Megan Feil, September 21, 2016
Sponsored by ArnoldIT.com, publisher of the CyberOSINT monograph
There is a Louisville, Kentucky Hidden Web/Dark Web meet up on September 27, 2016.
Information is at this link: https://www.meetup.com/Louisville-Hidden-Dark-Web-Meetup/events/233599645/