Akbank Selects Featurespace’s ARIC Risk Hub to Protect Every Transaction from Fraud
– Leader in Enterprise Financial Crime prevention partnering
with DVA Bilgi Teknolojileri A.Ş. for Turkish implementation –
ISTANBUL 02 Sept. 2020 – Featurespace™, the leading provider ofEnterprise Financial Crime preventionsoftwareannounced that Istanbul-based AKBANKhas selected the ARIC™ Risk Hub to reduce fraud risk, while increasing acceptance rates across all transactional channels for its nearly 18 million customers.
As one of Turkey’s largest financial institutions with 747 branches and 5,100 ATMs throughout the country, Akbank has built its reputation on satisfying customers with an enjoyable and secure banking experience at every touchpoint. However, as fraud evolves, detecting and preventing attacks without interfering with genuine customer behavior is increasingly challenging. Realizing this, Akbank sought to replace its existing system with an advanced platform that provides real-time enterprise-wide fraud detection.
Following an extensive selection process to assess fraud and financial crime technologies, Featurespace was selected for its use of advanced, self-learning models and the ability to provide a holistic view of customers.
Featurespace has partnered with DVA Bilgi Teknolojileri A.Ş.to implement ARIC Risk Hub, whichwill safeguard every transaction across all of the bank’s channels, while also reducing the number of good transactions that are mistakenly blocked.
Powered by Adaptive Behavioral Analytics, a Featurespace invention, ARIC Risk Hub is an award-winning fraud detection and financial crime prevention platform with fully adaptive machine learning models that deliver real-time transaction monitoring for fraud and financial crime. This allows banks and payment providers to spot more fraud and suspicious activity as it happens, while also reducing the number of genuine transactions declined.
Semih Dilmen, Chief Information Risk Officer of Akbank, said, “With Featurespace, we reduce fraud and genuine transactions declined across a dynamic range of services. This is critical to our ability to deliver a next-generation customer experience in today’s highly competitive environment.”
Martina King, CEO of Featurespace, added, “Transaction volumes continue to increase in Turkey and criminals are always devising new scams and attacks to exploit customers and the financial institutions that serve them. By prioritizing a better customer experience through stronger fraud controls with ARIC Risk Hub, Akbank shows why it is a leader and underscores the imperative for advanced fraud detection and risk prevention systems.”
About Akbank – www.akbank.com
Founded in 1948, Akbank offers a wide range of retail, commercial, corporate, private banking and international trade finance services. Also, non-banking financial, capital market and investment services are provided by the Bank’s subsidiaries, including Akbank AG, Ak Lease, Ak Investment Fund, Ak Asset Management, and Tosla. Akbank is headquartered in Istanbul, Turkey and has 747 branches and over 12,000 employees.
About Featurespace – www.featurespace.com
Featurespace™ is the world leader in Enterprise Financial Crime prevention for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and created the ARIC™ platform, a real-time machine learning software that risk scores events in more than 180 countries to prevent fraud and financial crime.
ARIC™ Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time. More than 30 major global financial institutions are using ARIC to protect their business and their customers. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank and Permanent TSB.
About DVA Bilgi Teknolojileri A.Ş. – www.dva.com.tr
DVA Bilisim is the local partner of Featurespace in Turkey. DVA offers local support and maintenance to the largest banks in Turkey and Azerbaijan who wish to use the ARIC™ Risk Hub.
With around 20 professionals, DVA offers consultancy, project management and implementation of the ARIC™ Risk Hubto fight against fraud. DVA is also providing face biometry, digital on-boarding, KYC, document authentication and behavioural biometrics solutions to banks as a local partner of world leading brands.
PR and Comms Manager
+1 (423) 364-5491