Zapp recently commissioned a study with the Centre for Economics and Business Research (Cebr) to find out the true impact of mobile payments on the UK economy. This report unveiled some interesting results around fraud and security, in particular.
Together with Zapp’s unique token-based payment system, this partnership with Featurespace will provide a seamless, successful customer experience at checkout whilst ensuring some of the lowest levels of fraud in the payment industry.
Zapp will implement a fraud monitoring and alerting system based on Featurespace’s ARIC adaptive behavioural analytics engine. The engine is powered by machine learning adaptive algorithms, which run in real time and spot subtle changes at account level. The new technology enables existing and new types of fraud to be identified and prevented: a modern technological solution to an age old problem.
Featurespace was created out of Cambridge University’s Engineering Department, co-founded in 2005 by world-renowned expert in applied statistics Professor Bill Fitzgerald. Today, the Cambridge- based company employs the University’s brightest researchers, software engineers, and data analysts, combined with the best of commercial and industrial IT experience.
Peter Keenan, Chief Executive Officer of Zapp commented, “Zapp will provide a great payment experience that is simple, quick and above all, secure. We need to ensure that Zapp payments are trusted by consumers and merchants alike and our implementation of Featurespace’s incredible real-time analytics capability will be essential to delivering a great experience, whilst providing some of the highest levels of fraud protection in the industry.”
Martina King, Chief Executive Officer of Featurespace said, “At Featurespace we have developed a unique technology to conquer modern day fraud problems. We have been working intensively over the past few months with Zapp to implement our real-time fraud detection engine so that Zapp transactions can be some of the most secure in the UK market.”
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