The mobile payment start-up Zapp has secured a five-year agreement with Featurespace to provide real-time fraud protection for its mobile payment customers.
It will deploy a fraud monitoring and alerting system based on Featurespace’s ARIC adaptive behavioural analytics engine to protect its users against fraud in real time.
The engine is powered by machine learning adaptive algorithms, which run in real time and spot subtle changes at individual account level. The new technology enables existing and new types of fraud to be identified and prevented.
Following launch, the system will process thousands of events every second for customers of Zapp’s banking partners, including Barclays.
The security deal comes just before Zapp launches its new ‘Pay by bank app’ paymark in Autumn 2015. It will enable individuals to make payments straight from their bank app on mobile devices.
“We need to ensure that payments are trusted by consumers and merchants alike and our implementation of Featurespace’s incredible real-time analytics capability will be essential over the next five years to delivering a great experience,” said Peter Keenan, chief executive officer of Zapp.
“By analysing individual patterns of behaviour, Zapp can protect their customers from fraud attacks in real-time. It’s a pleasure to work with their team and we look forward to the next five years,” Martina King, CEO of Featurespace.
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