News

TSYS introduces machine-learning platform to fight fraud

June 13, 2017

TSYS, in conjunction with Featurespace, has introduced TSYS Foresight Score with Featurespace.

Foresight Score is a fraud and risk-scoring tool that incorporates machine learning to bolster an issuer's ability to fight transactional fraud, according to a press release. The product was built on the Featurespace adaptive behavioral analytics platform, ARIC.

Financial institutions and merchants on all types of payment cards incurred fraud losses totaling $21.84 billion in 2015. The figure is expected to reach $31 billion by 2020, according to the Nilson Report,

"We are excited to add Foresight Score to our comprehensive suite of risk and fraud products," TSYS president and CEO Pam Joseph said in the release. "We are certain that it will help our clients detect and prevent more transactional fraud, while at that same time reducing false positive alerts — helping increase revenue and improve operational efficiency."

"We are thrilled to bring this innovative fraud product to market with TSYS," Featurespace CEO Martina King said in the release. "Our ARIC platform was specifically designed to help manage complex problems like transactional card fraud. Combined with TSYS' industry experience and robust client base, this product has tremendous potential in the fight against fraud."