MIT Partners with Featurespace to Prevent Payments Fraud


August 07, 2017

31 July 2017, London -- Mercadotecnia Ideas y Tecnologia ("MIT" -- Marketing, Ideas, and Technology), the Mexico-based payments processor, has appointed Featurespace, the leading machine learning Adaptive Behavioural Analytics risk management software company.

Featurespace will provide MIT with real-time merchant monitoring and protection to prevent fraud and reduce both chargebacks and false alerts. MIT optimises and secures payment channels for merchants by facilitating the handling of card transactions across all sales channels, with high security and availability.

Featurespace's real-time, machine learning ARIC platform detects anomalies in individual behaviour for fraud and risk management. The ARIC platform will provide MIT with monitoring capabilities and market-leading risk visibility across its merchant portfolio for increased fraud detection, reduced false alerts, and increased transaction acceptance. MIT services 17,000 merchants with more than 80,000 points of sale throughout Mexico.

Juan Carlos Viramontes, MIT CEO, commented:

"The growth in fraud, as well as the sophisticated forms that attacks take, forces payments ecosystem participants to seek innovative and disruptive solutions to reduce fraud and make manual processes more efficient, without sacrificing customer experience.

"MIT strives to offer its clients cutting-edge technology. Recognizing that fraud prevention and its techniques are constantly evolving, MIT has selected Featurespace as its business partner so that the ARIC platform's adaptive behavioural analytics can reduce fraud and increase customer approval."

Martina King, Featurespace CEO, commented:

"Card fraud is a growing issue across the world and poses a serious threat to merchants, which is why we are delighted to be working with MIT to protect their customers from fraud. This is our first deployment in Latin America and is a great example of how our machine learning technology can be seamlessly integrated into systems across any geography or in any language."

For further information, please contact:

Rebecca Amos
Head of Marketing • Featurespace
+44 (0) 1223 345921

About Featurespace --

Featurespace™ is the world leader in Adaptive Behavioural Analytics and creator of the ARIC™ platform, a machine learning software system developed out of the University of Cambridge.

Headquartered in Cambridge, UK, Featurespace has deployed ARIC to organisations that have services or products deployed in over 180 countries. Customers include Betfair, Vocalink/Zapp, Camelot, William Hill, and TSYS, the largest third-party processor of Visa® and Mastercard® credit cards in the U.S.

The ARIC™ platform, a real-time machine learning software system, monitors individual behaviours to catch new fraud attacks as they happen. The increased accuracy of understanding customer behaviour simultaneously reduces the number of genuine customers whose purchases and transactions are incorrectly declined, a solution that can save the payments industry $16 billion annually.