Cambridge AI fraud detection group raises £6.2m

A company spun out of Cambridge University that uses artificial intelligence to police online fraud is plotting an expansion into the US after raising £6.2m. Featurespace is used by online gambling companies and banks to spot suspicious transactions among the millions of legitimate ones made every day. Typical rule-based fraud-detection systems are often seen as crude, failing to spot subtle fraudsters or blocking legitimate transactions. For example they might identify a football fan betting on a horse race and raise the alarm, missing the fact that it is Grand National day, or block a credit card used abroad during summer holidays. Featurespace’s technology, ARIC, is able to spot suspicious transactions more accurately. By scanning all the activity on a specific network it can “learn” what qualifies as suspicious and report…

Link to Full Article: Cambridge AI fraud detection group raises £6.2m

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