Patents Show Finding Transaction Anomalies

The window financial institutions (FIs) have to determine "good" customers from "bad" lasts milliseconds. As fraudsters steal their unwitting victims' online identities, intercept SMS messages, mask device locations to commit payments fraud, banks and other firms need to be able to spot "signs" hidden in the eCommerce deluge that can separate genuine transactions from fraudulent ones. It's a $40 billion problem, that, as Dave Excell, founder of Featurespace, told Karen Webster, needs deep learning networks and a range of automated advanced technologies and models to construct the best lines of defense against the fraudsters. Two new patents, leveraging those advanced technologies, can help FIs pinpoint behavioral changes and identify high-risk behavior -- stopping fraud and financial crime before it happens. Featurespace said Monday (July 12) it had filed those two global patents, aimed at transforming network architecture and risk scoring to protect customers and accounts.