U.K.-based Featurespace, which offers anti-fraud systems for financial institutions (FIs), on Thursday (Feb. In a press release, the company said the new product, intended for the card and payments industry, provides a "deeper layer of defense to protect consumers from scams, account takeover, card and payments fraud, which cost an estimated $42 billion in 2020." The new product is "truly the next generation of machine learning," said Dave Excell, founder of Featurespace. The company said that it involves "a breakthrough in deep learning technology" that is capable of pinpointing potential fraud before the victim's money is removed from their account. That serves as "the best line of defense against scams, account takeover, card and payment fraud attacks," the release stated.