Mexico-based MIT taps Featurespace for payments fraud prevention
Machine learning continues to take center stage in fraud prevention for the payments industry. Mexico-based payments processor Mercadotecnia Ideas y Tecnologia (MIT–Marketing, Ideas and Technology) is partnering with UK-based Featurespace to help its 17,000 merchants prevent payments fraud.
Featurespace, which is entering the Latin American market for the first time, will provide MIT with real-time merchant monitoring and protection to prevent fraud and reduce chargebacks and false alerts, the companies said.
MIT optimizes and secures payment channels for merchants by facilitating the handling of card transactions across all sales channels. Featurespace’s real-time, machine-learning ARIC platform detects anomalies in individual behavior for fraud and risk management.
“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,” said MIT CEO Juan Carlos Viramontes.
The ARIC platform will enable MIT to monitor risk across its merchant portfolio for increased fraud detection, reduced false positives and increased transaction acceptance, according to an announcement.