Professor built artificial intelligence fraud detection technology has raised 6.2 million pounds of funds
According to the British "Daily Telegraph" reported on May 29, Cambridge University professor Bill Fitzgerald created a company that uses artificial intelligence to supervise online fraud. The company has raised 6.2 million pounds (about RMB). 59.92 million yuan). The company is currently planning to expand its company development in the United States.
Traditional rule-based cyber fraud detection systems are often crude, unable to detect small fraud cases, and sometimes even errors that prevent legitimate transactions. For example, this traditional system may warn if it sees football fans betting on a Marseille, but in fact, this day may be the National Day of the United Kingdom. Or if you see a credit card for consumption outside the country, this detection system may ask to block the transaction, but in fact it may not know that the owner of this card is just a vacation abroad.
The technology created by the professor called "Featurespace" can detect suspicious transactions more accurately by detecting suspiciousness and reporting anomalies by scanning all activities on a particular network. Currently, many online gambling companies and banks use Featurespace's artificial intelligence to discover suspicious transactions. Betfair, William Hill, etc. are all customers of Featurespace. Featurespace CEO Martina King said that many high-street banks are currently using this artificial intelligence.
This round of financing was led by the US financial technology investor TTVCapital, which is the first time TTV Capital has invested in a British company. This funding will be used by Featurespace to set up an office in the United States. Gardner Gerard, managing partner of TTV Capital, said: “Every year, millions of consumers are affected by credit card and debit card fraud. This financing is our first investment in a UK company, indicating that we have a feature for Featurespace. Reform and innovation support for fraud detection."
In addition, the founder of the autonomous software company Mike Lynch has invested in the company and became one of the company's directors. Martina King said that Featurespace has reached an agreement with a major US bank, in addition to the agreement with the company is the payment solution provider TSYS.
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