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 anomalies.
A fraud detection startup that uses AI technology has successfully raised £ 6.2 m to expand their service to the US . Featurespace is a startup built by Cambridge student , James Fitzgerald , and uses a piece of software called ARIC to spot suspicious transactions more rapidly from learning about regular and irregular normalities of the user . The expansion comes after the company have signed with several major companies in the US .