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 professor, ARIC , and uses a piece of technology called Cambridge 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 millions major companies in the US .