Featurespace , a UK-based fraud detection company, has allegedly been in negotiations with Visa , a payment service provider. The agreement has not been formally finalised and there is a possibility that it may not go through.

Featurespace specialises in fraud detection, with clients such as HSBC, NatWest Group, and Worldpay in the banking sector. Their services are not limited to banks; other clients like Betfair, a part of Flutter Entertainment, also benefit from them. The demand for Featurespace's services has surged due to the rise in sophisticated financial scams, costing banks billions in customer refunds.

Their Adaptive Behavioural Analytics software, employing machine learning, effectively identifies and prevents fraud across over 180 countries. Featurespace has secured around GBP 100 million from various investors through funding rounds. Notable investors include Insight Venture Partners, IP Group, Chrysalis, Mission OG, and Highland Europe, well-known early-stage investors globally.

Visa invests in cybersecurity Visa invests billions of dollars in cybersecurity to protect its payment system and develop new customer services. With approximately half a billion attacks on its network each month, including common phishing emails and advanced cyber threats supported by nation-states, the company remains diligent in safeguarding its operations. Therefore, Visa’s acquisition of Pismo, a cloud-native platform, was a natural step in upgrading core banking and card-issuer processing capabilities through cloud-native APIs.

The collaboration is aimed at supporting emerging payment schemes and Real-Time Payments networks. The focus is on meeting evolving customer needs, complying with regulations, and offering payment tools on a unified platform. At the same time, the acquisition is anticipated to offer clients the opportunity to introduce cutting-edge payment and banking solutions through a unified cloud-based platform, regardless of their network, location, or currency.

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