Zapp, a UK bank owned mobile commerce and payment service set for launch later this year has announced that it will use fraud detection technology from Cambridge University spin-off Featurespace to add additional security to customers. According to Zapp, it will deploy a fraud monitoring and alerting system based on Featurespace’s Aric adaptive behavioral analytics engine that will allow the service to make fraud decisions in real time.
Commenting on the service, Peter Keenan, chief executive officer of Zapp said,
“We need to ensure that payments are trusted by consumers and merchants alike and our implementation of Featurespace’s incredible real-time analytics capability will be essential over the next five years to delivering a great experience, whilst providing some of the highest levels of fraud protection in the industry.”
While Zapp is supported by the banks and offers an opportunity for each of the supporting banks to control the customer experience, after delays, the UK market is becoming increasingly competitive with Apple Pay already operating and Samsung Pay and Android Pay set to launch and additional fraud controls are not likely to win customers over. Though this move is good for the supporting banks and of course customers, Zapp and others should focus on value add services to generate consumer momentum towards mobile payments.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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