Why you can never do enough to prevent fraud – Martina King, CEO, Featurespace

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5 • 6 Ratings

🗓️ 29 October 2024

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Martina King, CEO of Featurespace, discusses why fraud has been an issue since the dawn of humanity, how the big banks are spending massive amounts on anti-fraud measures and only catching around half of all cases, and growing a company from a startup to a success story with interest from global giants.

Featurespace is an anti-financial crime startup for enterprises that analyses human behaviour to detect dangerous transactions. King, who joined the Cambridge-based firm as chief executive in 2012, discusses why financial institutions can never do enough to prevent fraud and ponders recent regulatory measures governing how finance firms should respond to cases.

Transcript

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0:00.0	The truth is that fraud is an issue, as long as humans have been on the planet, you know, fraud has existed.
0:15.4	It is a huge investment that is made by the banks. But on the whole, in the UK, we spend, let's say, a large bank could spend 50 million pounds
0:25.6	a year, but they're catching 50% of the fraud.
0:27.6	We're still allowing 50% of the fraud through.
0:30.6	One of the things that's really difficult for banks is to be able to convince their customer
0:37.9	that they are being scanned because the, you know, they really are convinced that what they're
0:43.6	doing largely is to try and help somebody else.
0:52.2	From the first time founders to the funds that back them, innovation needs different.
0:57.8	Our episode partner, HSBC Innovation Banking, is proud to accelerate growth for tech and life science
1:04.2	businesses, creating meaningful connections and opening up a world of opportunity for entrepreneurs
1:09.7	and investors alike.
1:11.9	Discover more at www.h.hbc InnovationBanking.com slash EN-GB.
1:26.2	Hello and welcome to the UKTM podcast, a weekly chat with the movers and shapers of the UK tech industry and the destination for all things UK tech related.
1:36.4	And today I'm joined by Martina King, the CEO of FeatureSpace, a fintech company that is helping banks fight fraud.
1:45.1	Welcome, Martina.
1:51.0	Hello. Hi, Jane. Good to meet you. Now, first of all, tell me a little bit about the problems that feature space is trying to solve. Yeah. Well, it's a big problem for society,
1:56.0	and it's something that humans can't battle with on their own any longer, and a technology
2:01.1	solution is required. And the technology, when I was first introduced to it, I was told
2:07.4	that it was a fundamental invention. And really, it was a very early version of AI, and it's
2:13.4	adaptive behavioral analytics. And the problem that we were looking for with the technology, we needed a big real-time
2:19.8	data set because, again, if it's a small data set, humans can still make sense of it.
2:24.6	If it's big and it's real-time, that's really a problem for the machines to solve.
	...

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