Betfair improves fraud detection on betting exchange

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http://www.computerworlduk.com/news/security/3463263/betfair-improves-fraud-detection-on-betting-exchange/?olo=rss




Online betting exchange Betfair has signed an extended five-year technology partnership with Featurespace to help combat fraud.

The existing partnership has provided Betfair with fraud detection technology over the last five years, allowing fraudulent behaviour to be predicted and identified in real time.

The extended partnership includes an upgrade to Featurespace’s ARIC engine, first deployed in 2008. The upgraded system brings with it, for the first time, "infinite horizontal scalability".

This means that Featurespace’s Adaptive Behavioural Analytics approach to automating the problem of fraud can continue to run in real time, even with Betfair’s constantly increasing customer base. This will allow for peaks in events such as the Grand National to be handled without having to resort to manual review and rules-based systems.

With Featurespace’s ARIC technology, Betfair is able to analyse millions of transactions per day, using ARIC’s ability to identify unusual behavioural patterns and spot customer fraud, saving Betfair costs in its risk management.

Martina King, CEO of Featurespace, said: “Fraud is becoming increasingly sophisticated, so companies need a solution that keeps them ahead, identifies new types of fraud, and reacts to it instantly - closing the door on vulnerabilities before they can be exploited."

For its systems Featurespace has used Bayesian inference and machine learning, with ARIC predicting individual and group behaviour.

Earlier this year Betfair implemented VMware’s vCloud, as it attempted to redefine its IT department as a "service broker", delivering virtualised environments to its development team through software defined data centre tools.