Biden its time! Featurespace in line for glory in $1.6m US-UK initiative

US President Joe Biden could soon be paying homage to novel fraud busting technology from Cambridge innovator Featurespace.
The company is in the running for glory in the transatlantic privacy enhancing technologies (PETS) challenges jointly steered by, among others, Innovate UK and the White House Office of
Science and Technology.

Featurespace’s nextgen AI technology is set to be showcased at the second Summit for Democracy, to be convened by President Joe Biden in March. Contenders are competing for
cash prizes from a combined UK-US prize pool of $1.6 million.

The challenges are focused on accelerating the adoption and development of an emerging group of data-driven technologies known as PETs. The technologies have the potential to unlock
transformative insights from valuable datasets to tackle global societal challenges, while at the same time preserving citizens’ privacy.

Featurespace is a front runner in the financial crime prevention category. Having kept clients and their customers alert to scams during the pandemic, Featurespace is now focusing on the ‘scamdemic’ – a virulent global outbreak of fraudulent skulduggery.

The aim of the financial crime prevention category is to develop solutions able to train machine learning models to detect anomalous transactions whilst preserving the privacy of individuals’ financial information contained within the datasets.

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