- Date 12 Apr 2023
Featurespace, the world leader in machine learning for fraud and financial crime prevention technology, successfully completed the PETS challenge securing a place as one of the UK winners. The winners of the challenge, which was convened to drive innovation in Privacy-Enhancing Technologies that reinforce democratic values, were announced at President Biden’s second Summit for Democracy.
The winning solutions combined different PETs to allow the AI models to learn to make better predictions without exposing any sensitive data. World-leading experts competed for cash prizes from a combined UK-U.S. prize pool of £1.3 m / $1.6m. The prizes encouraged the development of innovative solutions that address practical data privacy concerns in real world scenarios.
The Featurespace solution achieved the highest accuracy score in the UK competition for its ability to detect financial crime, returning an average “Area-Under-Precision-Recall-Curve” of 0.94. The solution was also singled out with a special award for its usability and production readiness.
Featurespace’s participation in the challenge enabled the company to develop world-leading privacy-enhancing technologies from scratch, leveraging its existing deep expertise in machine learning technologies and the financial payments domain. The privilege of participating created an opportunity for the Research and Innovation team at Featurespace to rise to the challenge and they delivered outstanding work that has gained recognition at the highest level.