European Space Agency software used to help detect bank fraud

Space software developed by the European Space Agency (ESA) is being used to help cybersecurity experts detect online bank fraud, new report shows.

Published Fri, Jun 27 2014 3:20 PM CDT   |   Updated Tue, Nov 3 2020 12:16 PM CST

Researchers from the European Space Agency (ESA) have developed software that is now being used to help detect online bank fraud. Former ESA consultant Paulo Marques, founder of Feedzai, sought a need for a sophisticated solution for communications via the Internet.

European Space Agency software used to help detect bank fraud | TweakTown.com

Fraud detection demands large amounts of information to be analyzed in real-time, with thousands of banking transactions taking place per second. Unlike space technology, bank fraud software must be able to learn the behaviors of each individual and company - and the software has the ability to store information up to four years, helping create personal spending profiles.

In Portugal, every electronic purchase uses the sophisticated software, with Feedzai screening $229 billion worth of purchases and payments per year. An important task with cybercriminals targeting banks and financial instructions, with $11.4 billion lost in credit card fraud each year.

Space software can be rolled out in the commercial market, and has been implemented in the medical field.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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