Kid me not fraud with GoHenry digital deal
GoHenry, a UK-based digital banking solution to help young people manage their money, has appointed fraud prevention firm Featurespace to safeguard customers’ accounts.
GoHenry was founded by a group of parents to help young people aged six to 18 “learn good money habits”. It is a subscription service, which offers a prepaid debit card and app with parental controls.
Featurespace’s real-time, machine learning Adaptive Behavioural Analytics (ARIC) platform detects anomalies in individual behaviour for fraud and risk management. ARIC will be integrated into GoHenry’s system to provide transaction monitoring and fraud detection.
Martina King, Featurespace CEO, says GoHenry offers a “unique tool for parents to teach their children to earn, save and spend responsibly”.
Parents can use the GoHenry app to manage pocket money, set spending limits and rules on where the card can be used.
GoHenry has gained some momentum with its youthful concept as last year it raised £4 million on Crowdcube, £2 million of which came from their existing customers.
Headquartered in Cambridge, UK, Featurespace has deployed ARIC to organisations such as Vocalink and its mobile payments service Zapp; and TSYS, the largest third-party processor of Visa and MasterCard credit cards in the US.
