ThetaRay: AI-Powered Financial Crime Platform

Over the last decade or so, the democratization of technology has immensely impacted almost every aspect of our daily lives. These advancements have triggered companies to replace their obsolete for winning the consumer war against their competitors. In this mix, the world of financial crime detection is facing a similar transformation through embracing a new era of cognitive intelligence and automation.

“As hackers are leveraging sophisticated technologies to bring down thousands of devices, their ability to mount cyber-attacks has increased more than ever,” says Mark Gazit, CEO of ThetaRay. To combat these threats, his firm provides faster, more accurate analytics solutions that help financial institutions to detect emerging risks, discover new opportunities, and expose blind spots within large, complex data sets. “We use an advanced level of AI to assist our clients in detecting and deterring threats with a very high degree of precision,” he adds.

The firm’s Financial Crime platform enables financial institutes to identify money laundering behavior, fraudulent activities and ATM security breaches. Powered by AI algorithms and available both on cloud and on-premises, the platform flags anomalies in real time, reduces false positives, and helps customers find the source of an attack.

“By using our platform, financial institutions can monitor irregular activities and navigate through transaction patterns that may have malicious intent,” says Gazit.

Apart from monitoring transactions, the platform reduces false alerts and enables banks to focus on the ones that suggest criminal behavior. It also aids organizations by catching inconsistencies in customer risk scores across different processes and databases.

ThetaRay’s Financial Crime platform protects against loan fraud by identifying fraudulent applications at an early stage and thus minimizing the potential damages. It also detects credit fraud techniques, mitigates the risks of international transfers, and eliminates false reimbursement claims with accurate identification.

Additionally, ThetaRay’s sophisticated advanced analytics play a significant role in preventing ATM fraud by allowing banks to tap into humongous data sets from multiple sources across the ATM network and automatically detect abnormal activities across infinite sets of parameters. The company’s analytics can be implemented on legacy ATM platforms and easily extended to underpin next-generation ATM services.

Since its inception, ThetaRay has continuously prospered under the leadership of Mark Gazit, who was recently appointed to the Monetary Authority of Singapore’s (MAS) International Technology Advisory Panel (ITAP). With his guidance and an extraordinary team of cross-functional experts, ThetaRay continuously works to reinvigorate the financial security sphere of its clients. Citing an example, Gazit explains that one of the world’s leading financial institutions installed ThetaRay’s Financial Crime platform to detect potential threats in their workflow. Soon after installing the platform, the client was able to identify and report a group of customers who were using sophisticated schemes to finance ISIS. ThetaRay also assisted the bank in identifying networks of money laundering used to support human trafficking.

The firm has offices in London, Singapore, Israel, and New York and plans to expand to Europe, Hong Kong, and Australia in the near future. “Our goal is to transform the way the world deals with data. We will continue to mobilize AI to help organizations be safer and more efficient in the world of connected people, devices and systems,” concludes Gazit.