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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.
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