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ThetaRay
Advanced Data Analytics Provide an Enhanced Security Layer to Combat Bank Fraud and Cybercrime
Mark Gazit, CEO“The key issue is that the banking industry’s traditional fraud detection methods do not work anymore, because most of today’s fraud schemes are extremely sophisticated and take place online,” remarks Mark Gazit, CEO of ThetaRay.
In addition, financial organizations are generating massive amounts of data, and the inability to navigate through it renders them helpless in identifying and stopping new types of threats. ThetaRay is able to recognize anomalies and stop threats in their tracks.
The company was founded by renowned mathematicians Ronald Coifman and Amir Averbuch, who had spent 15 years developing algorithms that analyze large amounts of data— rapidly, and with no need to understand its context. “Instead of hunting viruses, our technology looks for undetected anomalies in everyday processes,” says Gazit.
ThetaRay’s hyper-dimensional multi-domain big data analytics enable organizations to fuse and analyze vast amounts of heterogeneous data from diverse sources like network and ICS/SCADA traffic, machine data, financial transactions, and database records in real time. “This holistic, all-seeing technology provides automatic, unsupervised, real time discovery of threats and risks that are not detected by existing rule-based solutions,” extols Gazit.
The analysis of all sources happens in parallel, without the need for any semantic or contextual understanding, predetermined patterns, rules, or other known elements. Gazit adds, “ThetaRay’s holistic, omniscient analytics security layer delivers industry-leading detection rates with extremely low false positive levels.”
The solutions’ key functionalities include data processing, data integrity and storage, anomaly detection, event generation, alert distribution, event investigation, automated reporting and case management.
ThetaRay’s holistic, omniscient analytics security layer delivers industry-leading detection rates with extremely low false positive levels
The analytics platform enables clients to collect data from multiple domains, and treat each parameter of the domain as a new dimension. In one instance, the company’s client was under Chapter 11, a bankruptcy code that protects a failing business from its creditors but does not allow any movement of money. During this period, the CEO of the client company illegitimately transferred money from the organization to his personal account. ThetaRay’s breakthrough technology uncovered the fraud using real-time analysis of registrar information and the Chamber of Commerce database that was fed by twenty different data sources. “No other system could have identified it instantaneously,” exclaims Gazit. This allowed the client to uncover fraud quickly, saving the organization from any financial damages.
ThetaRay’s product suite also includes solutions for fraud detection and money laundering. The company’s e-fraud detection technology enables financial managers to detect online fraud such as massive attacks that penetrate the management and control networks of ATMs, making them distribute large amounts of money. Additionally, ThetaRay’s anti-money laundering (AML) solution helps identify anomalous patterns of behavior that suggest money-laundering activities are taking place, allowing banks to intercept the crime in its initial phases.
ThetaRay’s solutions are designed to be industry-agnostic. “We currently focus on the financial and industrial sectors, but we can do much more,” says Gazit. “In the industrial world, we deal with the safety of machines.” Furthermore, the company will provide solutions for sectors such as credit risk, insurance, and aviation. “We are looking forward to expanding our relationships with leading enterprises by developing analytic solutions for multiple parts of their business,” concludes Gazit.
Tudi Selects ThetaRay AI Solution to Monitor Domestic Payments in Mexico
Friday, February 24, 2023
MONTERREY, Mexico - ThetaRay, announced that Tudi, enabling a digital financial community through its mobile app, has chosen ThetaRay’s cloud-based AML solution to monitor its transactions in Mexico for financial crime.
A Stella Tech technology company, Tudi is helping the Mexican payment market move to cashless services in a one-stop application that solves the end-user transactional needs, including paying bills, money transfers, top-ups, entertainment services, and government fees. The app also promotes community brand engagement with consumers at merchant point-of-purchase.
Through the agreement, ThetaRay will provide Tudi its SONAR SaaS solution for AI-powered transaction monitoring that can detect the earliest signs of sophisticated financial crimes, including money laundering, narco-trafficking, terrorist financing, and human trafficking, including known and unknown crime patterns. This will enable Tudi to provide a compliant service under the new Mexican law that regulates fintechs (LRITF) and grow its business with a trusted and safe payment service.
“Mexican regulators are requiring non-bank payment providers to operate sophisticated AML systems that can prevent money laundering. We were searching for a proven solution that would enable us to be compliant and stay one step ahead of developing AML scenarios in the country that challenge and risk our operations,” said Andrés Adame Guajardo, VP Product at Tudi. “ThetaRay’s technology will help us realize our vision to serve the unbanked in Mexico with low-cost and convenient digital financial services. The younger generations are not deterred by technology, and digital platforms will enable them to become stronger financial players, reduce the cash-based economy, and increase economic prosperity through the use of modern financial services.”
According to the World Bank, in Mexico only 37 percent of adults in Mexico have accounts, and just 32 percent have made or received digital payments, both significantly below numbers in countries with similar levels of development.
“Tudi is a digital financial services leader that is helping promote financial inclusion by bringing innovative services to underserved economic players. With ThetaRay’s advanced and effective AI-driven AML technology these services can also be trusted by financial partners and regulators,” said Mark Gazit, CEO of ThetaRay. “The ThetaRay AI solution also makes the entire process of transaction monitoring efficient and effective, while improving customer satisfaction, reducing compliance costs, and increasing risk coverage with safe and secure payments.”
ThetaRay’s award-winning SONAR solution is based on a proprietary form of AI, artificial intelligence intuition, that replaces human bias, giving the system the power to recognize anomalies and find unknowns outside of normal behavior, including completely new typologies. It enables fintechs and banks to implement a risk-based approach to effectively identify truly suspicious activity and create a full picture of customer identities, including across complex, cross-border transaction paths. This allows the rapid discovery of both known and unknown money laundering threats.
Company
ThetaRay
Management
Mark Gazit, CEO
Description
Provides big data analytics solutions that enable organizations to automatically detect and stop any new and unknown cyber threats
