The buzz about tech has recently taken a turn for the negative, driven by Facebook and algorithms gone wild. Some of the leading thinkers are sounding alarms about unintended, potentially disastrous consequences of unbridled AI growth. We at ThetaRay hold a different view. Criminals have been using AI for some time now, but the good guys are also using good AI to combat them. That’s what we do at ThetaRay. This isn’t wishful future thinking; it’s happening right now.
Keep in mind: Sometimes scammers use automated software or AI. While the scam may be real, the person you’re communicating with may not be. “The reality is that criminals — including organized crime groups and even governments — have automated their scams and are using artificial intelligence and machines to do the dirty work for them,” Gazit says.
ThetaRay CEO Mark Gazit talks with U.S. News and World Report about how to avoid financial scams that are making the rounds on social media channels and discusses how bad guys are using AI and automated software to mastermind their fraud schemes.
Singapore’s OCBC Bank has seen a 35% reduction in the number of alerts while the accuracy rates of identifying suspicious transactions increased by more than four times after it started testing ThetaRay’s AI-based AML software. Loretta Yuen, group general counsel of OCBC and ThetaRay’s SVP of Financial Services Solutions James Heinzman interviewed by American Banker’s Penny Crosman. Read more from OCBC and ThetaRay on disadvantages of the rules-based AML systems and the role of AI (Artificial Intelligence) and unsupervised machine learning in catching the bad guys.
Among other initiatives under the AI umbrella, the bank partnered with fintech firm Thetaray to use its AI solution to identify potential suspicious transactions. The solution has reduced the volume of transactions reviewed by anti-money laundering compliance analysts by 35 per cent.
ThetaRay CEO Mark Gazit is interviewed by Tech Republic’s Dan Patterson. Listen to Mark explain how cyber criminals are leveraging a new wave of technologies in order to attack financial institutions.
Late last year, OCBC Bank became the first bank in Singapore to implement artificial intelligence and machine leaning in its efforts to root out suspicious activities, specifically money laundering and other financial crimes. To do so, it turned to ThetaRay, a global cyber-security and big data analytics company headquartered in Israel….
“While regulators seem to compete with each other on the strictness of the requirements, companies struggle to achieve an effective compliance program that would be strong enough to meet industry expectations. What defines a compliance program as “effective” or “strong”? ThetaRay’s Financial Crimes Expert Yaron Hazan explains more to Compliance & Ethics Professional
“There’s a new paradigm going on; we are seeing extremely sophisticated attacks that are able to easily exploit the legacy technology and systems used by critical infrastructure,” said James Heinzman, EVP of financial services solutions for ThetaRay…
ThetaRay made it onto the annual KPMG FinTech 100 – featured as the Emerging Stars for Fraud Prevention, selected from a list of over 1500 global fintech companies!
OCBC said its fintech business unit, The Open Vault, conducted the proof-of-concept for the software earlier in the year with another fintech company, ThetaRay…
The potential for ThetaRay’s technology to detect previously unknown patterns of money laundering promises to deepen OCBC Bank’s understanding of financial crime…
OCBC Bank is raising the bar on using artificial intelligence (AI) and machine learning to combat financial crime, as it works with an Israeli fintech to boost the bank’s operational efficiency and accuracy in the detection of suspicious transactions…
“ThetaRay’s financial solutions employ unsupervised machine learning to detect a vast range of unknown threats, including fraud, money laundering and ATM hacking – with laser-sharp accuracy and industry-low false positive levels…..”
“ThetaRay — which was established in 2013 and is based in Hod HaSharon, Israel, with a U.S. headquarters in New York City — has developed a program that uses machine learning to detect when a terrorist or hacker breaks into a bank or financial institution….”
“ThetaRay, a leading provider of big data analytics solutions, today announced the appointment of Benjamin Wyrick to Senior Vice President of Sales, Americas. Wyrick has 20 years of experience in financial services sales, business development and marketing.”
“James Heinzman, ThetaRay’s EVP of financial services solutions, explains that one way terrorists are funding their activities, for example, is by hacking into tens of thousands of online bank accounts and transferring small amounts into their own account. These amounts are so small that they are difficult to detect or trace, but when taken in aggregate they can amount to large sums…..”
“…In the words of Donald Rumsfeld, “there are known knowns and unknown unknowns” and it’s the latter that ThetaRay is focusing on with their Hyper-Dimensional, Multi-Domain Big Data Analytics platform….”
James Heinzman, ThetaRay’s EVP Financial Services Solutions, explains that one way terrorists are funding their activities, for example, is by hacking into tens of thousands of online bank accounts and transferring small amounts into their own account….
In an effort to track the state of AI in Israel, Daniel Singer researched and analyzed Israeli startups that are employing artificial intelligence technology. This infographic maps over 430 Israeli startups using AI technology as a core part of their offering…
The research delves into key trends in the banking industry. Gartner found that banks worldwide are largely focusing resources into advanced analytics. According to Gartner, analytics have been “the single most important technology investment priority for bank CIOs for ten years in a row.”
The U.K. office is the latest in a steady stream of milestones for ThetaRay. Within the past year, the company has doubled the size of its workforce, and has completed installations with several leading U.S. retail banks and large European banking institutions…
“Interoperable technologies can also help banks detect cyberattacks that use sophisticated, seemingly random patterns,” said Mark Gazit, CEO at the cybersecurity company ThetaRay…
“Criminals are looking for institutions that are less sophisticated. They look for points of weakness. Sometimes they can exploit smaller institutions,” explains ThetaRay EVP Financial Services Solutions Jim Heinzman.
Download the full report to read more about ThetaRay’s cyber-security solutions for critical infrastructure & transportation networks.
ThetaRay’s CEO walks Silicon Review through the story of one of 2017’s hottest companies. Learn more about the market’s leading provider of big data analytics.
A storm is sweeping the banking world, happening faster than you can grab a fistful of 20s from the ATM. But to the average consumer, and even the above-average investor, it remains as mysterious as whatever lies behind that ATM screen…
NEW YORK, NY, April 21, 2017— ThetaRay, a global leader in big data anomaly detection, today announced that it was cited in Gartner’s March 2017 Forecast Snapshot: User and Entity Behavior Analytics, Worldwide, 2017 report. The company was also mentioned in Gartner’s March 2017 Invest Implications: Forecast Snapshot: User and Entity Behavior Analytics, Worldwide, 2017 report.
The reports discuss the User…
ThetaRay EVP Financial Services Solutions Jim Heinzman explains why legacy tech is to blame for the latest epidemic of synthetic identity theft.
Learn more about the contribution that machines are making to solving the complexity of payments for banks and service providers, in The Green Sheet’s interview with ThetaRay’s Mark Gazit & Prof. Ronald Coifman.
In this edition of Intelligent Risk magazine, we look back at the state of leading issues in 2016 while projecting views of how these issues will advance amid uncertainty in 2017….
NEW YORK, NY, February 7, 2017— ThetaRay, a global leader in big data anomaly detection, today announced that risk and compliance expert James Heinzman has joined the company’s executive management team as EVP of Financial Services Solutions. Mr. Heinzman will oversee strategy for the company’s financial services solutions, working to increase…
Supports Converging Roles in Financial Services and Industrial Organizations by Rapidly Identifying Actionable Anomalies across Multiple Risk Areas
RSA 2016, San Francisco, February 29, 2016 – ThetaRay, a leading provider of big data analytics solutions, today unveiled its Detection Center, a highly visual results module that is part of the company’s new UI. It allows data scientists and domain analysts (including fraud…
TEL AVIV, Israel, September 2, 2015
ThetaRay, a leading provider of big data analytics solutions for advanced cyber security, financial risk detection and operational efficiencies, today unveiled a new credit risk detection model for online lending banks. The model helps lenders increase revenue by identifying viable loan applications that have been wrongly rejected by the banks’ automated credit risk assessments.
The problem
Credit…
NEW YORK, July 13, 2015 /PRNewswire/ —
ThetaRay, a leading provider of big data analytics solutions for unknown threat and risk detection, today announced the opening of a U.S. office in New York. Kris Robinson, a big data expert and 30 year tech industry veteran, is joining as EVP, Americas to lead the U.S. effort and help ThetaRay grow and support…
TEL AVIV, Israel, April 16, 2015 /PRNewswire/ —
ThetaRay, a leading provider of big data analytics solutions for unknown threat and risk detection, today announced the general availability of its operational risk solutions for financial organizations. Based on the award-winning ThetaRay Analytics Platform, the offerings protect banks, insurance companies and other financial institutions against fraud, insider threats, money laundering, cyber attacks,…
Poalim Joins Investors Jerusalem Venture Partners (JVP) and General Electric
TEL AVIV, Israel, February 10, 2014 /PRNewswire/ —
Poalim Capital Markets (PCM), the investment banking arm of Bank HaPoalim, announced end of January 2014 that it is investing in the startup ThetaRay which specializes in protecting critical infrastructure, as part of Poalim’s FinTech investment portfolio.
The move comes in wake of the growing…
