Financial Crime World

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Israel’s Top Fraud Detection Solutions in Finance: A Look at the Country’s Cyber Security Leaders

As the financial industry continues to evolve, so too do the tactics used by fraudsters. With the increasing adoption of mobile banking, internet banking, and e-commerce, financial institutions are facing a growing threat from cybercriminals. However, Israel, known as the “Start-up Nation,” has emerged as a leader in fintech innovation and cybersecurity, developing solutions to stay ahead of these threats.

In this article, we take a look at some of the top Israeli fraud detection solutions that are making waves in the financial sector:

SONAR by ThetaRay

ThetaRay’s cloud-native SaaS solution uses advanced artificial intelligence to detect and prevent money-laundering (AML) and other financial crimes. SONAR analyzes data dynamically without relying on predefined scenarios or models, allowing for a more efficient and effective approach to transaction monitoring.

  • Key features:
    • Cloud-native SaaS solution
    • Advanced artificial intelligence for AML and financial crime detection
    • Dynamic data analysis without predefined scenarios or models

RISKIFIED by Riskified

Riskified’s e-commerce risk management platform helps merchants approve orders they would have otherwise declined, protecting customers from malicious account takeover attacks and payment failures at checkout. The platform leverages machine learning to aggregate data from large online merchants, creating network effects that drive higher sales and cost savings for merchants.

  • Key features:
    • E-commerce risk management platform
    • Machine learning-based risk assessment
    • Network effects driving higher sales and cost savings

BioCatch

BioCatch delivers advanced behavioral insights to provide actionable intelligence for global organizations. Their solutions create a secure and frictionless digital customer journey by detecting account takeover attacks, mule accounts, social engineering scams, and more.

  • Key features:
    • Advanced behavioral insights
    • Secure and frictionless digital customer journey
    • Detection of account takeover attacks, mule accounts, and social engineering scams

AGROSCOPE by Detelix Software Technologies Limited

Detelix’s AGROSCOPE checks 24/7 all company payments, including suppliers, customers, insureds, salaries, and other organizational processes to detect errors, fraud, and embezzlement in real-time. The system integrates with every possible database, examining end-to-end business processes using machine learning and business intelligence.

  • Key features:
    • Real-time payment checking for errors, fraud, and embezzlement
    • Integration with multiple databases
    • Machine learning-based analysis of business processes

ARGOS EDGE by Cyberint

Cyberint’s SaaS-based Digital Risk Protection (DRP) platform enables security teams to identify and address existing cyber risk exposures beyond traditional security perimeters. The platform provides a holistic and proactive approach to thwarting threats, with capabilities for attack surface monitoring and real-time threat intelligence.

  • Key features:
    • SaaS-based DRP platform
    • Identification and addressing of cyber risk exposures
    • Holistic and proactive approach to threat detection

SIX INTELLIGENCE SETS by Paygilant

Paygilant’s dynamic layers analyze and correlate relevant information throughout the user’s journey, determining whether a transaction is safe or risky. The platform observes various attributes related to the user, device, application, and transaction to provide a risk score that indicates the level of risk for each transaction.

  • Key features:
    • Dynamic layer analysis and correlation
    • Risk scoring based on user, device, app, and transaction data
    • Real-time threat detection and mitigation

As financial institutions continue to evolve in their fight against fraud, it’s clear that Israel’s fintech industry is leading the way. With solutions like these, financial crime detection is becoming more efficient, effective, and proactive, giving consumers greater peace of mind.