Financial Crime World

Israeli Tech Firms NICE Actimize and ThetaRay Leading the Fight Against Financial Crime in the Digital Age

In today’s world of online finance, where transactions are digital and anonymous, financial criminals have found new avenues to exploit vulnerabilities. Two Israeli companies, NICE Actimize and ThetaRay, are taking a stand against this emerging threat with innovative fraud prevention solutions. The support of the Innovation Authority further boosts their efforts.

The Growing Threat of Financial Crime

  • Financial crime, particularly money laundering and fraud, has become a multi-billion-dollar industry 1.
  • Financial institutions and organizations were fined over $10 billion by regulators in 2020 for failure to prevent money laundering 1.
  • The cost of fraud amounts to a staggering $50 billion 1.

The Evolution of Financial Crime in the Digital Age

According to Yuval Marco, the General Manager of Fraud and Authentication Management Business Unit at NICE Actimize:

  1. Financial criminals are continually evolving their tactics 1.
  2. They are increasingly using advanced technologies like Artificial Intelligence (AI) and machine learning 1.
  3. The ongoing transition to a digital economy is accelerating 1.

NICE Actimize: Preventing Financial Crime with Advanced Solutions

NICE Actimize:

  • Provides a full suite of solutions to prevent money laundering, fraud, and market manipulation 1.
  • Caters to the various needs of different clients 1.

Innovative Solutions from NICE Actimize

  1. X-Sight Marketplace: A cloud ecosystem of solution providers and users that saves financial institutions the hassle of integration 1.
  2. Federated Learning: Anonymously shared data for AI enhancement 1.

ThetaRay: Identifying Anomalies to Prevent Financial Crime

ThetaRay:

  • Focuses on the financial sector 2.
  • Primarily targets money transfer transactions 2.
  • Detects anomalies in banks and financial institutions 2.

Anomalies identified could represent potential risks such as:

  • Financial fraud 2.
  • Money laundering 2.
  • Terror funding 2.
  • Human and drug trafficking 2.

ThetaRay’s Advanced Solution

ThetaRay offers comprehensive, unified solutions for financial institutions:

  • Its algorithms use geometric methods and advanced deep learning and AI technologies 2.
  • Fuses detected anomalies from multiple algorithms to reduce false alerts 2.

Conclusion

  1. Israeli companies NICE Actimize and ThetaRay pave the way for advanced, effective, and data-driven fraud prevention solutions [^1^, ^2^].
  2. Their collaborative efforts with the Innovation Authority and regulatory bodies ensure the development of AI-driven, intuitive, and customized products [^1^, ^2^].
  3. These innovations help protect the integrity of financial institutions’ systems by staying abreast of ever-changing needs [^1^, ^2^].

  1. Source: NICE Actimize ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎

  2. Source: ThetaRay ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎