Story image

ThetaRay scoops Asian Banker Risk Management Award

30 May 2018

ThetaRay has won the 2018 Asian Banker Risk Management Award for ‘Regulatory Technology Implementation of the Year’ award this week.

ThetaRay is a provider of big data analytics solutions and received the award for its efforts towards helping a major Asian financial institution combat financial crime.

The company’s AML software solution ‘significantly increased’ the banks operational efficiency, and reportedly reduced false alerts by 35%. It also increased the accuracy rate of identifying suspicious transactions by more than four times the normal rate.

ThetaRay CEO Mark Gazit says the team is humbled to be recognised for its efforts in financial crime.

"We are… proud to be recognized for our innovative approach to combating money laundering. We are happy to serve the leading Asian and global banks, and this award truly belongs to them. We look forward to continuing our work helping financial institutions defend against the increasing convergence of financial and cybercrime."

The company’s financial services and solutions enable banks to uncover the earliest signs of illicit activity.

The company derives its approach based on algorithms developed through more than a decade of research. ThetaRay uses unsupervised machine learning to identify unknown fraud, money laundering and ATM threats in real-time. With extremely high detection and low false positive rates, ThetaRay minimizes adverse financial, operational and reputational impact, and strengthens compliance. 

The awards ceremony was held at The Asian Banker Future of Finance Summit 2018 in Beijing, China. The event attracted 1000 elite banking and financial services practitioners from more than 30 countries.

The Summit also served as a forum for top risk management executives to share effective and innovative risk management practices.

In 2017 ThetaRay partnered with OCBC Bank in Singapore on a project designed to identify suspicious transactions.

ThetaRay has also been cited in Gartner’s Analytics Heat Map in Banking research in March 2017. Gartner found that banks worldwide are increasingly investing resources into advanced analytics.

Gartner explains that "analytics is integral to virtually every aspect of banking today, from back-office operations to customer-facing services,” Gartner explains.

The research also explores the following related investment areas: business domain, technologies, tools, strategies, and governance.

In the technologies category, machine learning and business intelligence (BI) are highlighted as a priority for banks needing to ensure "high security, low risk, and full compliance with regulatory requirements."

"As threats become more advanced, Tier 1 banks need to become better equipped to deal with financial crimes," comments Gazit.

"Machine learning is key to better security and in building broader business strategies. Data quantities have grown beyond the capacity of human analysis, and we are excited that Gartner has taken notice of this and included ThetaRay in their research note."  

Oracle updates enterprise blockchain platform
Oracle’s enterprise blockchain has been updated to include more capabilities to enhance development, integration, and deployment of customers’ new blockchain applications.
Used device market held back by lack of data security regulations
Mobile device users are sceptical about trading in their old device because they are concerned that data on those devices may be accessed or compromised after they hand it over.
Gartner names ExtraHop leader in network performance monitoring
ExtraHop provides enterprise cyber analytics that deliver security and performance from the inside out.
Symantec acquires zero trust innovator Luminate Security
Luminate’s Secure Access Cloud is supposedly natively constructed for a cloud-oriented, perimeter-less world.
Palo Alto releases new, feature-rich firewall
Palo Alto is calling it the ‘fastest-ever next-generation firewall’ with integrated cloud-based DNS Security service to stop attacks.
The right to be forgotten online could soon be forgotten
Despite bolstering free speech and access to information, the internet can be a double-edged sword, because that access to information goes both ways.
Opinion: 4 Ransomware trends to watch in 2019
Recorded Future's Allan Liska looks at the past big ransomware attacks thus far to predict what's coming this year.
Red Box gains compliance boost with new partnership
By partnering with Global Relay, voice platform provider Red Box is improving the security of its offerings for high-value and risk voice data.