Apr 29, 2020

ThetaRay Recognized for Fraud Prevention Innovation with 202

4 min
NEW YORK, April 27, 2020 /PRNewswire/ --

NEW YORK, April 27, 2020 /PRNewswire/ -- ThetaRay, the leading provider of AI-based Big Data analytics, today announced that it has been selected as winner of the "Best Fraud Prevention Company" designation in the fourth annual FinTech Breakthrough Awards program. 

ThetaRay has also received several other awards and accolades in the past few months, including:

ThetaRay is a leading provider of AI-based Big Data analytics whose fraud detection, anti-money laundering and risk detection solutions enable financial institutions to uncover unknown threats and opportunities hidden within massive datasets. ThetaRay brings a transformational approach to big data analytics, isolating never-before-seen problems and opportunities that other solutions cannot detect. ThetaRay lets math discover meaning in the data without making any pre-assumptions. Its rule-free approach pinpoints items that matter in both the present and the future, mapping them in context, time and location.

"Banks that use traditional threat detection systems are saddled with ridiculously high false positive rates ranging from 90-99%," said Mark Gazit, CEO, ThetaRay. "We have developed a solution that propels the industry forward, radically reducing false positives while doing more to detect criminal activity than was previously thinkable. We are extremely pleased to receive this exciting industry recognition from FinTech Breakthrough, and I consider it a testament to the hard work and innovative approach executed by the entire stellar ThetaRay team."  

The FinTech Breakthrough Awards is the premier awards program founded to recognize FinTech innovators, leaders and visionaries from around the world in a range of categories, including Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. Conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in today's global FinTech market., the 2020 FinTech Breakthrough Award program attracted more than 3,750 nominations from across the globe.

"ThetaRay delivers an incredibly powerful AI platform with technology implementation and mathematical algorithms that are designed for handling massive data sets," said James Johnson, Managing Director, FinTech Breakthrough. "We are thrilled to recognize ThetaRay for its 'breakthrough' AI-based fraud detection and prevention platform, which provides faster and more accurate analytics for identifying emerging risk and discovering new opportunities. We offer the company a hearty congratulations on winning the 'Best Fraud Prevention Company' award in our 2020 FinTech Breakthrough Awards program."

Organizations whose operations rely on highly heterogeneous and complex environments benefit from ThetaRay's unmatched detection and low false positive rates, which enable them to unify detection and defeat the unknown.

ThetaRay is the only proven end-to-end artificial intuition solution, encompassing everything from data integration through alert resolution. It provides innovative data integration and data quality capabilities, augmented unsupervised, supervised and other disruptive machine learning detection in a single unified platform, robust case management, and advanced forensic analysis capacities.

With the COVID-19 pandemic causing both a surge in suspicious activity and a displaced or mobile workforce, financial institutions face even greater pressure than usual in their fight against financial crime. In fact, since the pandemic began, clients have already seen an average increase in fraud and alerts of 25% and 35%, respectively. Some banks are especially challenged because they did not classify teams conducting fraud reviews and alert adjudication as "essential" in their Business Continuity Plans (BCP).

Tomorrow, April 28th at 12:00 pm EDT, ThetaRay will host a webinar with Baker Tilly titled Fighting Financial Crime During COVID-19 – The New Normal. This complimentary event will feature Edward Sander, Chief Product Officer of ThetaRay as moderator; along with James Heinzman, EVP Financial Services Solutions, ThetaRay; Jonathan Marks, CPA/CFF, CITP, CGMA, CFE, Partner, Practice Leader – Global Forensic, Compliance & Integrity Services, Baker Tilly; and Steven Goldberg, Director, Baker Tilly. The speakers will discuss changes in consumer and business behavior since the pandemic began, the mindset of the fraudster, and recommendations for Chief Compliance Officers, BSA, Compliance & Risk Management Officers, and Heads of Financial Crime, AML, Fraud and Correspondent Banking. To register, visit the ThetaRay website.

About ThetaRay

ThetaRay is dedicated to helping clients at large financial organizations, cyber security divisions and critical infrastructure become more resilient and seize opportunities. Its advanced analytical solutions operate with unprecedented speed, accuracy and scale, enabling clients to manage risk, detect money laundering schemes, uncover fraud, expose bad loans, uncover operational issues and reveal valuable new growth opportunities. To learn more about ThetaRay, visit www.thetaray.com.

About FinTech Breakthrough

Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.

Mark Prindle 
Fusion PR
[email protected]

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