ING deploys ThetaRay’s analytics solution for fraud detection in SME lending
Israel-based specialist vendor ThetaRay has implemented its Advanced Analytics Solution at ING Netherlands for fraud detection.
The vendor says that combining its tech with ING’s standing risk engine will enable the bank to detect new instances of SME lending fraud hidden within massive amounts of transactional and organisational data – in real-time and with industry-low false positives.
Beate Zwijnenberg, ING’s director, fraud & cybersecurity, says that the team was impressed during a recent proof of concept with ThetaRay’s ability to quickly identify a number of transactional anomalies. “The ability to detect fraudulent activity with this level of precision and accuracy is truly innovative,” she comments.
ThetaRay’s describes its offering as a “hyper-dimensional, multi-domain big data analytics platform”. It enables financial institutions to detect threats such as lending fraud, ATM hacks, money laundering and cyber attacks. It also helps detect opportunities to boost revenue through increased loans and optimised mortgage assurance levels.
The vendor’s patented mathematical algorithms can process tens of thousands of parameters simultaneously, ThetaRay claims, enabling companies to find unknown threats across multiple environments, systems and sources – in real-time, without rules or heuristics.