ING Netherlands selects ThetaRay for fraud detection solutions
ThetaRay, a provider of big data analytics solutions, has announced that it has signed an agreement with ING Netherlands and implemented its Advanced Analytics Solution for fraud detection.
Combining ThetaRay's technology 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 organizational data - in real-time and with industry-low false positives.
ING Netherlands fraud and cybersecurity director Beate Zwijnenberg said: "ThetaRay impressed us during a recent proof of concept by rapidly identifying a number of transactional anomalies.
"The ability to detect fraudulent activity with this level of precision and accuracy is truly innovative."
ThetaRay's hyper-dimensional, multi-domain big data analytics platform enables financial services organizations to detect threats such as lending fraud, ATM hacks, money laundering and cyber attacks, while also uncovering opportunities to boost revenue through increased loans and optimized mortgage assurance levels.
Its patented mathematical algorithms can process tens of thousands of parameters simultaneously, enabling companies to find unknown threats across multiple environments, systems and sources - in real-time, without rules or heuristics.
ThetaRay CEO Mark Gazit said: "ING Netherlands recognizes that today's advanced threats require increased fighting power.
"We are gratified that they have chosen ThetaRay to help bolster their security processes."
Source: Company Press Release