Product: ThetaRay Platform
ThetaRay, an AI-based data analytics provider, enhanced its core platform, a technology suite that uses patented, proprietary algorithms to detect anomalies in large data sets. Designed to seamlessly integrate into existing workflows and systems, the platform supports users worldwide—from data scientists and business analysts to a variety of financial institutions (FIs) and industry sectors, according to Jim Heinzman, executive vice president, financial services solutions at ThetaRay.
"The three components of our core technology are the configuration center, detection center and investigation center," Heinzman said. "These combined technologies are designed to help banks identify anomalous activities that their legacy, rules-based systems may otherwise miss."
Protecting financial assets and data in this omnichannel environment can be a constant challenge for FIs and payments service providers, Heinzman noted. In addition to monitoring physical, digital and mobile commerce channels, banks, ISOs and ISVs must meet ever-changing regulatory and security compliance requirements while providing a secure and frictionless customer experience. The ThetaRay platform can help service providers reduce risk, achieve compliance and improve efficiencies, he added.
Heinzman pointed out that ThetaRay’s proprietary technology was developed in 2013 by Amir Averbuch of Tel Aviv University and Ronald Coifman of Yale University. The solution uses patented machine learning algorithms across a multidimensional data analytics platform. The combination of human expertise with machine learning enables the platform to leverage supervised and unsupervised learning to detect zero-day attacks, hidden advanced persistent threats, operational faults, threats and fraudulent activities, he stated.
Heinzman noted that increasingly nuanced, sophisticated attack vectors require a proportional response from organizations; pairing advanced technologies with a holistic enterprise view will help them detect and quickly react to emerging threats and seemingly unrelated events. ThetaRay's platform provides continuous, real-time monitoring and spontaneous alerts to help FIs and other large organizations identify and rapidly respond to malfunctions, misconfigurations and power outages that could impact their critical infrastructure.
Heinzman went on to say that delays in detecting anomalous activity can be a costly proposition for banks. "They may take many years and lose millions or billions before they figure out that there's a problem," he said. "The key takeaway is that the system is broken and banks are losing up to $2 trillion a year to money laundering schemes and malicious activities."
Heinzman noted that banks typically monitor transactions for suspicious activities, traditional approaches that frequently miss emerging threats. ThetaRay's technology is data agnostic and rule free, he stated, adding that the platform's proprietary algorithms can detect anomalies in real time. The solution reduces the risk of false positives while helping users identify "unknown unknowns," which he described as unspecified threats that have not yet been identified or discovered. Because they have never been categorized, these unknown threats stand a good chance of remaining undetected by traditional rules-based transaction monitoring.
The ThetaRay platform includes a suite of tools designed to simplify integrations and ingest data. The customizable dashboard includes the configuration center, which integrates data, customizes reports and optimizes performance; investigation center, which provides alerts to react to threats, optimizes workflows and ensures regulatory compliance; and detection center, which manages data configurations, analyst investigations and historic data in a centralized repository.
In an age of automated attack vectors and sophisticated global money laundering schemes, ThetaRay uses advanced technologies and machine learning solutions to detect all types of threats, Heinzman noted, adding that this holistic approach outperforms legacy rules-based systems by continuously monitoring all types of transactions across every part of an organization to detect threats in real time and protect against losses without having to rely on historic data.
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