ThetaRay, a leading provider of big data analytics solutions, today 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.
"ThetaRay impressed us during a recent proof of concept by rapidly identifying a number of transactional anomalies," stated Ms. Beate Zwijnenberg, Director Fraud & Cybersecurity, ING Netherlands. "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.
"ING Netherlands recognizes that today's advanced threats require increased fighting power," said Mark Gazit, ThetaRay, CEO. "We are gratified that they have chosen ThetaRay to help bolster their security processes."