crime

crime

Quantexa’s cloud-based technology helps OFX fight financial crime


Leading foreign exchange and global payments provider OFX deploys Quantexa, utilising Google Cloud Platform, to fight increasing industry financial crime risk and support regulatory obligations

London and Sydney, June 24th 2020 – Quantexa, the leader in contextual decision intelligence (CDI) software and solutions, has partnered with OFX, to deploy a pioneering cloud-based service technology platform that strengthens OFX’s financial crime detection capabilities in international payments.

With increasing regulatory focus on the integrity of international payments, OFX is leading the way with enhanced anti-financial crime detection and investigation capabilities, working with Quantexa. The jointly configured cloud-based solution deployed using Google Cloud Platform infrastructure, uses dynamic entity resolution and network analytics as-a-service to build a complete contextual view across multiple data sources to detect financial crime more accurately. The enhanced capabilities of the solution have empowered OFX to enhance the process for monitoring its customers transactional activity and improving the detection of financial crime.

By creating a 360-degree contextual view of the customer, the platform enables the generation of more meaningful alerts and the ability to spot hidden risks more effectively, with fewer false positive alerts.

The partnership brings together two leading innovators in the FinTech and RegTech sectors to enable more automated, real-time decisioning and to more effectively detect criminal activity across borders.

By enriching internal data with transactional data and external sources, Quantexa’s CDI technology builds a complete network view of customers to reveal hidden connections and suspicious activity. A contextual approach to risk detection empowers OFX to effectively identify complex risk and financial crime, such as money laundering, and enables them to make better operational decisions in a shorter time frame.

Vishal Marria, CEO of Quantexa, said: “We are delighted to be working with such a progressive organisation like OFX, who are leveraging our contextual decisioning technology to tackle an important global challenge, to help ensure international fund transfers are not exploited by increasingly sophisticated criminal networks, looking to move illicit funds across borders. Jointly we have created a solution that is ensuring the integrity of international payments.”

Mark Shaw, COO of OFX, said: “We continuously look for innovative ways to build on our existing prevention systems to keep ahead of financial crime. The bottom line is that this matters because it protects our customers and our communities. Illicit flows can underpin horrendous crimes and all of us in the industry has to play our part in making sure we do everything in our power to ensure we prevent it. Quantexa’s open technology integrates into our IT ecosystem and augments our team’s investigative capability. It has given us the ability to identify wider networks of suspicious transfers, enabling us to react quickly and protect our customers.”

About OFX
OFX grew from the idea that there had to be a better, fairer way to move money around the world. That was 20 years ago, and we’re still driven by the same mission today.

We believe real help from real people counts, and that’s why we offer our clients the best of both worlds – a easy to use digital platform, combined with 24/7 phone access to our Currency Experts (we call them OFXperts). Foreign exchange is in our DNA. We help clients navigate the complexity of FX, making it simple and easy to understand. Because when it comes to money, informed decisions are the best decisions.

Keeping our clients’ money secure is a top priority. We’re an ASX listed company and are monitored by over 50 regulators globally. To date, we have helped over 1 million customers worldwide and have transferred over AU$150 billion. Our clients are all over the globe, so we are too. We operate in offices in London, Sydney, Auckland, Hong Kong, Singapore, Toronto and San Francisco. It’s global expertise, delivered locally.

For more information, please visit www.OFX.com

About Quantexa:
Quantexa is a contextual decision intelligence software and solutions company that empowers organisations to drive better operational decisions from their data. Using the latest advancements in big data and AI, Quantexa’s platform uncovers hidden risk and discovers new opportunities by providing a contextual view of all internal and external data in a single place. It solves major challenges across financial crime, customer intelligence, credit risk, fraud and throughout the customer lifecycle.

The Quantexa platform pushes performance to a new level with over 90% more accuracy and 60 times faster analytical model resolution than traditional approaches. Quantexa has thousands of users working with billions of transactions and data points across the world. Quantexa is a global business with offices in London, New York, Boston, Belgium, Toronto, Singapore, Melbourne and Sydney.
For more information, visit: www.quantexa.com

Media Contact:
Marie Attfield
Communications Manager
Quantexa
T: +44 7864 762307
E: marieattfield@quantexa.com

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UK financial crime tech firm announces partnership to use unstructured data to prevent fraud


Synectics Solutions and Infoboss today announced a partnership that will see both organisations integrate their respective technology platforms, to broaden the reach of anti-fraud and financial crime activity, in both the public and private sectors, through the automated processing of unstructured data.

Infoboss has developed innovative data mining and processing capabilities allowing for the collection, classification, tagging, derivation and augmentation of data from any electronic source. The technology automates the management and processing of data utilising machine learning and artificial (AI) techniques enabling businesses to leverage valuable insights and efficiencies from previously untapped data sets.

From today, Synectics will be working with Infoboss to begin to incorporate its unstructured data mining capabilities into its financial crime risk management solutions for both public and private sector use. This comes on the back of additional partnerships recently agreed with other unstructured data analysis companies in this area, and reflects the big opportunities that Synectics sees for its clients’ in leveraging this untapped source of intelligence to aid the fight against fraud and other types of financial crime.

For over 27 years, Synectics has been at the forefront of developing leading edge, data driven solutions for its clients to help them create effective risk management systems to reduce their losses to fraud and financial crime.

Synectics’ clients have saved over £4.8 billion collectively in recent years through the use of market leading link analysis, fraud prevention and predictive analysis solutions – SIRA, Orion and Precision. Synectics has also helped public sector organisations save over £1.69 billion through its work with the UK’s Cabinet Office and the National Fraud Initiative. This new technology partnership will be especially useful to Synectics’ customers in their fight against fraud and minimisation of claim leakage.

Mark Hobart, Managing Director Infoboss commented: “The relationship with Synectics is important to us as it provides opportunity to illustrate how our innovative technology platform can be used in the fight against fraud and to deliver efficiencies in other areas that their customers are looking at such as claim leakage.”

Hobart continues: “Synectics is a leader in its field and we’re delighted to have been selected as a trusted partner on this innovative initiative.”

Russell Mackintosh, Head of Partnerships at Synectics said: “There’s often far more intelligence that fraud investigators can utilise from their own unstructured data. This is typically held in correspondence, invoices, statements, utility bills, payslips, claims forms and identification documentation. By using Infoboss’ technology to harvest this information and integrate it into our fraud prevention solutions, our customers will be able to gain a much more informed and richer picture of the levels of risk associated with applications or claims.”

About Infoboss

Infoboss provide an innovative, enterprise strength automated data management and processing platform. Utilising technologies such as search-engine, machine learning and artificial intelligence, the software can be used to solve a variety of business problems pertaining to data.

For further information visit www.infoboss.co.uk or alternatively call Mark Hobart on 0333 772 1963 or email mhobart@infoboss.co.uk

About Synectics Solutions

Synectics Solutions is a pioneering data solutions and software development firm, which has been providing leading-edge, risk mitigation software products to clients across the finance, insurance, automotive and public sector for over 27 years. The company is focused on protecting organisations against fraud and financial crime.

For more information visit www.synectics-solutions.com or alternatively call 0333 234 3419 or email marketing@synectics-solutions.com

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Leading Technology Providers Trailblaze New Digital ID Technology to Fight Financial Crime


Synectics Solutions has partnered with the digital identity platform Yoti to leverage advanced identity verification technology and enhance customer onboarding for its clients. The partnership will help tackle identity fraud and prevent bad actors from accessing and using financial services to commit serious crimes.

Synectics will utilise Yoti Doc Scan to digitally transform the customer experience – offering individuals a simple, private and secure way of proving their identity for KYC when applying for financial services.

The innovative move will provide Synectics’ clients with the ability to:

● Verify the identity of end-customers to a high level of assurance in the UK or over 175 nationalities using government-approved documents including passports, driving licenses, and national ID cards.
● Allow consumers to prove who they are remotely and securely, globally.
● Streamline the approach to customer onboarding and customer due diligence.
● Reduce user journey friction and deliver products and services faster than before.
● Enhance regulatory compliance through a best-in-class technology solution.

As new digital technologies disrupt markets, complex organizations need to move from traditional information management approaches to modern solutions if they want to remain secure and competitive.

For over 27 years Synectics Solutions has been at the forefront of developing leading-edge, data driven solutions for its clients, to help them create effective risk management systems and reduce their losses to fraud and other financial crime. Synectics’ clients have saved over £4.8 billion collectively through the use of these market leading link analysis, fraud prevention and predictive analysis solutions – National SIRA, Orion and Precision.

Yoti provides global coverage for businesses through being able to authenticate government-issued ID documents from 175 countries. It uses cutting edge AI to determine that a person is real, through a fast and simple liveness test, and that they are the person who they claim to be through matching their face to the presented ID document. This can offer significant benefits to many regulated firms who still require customers to present certified paper copy proof of identity documents over the counter.

Russell Mackintosh, Head of Partnerships at Synectics Solutions said: “We’re delighted to announce this partnership with Yoti as it further demonstrates our recognition that improving methods of authenticating and identifying genuine customers lies at the heart of addressing issues of fraud and financial crime for our clients.

“As a company we’re committed to continually investing in the services we offer and Yoti’s Doc Scan provides access to the leading edge ID&V technology to help our clients improve their ability to authenticate genuine customers faster and more effectively.”

Gareth Narinesingh, Commercial Director – Financial Services at Yoti said: “Our partnership with Synectics Solutions is a key proposition for UK regulated financial services. Verified identities delivered through our Yoti Doc Scan platform compliments best-in-class data services provided by Synectics Solutions. Financial services clients can now look to an end-to-end solution for onboarding new customers or remediating existing customer files, through a comprehensive digital journey. This will lead to better and quicker customer outcomes for good actors, whilst employing much tighter controls around keeping out bad actors. This will be good news for both compliance officers and heads of retail banking and consumer finance businesses.”

For more information go to www.yoti.com or visit the app store on iOS and Android phones.

About Yoti

Founded in 2014, Yoti is a global technology company on a mission to become the world’s trusted identity platform. Our free digital identity app is the new, safer way to prove your age on nights out, check out faster with age restricted items at supermarkets and save time and money proving your identity to businesses. It brings safer connections with the people you meet online as well as enabling secure website login with your biometrics instead of remembering passwords. All personal details are secured with 256-bit encryption and Yoti promotes a data minimisation approach. For more information, visit www.yoti.com

About Synectics Solutions

Synectics Solutions is a pioneering data solutions and software development firm which has been providing cutting-edge software products to clients across the finance, insurance, automotive, public sector, and private sectors for over 27 years. The company is focused on fighting crime and protecting organisations against fraud and financial crime. For more information visit www.synectics-solutions.com

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Facewatch and DVS join forces to distribute game changing GDPR compliant facial recognition crime deterrent solution


https://www.prfire.com/
Dave Davies, CTO at DVS demonstrates the Facewatch solution to DVS sales staff

DVS, one of the UK’s leading CCTV camera and components distributors, will become the first UK distributor to provide the Facewatch facial recognition crime deterrent solution to their installer and reseller network.

The use of facial recognition as a deterrent to stop shop theft and violence in retail stores is rapidly
gaining acceptance. The Facewatch system has been successfully tested across a range of retailers over the last 18 months. With demand increasing making Facewatch available via the established UK reseller channel will ensure the product, training and support is provided at the very highest level and a rapid roll out can be achieved.

Facewatch, which is sold as a licenced product is GDPR compliant and the uploaded criminal data is the responsibility of Facewatch under a data sharing agreement has been signed by the user. Facewatch will be available to ‘approved’ installers who have been trained on both the practical setup of the cameras and aspects of managing and running the system.

Gavin Dunleavy, Commercial Director, DVS Ltd

“Facial recognition is being discussed within businesses and the wider world by those who understand that the best technologies can deter and prevent crime. Facewatch is the leading facial recognition solution with a focus on the retail sector and other verticals alike. With GDPR compliance and privacy controls built into the system the solution becomes powerful and legally deployable. Facewatch combines simple CCTV hardware with a secure cloud-based software solution, so accredited training and support is of the upmost importance for our installers to deliver this incredible solution. We will be running training from our HQ initially then across the UK with a plan to have trained and accredited strategic partners in place throughout 2020.”

DVS Company Background

A fast paced and energetic organisation, DVS has embraced innovative technological advances in the industry and are now one of the industry’s most proficient distributors of IP CCTV products. Formed in 2003, DVS has quickly established itself as one of Europe’s most successful multi-brand distributors of electronic surveillance products. This has been built on significant investment into our superb sales and technical teams, and a state-of-the-art demonstration and training facility located at DVS HQ. Professional and proficient staff, with a fantastic working environment, ensures that customers and suppliers alike always receive a positive impression.

Nick Fisher, CEO, Facewatch Ltd

“DVS are a perfect partner for us. They have a highly technical team; they are used to working with the very latest CCTV technology and have a great team on the road and at their HQ offering sales and technical support. Facewatch is a sophisticated SAAS (software as a service) product that requires training and support and DVS have a well-established training team who will work with us to establish a network of approved Facewatch installers. Facewatch is supplied on licence and therefore creates a new recurring income stream for installers who will provide lifelong technical, product management and training support to their customers. We are very excited to announce DVS as our channel partner.”

Facewatch company background:

Facewatch have been providing crime prevention solutions to the retail industry for over 10 years. The business was started by Simon Gordon owner of London’s oldest wine bar on the Embankment in London. The Wine bar was a target for pick pockets and bag thieves and he wanted to provide a relaxed and safe environment for his customers. Being technology minded and working with the local police he launched the first ever online crime reporting system including CCTV footage. This led to the launch of the first facial recognition solution in 2017, enabling retailers to deter habitual criminals who were shoplifting, abusing staff or causing criminal damage.

https://www.prfire.com/
Figure 1. Facewatch matches faces against known offenders within seconds of them entering a business

Today the Facewatch system provides a GDPR compliant solution that is easy to install, can be used and managed by small stores and is scalable for use by large retail groups due to its unique cloud-based servers and using Intel® NUC mini PCs. Data is managed securely by Facewatch. Facewatch doesn’t store information about the general public, just those for whom their retailer subscribers have uploaded confirmed evidence of criminal activity. If a facial image is not matched to a relevant watch list the algorithmic data is instantly deleted.

Facewatch solution overview:

Facewatch uses the software-as-a-service technology model, making advanced facial recognition affordable for even small businesses. The company’s watchlist lives on the cloud. It’s a centralized, managed database of biometric data corresponding to the faces of people who are reasonably suspected of having shoplifted or committed other crimes at businesses that subscribe to the service (Figure 1).

The hardware to run Facewatch is simple to deploy. It includes a standard HD CCTV camera and Intel® NUC, a mini-PC that is only 4×4 inches in size and consumes very little power. Its performance enables it to play and record video at 4K Ultra HD clarity, making it ideal for a facial recognition system. The cameras—placed at store entrances—send an image to an on-site NUC loaded with software that converts the image to an algorithm. The algorithm is compared to those in the Facewatch relevant watchlist for that property and if there is a match an alert—along with an accuracy reading—is sent to the retailer’s smartphone or other device, warning it that a known criminal on the watchlist has entered its business.

To add a shoplifter to the watchlist takes only six key presses and about 20 seconds, making it easy for store or security staff, and it doesn’t interfere with their normal duties. “They simply follow a dropdown menu, the time and date are automated, tick the box, the whole thing’s designed to be simple but highly secure and includes a confirmatory legal statement confirming that the information is accurate.” said Nick Fisher, CEO of Facewatch.

The solution does not retain any personal data on anyone not on the watchlist. “If no match is discovered, the image is deleted in 0.3 seconds” Fisher said, “and the entire process—from the
moment a known shoplifter comes through the door, to the instant the retailer gets an alert—takes less than two seconds.”

For more information:
Facewatch
Stuart Greenfield
PRO
T: 07788 662697
E: stuart.greenfield@facewatch.co.uk

DVS Ltd
Jake Britten
Marketing Manager
Jake@DVS.co.uk
T +44 (0) 2920 455 512
M +44 (0) 7546 639 161

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