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NewProducts
NewProducts

Leverage algorithms, AI to detect

'unknown unknowns'

zations identify and rapidly respond to malfunctions, mis-
configurations and power outages that could impact their
critical infrastructure.
Heinzman went on to say that delays in detecting anoma-
lous activity can be a costly proposition for banks. "They
may take many years and lose millions or billions before
hetaRay, an AI-based data analytics provider, they figure out that there's a problem," he said. "The key
enhanced its core platform, a technology suite takeaway is that the system is broken and banks are losing
that uses patented, proprietary algorithms to up to $2 trillion a year to money laundering schemes and
T detect anomalies in large data sets. Designed malicious activities."
to seamlessly integrate into existing workflows and sys-
tems, the platform supports users worldwide—from data Holistic risk mitigation
scientists and business analysts to a variety of financial Heinzman noted that banks typically monitor transac-
institutions (FIs) and industry sectors, according to Jim tions for suspicious activities, traditional approaches that
Heinzman, executive vice president, financial services solu- frequently miss emerging threats. ThetaRay's technology
tions at ThetaRay. is data agnostic and rule free, he stated, adding that the
platform's proprietary algorithms can detect anomalies in
"The three components of our core technology are the con- real time. The solution reduces the risk of false positives
figuration center, detection center and investigation cen- while helping users identify "unknown unknowns," which
ter," Heinzman said. "These combined technologies are he described as unspecified threats that have not yet been
designed to help banks identify anomalous activities that identified or discovered. Because they have never been cat-
their legacy, rules-based systems may otherwise miss." egorized, these unknown threats stand a good chance of
remaining undetected by traditional rules-based transac-
Protecting financial assets and data in this omnichannel tion monitoring.
environment can be a constant challenge for FIs and pay-
ments service providers, Heinzman noted. In addition to The ThetaRay platform includes a suite of tools designed
monitoring physical, digital and mobile commerce chan- to simplify integrations and ingest data. The customiz-
nels, banks, ISOs and ISVs must meet ever-changing reg- able dashboard includes the configuration center, which
ulatory and security compliance requirements while pro- integrates data, customizes reports and optimizes perfor-
viding a secure and frictionless customer experience. The mance; investigation center, which provides alerts to react
ThetaRay platform can help service providers reduce risk, to threats, optimizes workflows and ensures regulatory
achieve compliance and improve efficiencies, he added. compliance; and detection center, which manages data con-
Patented algorithms figurations, analyst investigations and historic data in a
centralized repository.
Heinzman pointed out that ThetaRay’s proprietary technol-
ogy was developed in 2013 by Amir Averbuch of Tel Aviv In an age of automated attack vectors and sophisticated
University and Ronald Coifman of Yale University. The so- global money laundering schemes, ThetaRay uses ad-
lution uses patented machine learning algorithms across a vanced technologies and machine learning solutions to de-
multidimensional data analytics platform. The combina- tect all types of threats, Heinzman noted, adding that this
tion of human expertise with machine learning enables the holistic approach outperforms legacy rules-based systems
platform to leverage supervised and unsupervised learn- by continuously monitoring all types of transactions across
ing to detect zero-day attacks, hidden advanced persistent every part of an organization to detect threats in real time
threats, operational faults, threats and fraudulent activities, and protect against losses without having to rely on historic
he stated. data.

Heinzman noted that increasingly nuanced, sophisticated
attack vectors require a proportional response from orga- Company: ThetaRay
nizations; pairing advanced technologies with a holistic
enterprise view will help them detect and quickly react to Product: ThetaRay Platform
emerging threats and seemingly unrelated events. Theta- Website: www.thetaray.com
Ray's platform provides continuous, real-time monitoring Contact: info@thetaray.com
and spontaneous alerts to help FIs and other large organi-

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