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ThetaRay launches FAST START to tackle financial crime in COVID-19 times

ThetaRay, Israel, AI, data analyticsIsrael’s AI-based data analytics provider ThetaRay, announced the launch of FAST START, a new offering designed to address the needs of financial institutions (FIs) during the uncertainty of the novel Coronavirus (COVID-19) pandemic. FAST START packages the power of ThetaRay’s financial crime platform into a cloud deployment that is up and running within 30 days to provide banks with immediate support at a time when bank fraud and money laundering scams are significantly increasing.

“Covid-19 has severely impacted the world as we know it, but unfortunately, criminals are using the crisis as an excuse to line their pockets,” said Mark Gazit, CEO, ThetaRay. “ThetaRay is offering FAST START as a means for banks to defend themselves immediately while protecting their budgets during this chaotic time.”

The crisis has shellshocked industries around the globe and banking has been particularly hit hard. Banking is impacted not only because of the virus but also due to the bad actors taking advantage of the crisis, as well as cost and operational pressures. Hackers are using the chaos as a distraction to launder money and lure a vulnerable public into fraudulent schemes, using coronavirus fears and the promises of stimulus checks.

“FAST START is the right market solution for the challenges faced across the banking industry in our current times,” said Colin Whitmore, senior analyst, Aite Group. “It will certainly help protect financial institutions and their customers against sophisticated schemes and attacks.”

The cloud package offering is available for AML Alert Triage, AML Detection & Monitoring and Enterprise Fraud Prevention. FAST START delivers financial institutions the immediate assistance they need to protect themselves and their customers against financial cybercrime. The product is packaged for rapid deployment, fast adoption and minimal capital & contractual commitment to help banks that are currently operating with a reduced security staff and budget.

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