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Fraugster and Elucidate announce partnership against Financial Crimes

By Joy Dumasia

July 02, 2021

  • Europe
  • Fraugster

Fraugster, a German-Israeli AI company, and Elucidate, a financial crime risk scoring platform, announced their collaboration to provide customers access to global sanctions list including individuals, corporates and countries to help merchants, payment companies and partners to meet regulatory requirements and compliance measures.

According to media reports, Financial crime (FinCrime) endangers companies’ balance sheets, reputations, and long-term profitability. The World Economic Forum reports that FinCrime is a trillion-dollar industry that takes an enormous social and economic toll on the lives it touches.

The partnership will allow customers access to global sanctions list including individuals, corporates, and countries to help merchants, payment companies, and partners to meet regulatory requirements and compliance measures. Fraugster has teamed up with Elucidate to deliver on the promise of their recently launched open AI platform approach, which bundles the ecosystem and allows technology vendors to join forces across domains.

Fraugster Co-CEO Christian Mangold states, “We are pleased to be partnering with Elucidate as several of our customers are encountering AML and organised FinCrime use cases, which can become complicated to solve if integrations are required with multiple lists. Our collaboration will provide our customers with global coverage in their fight against fraud.”

Filipe Garcia, Elucidate Co-Founder, says, “We are delighted to team up with another Berlin deep tech company to address a global and complex problem. This addition will bring our solution to Fraugster’s customers through seamless integration and is a step in the right direction in terms of joining up services for end customers.”

Recently, IBS Intelligence reported that Elucidate launched the Elucidate FinCrime Risk Monitor (EFRM), an open database for scoring financial institutions’ financial crime risk vulnerability. When financial crime scandals are increasingly common, the EFRM looks to increase transparency in the finance industry.

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