TEL AVIV, Israel, June 20, 2016 /PRNewswire/ --
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."
ABOUT ING NETHERLANDS
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank's more than 52,000 employees offer retail and wholesale banking services to customers in over 40 countries.
ING Group shares are listed (in the form of depositary receipts) on the exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING's corporate strategy, which is evidenced by ING Group shares being included in the FTSE4Good index and in the Dow Jones Sustainability Index (Europe and World) where ING is among the leaders in the Banks industry group.
ThetaRay is a leading provider of big data analytics solutions that detect threats and discover opportunities. The company's platform analyzes massive amounts of data for advanced cyber security, financial risk detection and operational efficiency, protecting financial services sectors and critical infrastructure against unknown threats. ThetaRay's core technology is based on state of the art algorithms, which power its proprietary Hyper-Dimensional, Multi-Domain Big Data Analytics platform. Organizations whose operations rely on highly heterogeneous and complex environments leverage ThetaRay's unmatched detection and low false positive rates as a see-all power that enables them to unify detection and uncover the unknown.