Financial Crimes Cost World Economy $14.37 Billion
VENICE, Calif., June 20, 2018 (GLOBE NEWSWIRE) — Senzing, a new artificial intelligence-based (AI) software company, today announced its Senzing software product to address the $14.37 billion financial fraud market. Senzing is an IBM spinout that has reinvented entity resolution, which senses who is who in real time across multiple big data sources.
Senzing is disrupting the fraud solutions market by offering the first real-time, plug-and-play, AI entity resolution software product for fraud detection, insider threats and more. Now, any company can deploy Senzing to quickly and effectively detect bad actors in their big data. Senzing uses entity-centric learning and other unique techniques to pierce through falsified identities and networks to find criminals. Senzing is based on a self-learning and self-correcting algorithm that produces human-like reasoning. For the first time, this level of sophisticated entity resolution is affordable for everyone, everywhere.
Senzing is led by Founder and CEO Jeff Jonas, a serial entrepreneur, former IBM Fellow and Chief Scientist of Context Computing, and world-renowned entity resolution expert, who has spent more than two decades helping organizations catch criminals.
“The effects of financial fraud and insider threats are staggering, despite the billions of dollars companies spend each year to detect and prevent it,” said Jonas. “Our entity resolution 2.0 technology reflects two hundred years of real-world experience detecting criminal tradecraft. Furthermore, Senzing is democratizing entity resolution by allowing customers to download and try the software for free, today.”
“IBM licenses Senzing technology for use in our advanced big data analytics products,” said Rob Thomas, general manager, IBM Analytics. “Together IBM and Senzing are delivering massively scalable, real-time actionable intelligence systems that serve mission critical operations.”
From end users who want a plug-and-play desktop application to the largest organizations with thousands of data sources and billions of records, Senzing delivers a range of entity resolution 2.0 technology. In addition to bad guy hunting use cases, Senzing also addresses customer 360, public safety, GDPR compliance and more.
Senzing is mission critical across a range of industries facing financial fraud, insider threat and other bad guy hunting missions. Examples of how organizations have benefited from Senzing’s technology include:
- Organizations can detect fraud and insider threats, faster.
- Financial service institutions can more easily detect anti-money laundering (AML) and improve know your customer (KYC) compliance obligations.
- Law enforcement organizations can establish who is who and who is related to whom to expedite investigations.
- Manufacturers will gain new insights about potential supply chain risk that would have been nearly impossible to detect with human analysts alone.
- Organizations will be able to perform continuous background checks to reduce the risk of insider threats.
“Giant Oak integrated Senzing technology into Ghost® to improve the AML and KYC screening technology we deliver to global financial services firms,” said Gary Shiffman, CEO of Giant Oak. “Senzing helps us reduce false positives when dealing with messy data from multiple sources.”
The product is available for free for organizations with less than 10,000 records. Fifty thousand records costs $50/year. Larger record volumes and real-time APIs for developers start at $4,000/year. Customers can download the software now at www.senzing.com. Senzing allows customers to download the code. No private data flows to Senzing.
Senzing delivers the first real-time AI for entity resolution. With Privacy by Design principles built in from the start, the Senzing technology has more privacy features than any other entity resolution product. Senzing’s plug-and-play entity resolution helps global companies discover who is who in big data. Senzing addresses use cases such as bad guy hunting, customer 360, public safety and GDPR compliance. Senzing’s customers include global companies, government organizations, small and medium-sized businesses and independent software vendors. Senzing is based in Venice, California.
To learn more, visit www.senzing.com.
Kim Lianthamani and Julie Karbo