As technology continues to advance, so do the methods used by criminals to commit financial crime. This puts businesses in a difficult position; they must remain compliant with regulations while staying one step ahead of those who are trying to exploit loopholes. Sygno, a startup based in Leusden, Utrecht, The Netherlands, is revolutionizing the way financial crime is detected and prevented with their automated machine learning technology.
Sygno’s Approach to Fighting Financial Crime
At Sygno, they believe that the best way to catch bad actors is to first understand what good behavior looks like. By analyzing and identifying patterns in regular customer behavior, anomalies and suspicious activities become much more apparent. Their machine learning technology generates detection models based on a business’s own raw data and regulatory requirements, which can then be deployed in their transaction monitoring system of choice. This approach significantly reduces the number of false positives, and increases the number of true positives.
Benefits of Sygno’s Approach
The benefits of Sygno’s approach are twofold. Firstly, it saves businesses time and money by reducing the number of false positives, allowing case analysts to spend their time on meaningful investigations. Data scientists can also focus on more bank-specific risks, and compliance teams can easily explain the transparent models to regulators. Secondly, it enables businesses to catch criminals faster and more effectively, which ultimately leads to a safer financial ecosystem for everyone.
Sygno’s technology is already making waves in the industry. It has been successfully deployed at a number of financial institutions, and has been recognized as a “Cool Vendor” in Gartner’s 2020 report on “Cool Vendors in AI for Banking and Investment Services.”
Sygno’s Team and Vision
Sygno’s team is comprised of experts in the fields of machine learning, data science, and compliance. Their combined expertise has allowed them to create a solution that is both effective and user-friendly. The company’s vision is to make transaction monitoring more manageable and effective for businesses, while also creating a safer financial ecosystem for everyone.
Sygno’s automated machine learning technology is a game-changer for businesses in the fight against financial crime. By focusing on regular customer behavior, Sygno is able to reduce the number of false positives and increase the number of true positives, making transaction monitoring more manageable and effective. Their team of experts is dedicated to creating a safer financial ecosystem for everyone, and their technology is already making a significant impact in the industry.
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