ComplyAdvantage buys Golden to strengthen financial crime tool

Provider of financial crime information ComplyAdvantage has acquired a technology company Golden.

As ComplyAdvantage noted in a press release sent to PYMNTS on Wednesday (April 23), Golden automates “the creation of one of the world's largest knowledge graphs,” showing interconnected data points and their relationships to analyze complex information.

“Golden’s data extraction and disambiguation using advanced natural language processing will incorporate additional disparate data sources into ComplyAdvantage’s data collection layer to provide customers with even more comprehensive insights into real-time financial crime risk,” the press release said.

According to the press release, ComplyAdvantage uses artificial intelligence (AI) and machine learning to search a continuously updated database of companies and provide customers with a “360-degree view” of financial crime risk.

“Providing AI-powered financial crime insights to our customers through a best-in-class user experience powered by the most connected data has been our North Star at ComplyAdvantage since day one,” he said Vatsa Narasimha, CEO of ComplyAdvantage. “The acquisition of Golden is a key milestone on this journey.”

Last year, ComplyAdvantage Fraud detection publisheda tool that uses machine learning algorithms to identify and prevent fraudsters.

“Banks and other financial institutions constantly have to catch up” Oliver Furnissthe company's chief product officer said in a press release.

“Fraud detection gives them a powerful new way to monitor the millions of transactions they process every day and stop criminal activity in its tracks.”

The company said the tool identifies more than 50 of the most common payment fraud scenarios faced by banks and other financial institutions (FIs), including account takeover fraud and authorized push payment (APP) fraud. And Relationship cheating.

Meanwhile, earlier this week, PYMNTS examined the ways companies rely on trusted third-party relationships to ward off fraud and other financial crimes, as well as some of the things financial institutions are paying attention to when doing so Selection of fraud prevention providers.

“Just as financial institutions recognize the need to maintain a good reputation to attract potential customers, they also place great value on the reputation of potential providers,” the report said, citing PYMNTS Intelligence/Hawk AI Data.

“Ninety percent of the FIs we surveyed cited 'reputation' as their top consideration when selecting an anti-fraud solution provider. Another but equal proportion – 90% – stated how easily and competently they can integrate a provider’s fraud prevention technologies into their company own Systems are another important aspect.”