None
EN
Themis snaps us Pasabi in AI fraud fight as financial crime costs soar
['Saskia Koopman', 'Tech Reporter', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar']
City AM
Themis snaps us Pasabi in AI fraud fight as financial crime costs soarAccording to the UK’s National Crime Agency, fraud now accounts for around 41 per cent of all household crime incidents in England and Wales, while global losses from fraud and related crimes are estimated at $5.4tn (£4.01tn) a year.
“Fraud has become one of the most pervasive threats in the financial crime ecosystem”, said Themis chief executive Dickon Johnstone announced.
“By embedding Pasabi’s AI into our platform, we’re making it harder than ever for criminals to hide, and easier for businesses and consumers to protect themselves.
Regulators losing patienceThe deal also lands against a backdrop of mounting frustration from regulators over banks’ failures to prevent financial crime.
Financial crime has long been a low-yield, high-cost problem for banks, regulators and enforcement agencies.