⇤ Back to edition

Citi just invested in a fraud-fighting AI startup that can reduce false-positives by 75%, making time-strapped risk management teams more effective.  

As threats rachet up, banks’ fraud investigation teams need to lean on AI-powered tools to help them more efficiently prioritize high-risk issues. 

Citi Ventures and S&P Global just contributed to the $23 million funding round of Quantifind, a risk management startup that counts four of the world’s largest banks among its customers. Quantifind uses AI to flag anti-money laundering (AML) and know-your-customer (KYC) risk signals and hidden patterns amid an increasing amount of data.  

Tools that automatically detect and triage issues can reduce costs and boost efficiency. For example, one of Canada’s biggest banks said that its investigations experienced upwards of 40% productivity gains using Quantifind’s tools.  

“AML-KYC operational costs continue to increase every year,” Quantifind COO Graham Bailey told Insights Distilled. “A complete automation solution that leverages AI to fully capture the value of external data in detecting, assessing, and investigating risk can help turn the tide.”  

Thanks to AI’s specialty in pattern matching and anomaly detection, a swathe of startups has emerged that use machine learning to fight fraud – including Chekk, Symphony AI, and Insight Partners’ portfolio company FeatureSpace.