Over 3 million cases of fraud are reported in the UK every year, shockingly it accounts for nearly 40% of all reported crime. To tackle this, financial institutions are turning to AI but AI requires large amounts of data and access to that data is a challenge. Strict privacy regulations such as GDPR have made it increasingly difficult to obtain the actionable data needed to train these AI fraud detection tools. This shortage of reliable information is a growing concern for the sector, as it limits efforts to stay ahead of sophisticated fraud schemes.
FinCrime Dynamics, an innovative fintech enabling financial institutions to build better defences against financial crime using criminal behavioural intelligence and data resources, has developed a platform that simulates complex fraudulent behaviours. This allows financial institutions to test their existing detection measures and synthesize the data needed to improve them.
Oxford Capital led FinCrime Dynamics’ seed investment round, alongside Twin Path Ventures and Syndicate Room, backing founders Stephen Quick and Daniel Turner-Szymkiewicz.
“Financial crime is evolving every day, especially with the increasing adoption of generative AI by criminals, and it is technology solutions such as FinCrime Dynamics that are the key to staying ahead of it,” said Richard Oakley, Senior Investment Manager for Oxford Capital. “We’re proud to support this innovative work.”
“FinCrime Dynamics is delighted to now announce our latest fundraise,” Stephen Quick, CEO and co-founder of FinCrime Dynamics said of the successful seed round. “Finding the right investor fit is an incredibly important long-term partnership for any venture. FinCrime Dynamics has always been extremely fortunate to attract a high calibre of investors. We are pleased to have received further support from the team at Twin Path Ventures and from longstanding angel supporters such as Robert Sansom as part of this new round of funding.”
“We are also thrilled and thankful to our new investors who have joined our journey this round, such as Oxford Capital, Syndicate Room and Ascension. We are particularly excited to be working with our new lead investor Oxford Capital and to welcome Richard Oakley to our Board.”
Read the orginal article: https://ffnews.com/newsarticle/funding/fincrime-dynamics-secures-seed-funding-to-revolutionise-financial-crime-prevention-with-ai-and-synthetic-data/
