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 synthesise 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.
