AI Financial crime firm FinCrime Dynamics has announced the appointment of Joanne Dewar to its board to bolster its mission to stamp out the rise of APP fraud.
The fintech leader will assist FinCrime Dynamics with its SaaS platform ‘Synthetizor’, a platform that generates financial crime simulations and custom synthetic data to train machine learning and find solutions to long-standing data problems stemming from evolving crimes.
The AI model trains other models to detect potential fraud events, with proven results on APP fraud. FinCrime outlines statistics from UK Finance to compound the worrying growth of APP fraud, with losses up to £485m as a result of the fraud attack.
Explaining the challenge addressed, FinCrime Dynamics CEO, Stephen Quick, commented: “The potential of AI to detect financial crime is gigantic but is largely ineffective without the right data to train it. There is a desperate need to have data to train AI against evolving threats.
“FinCrime Dynamics now makes it possible to build proactive threat AI models using our simulation intelligence around the most recent financial crime techniques and trends. We utilised exactly this approach to help develop AI detection models for APP fraud.”
“Joanne brings an unrivalled degree of FinTech commercial experience to our Board as well as an incredibly senior network in the financial services sector. We’ve already felt her positive contribution and look forward to working with her to drive the continued growth of FinCrime Dynamics.”
Dewar played a role in the evolution of the fintech ecosystem as former CEO of Global Processing Services (GPS), now named Thredd, and now as a mentor, speaker and judge, has broad visibility across the payments ecosystem.
She was also named 2023 Payments Leader of the Year by EWPN, Businesswoman of the Year at the 2022 UK Tech Awards, Director of the Year at the 2022 UK Fintech Awards and is a champion of Disability Inclusion.
“APP fraud is an ideal use case for AI given it’s unpinned by rich criminal and victim behavioural patterns. Yet it remains a problem that AI has struggled to tackle due to the lack of intelligence and data to train models. FinCrime Dynamics has directly addressed this problem with proven results,” commented Dewar on her appointment.
“Having first mentored the team on the Creative Destruction Lab accelerator programme over the past year at Oxford Said Business School, and seen the impressive progress, I’m delighted to now build on the relationship by joining the board.