May 29, 2024

ComplyAdvantage Buys Golden to Bolster Financial Crime Tool

Financial crime intelligence provider ComplyAdvantage has acquired tech company Golden.

As ComplyAdvantage noted in a Wednesday (April 23) news release sent to PYMNTS, Golden is “automating the construction of one of the world’s largest knowledge graphs,” which shows interconnected data points and their relationships for analyzing complex information.  

“Golden’s data extraction and disambiguation using sophisticated natural language processing will bring additional disparate data sources into ComplyAdvantage’s data ingestion layer to provide clients with even more comprehensive, real-time financial crime risk insights,” the news release said.

According to the release, ComplyAdvantage uses artificial intelligence (AI) and machine learning to comb through a continuously updated database of entities to offer clients a “360-degree view” of financial crime risk. 

“Delivering AI-enriched financial crime insights to our customers through a best-in-class user experience built on the most interconnected data has been our north star at ComplyAdvantage since day one,” said Vatsa Narasimha, CEO of ComplyAdvantage. “The acquisition of Golden is a critical milestone on that journey.”

Last year, ComplyAdvantage released Fraud Detection, a tool that uses machine learning algorithms to identify and prevent scammers.

“Banks and other financial institutions are constantly playing catch-up,” Oliver Furniss, the company’s chief product officer, said in a news release.

“Fraud Detection gives them an effective new way to monitor the millions of transactions they process every day and stop criminal activity in its tracks.”

The company said the tool identifies more than 50 of the most common payment fraud scenarios facing banks and other financial institutions (FIs), including account takeover fraud, authorized push payment fraud (APP) and relationship fraud.

Meanwhile, PYMNTS earlier this week examined the way companies are turning to trusted, third-party vendor relationships to help fight off fraud and other financial crimes, as well as some of the things that FIs look for when choosing fraud-prevention vendors.

“Just as FIs recognize the need to maintain a solid reputation to attract prospective customers, they also place a high premium on potential vendors’ reputation,” that report said, citing PYMNTS Intelligence/Hawk AI data. 

“Ninety percent of the FIs we surveyed cited ‘reputation’ as a top consideration when considering a fraud-fighting solution provider. A different but equally large share — 90% — said the ease and expertise with which they can integrate a vendor’s fraud-prevention technologies into their own systems is another major consideration.”


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