Defeating the new fraud threats

Defeating the new fraud threats

The convergence of Faster Payments networks and digitisation of the banking experience is driving a new type of fraud that can devastate a consumer’s financial life and dramatically hit the bottom line of businesses. In essence, this new type of fraud is a human hack that bypasses the controls and cyber defences that banks have put in place.

In this paper, you will learn why this type of attack is growing so rapidly and, fortunately, how advances in AI technology allow for technique to be used to detect payment anomalies which fraudster may have tricked their victims into making.

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Artificial Intelligence in the financial sector: 13 key challenges of the future

Artificial Intelligence in the financial sector: 13 key challenges of the future

Today, Financial Crime teams are facing an increasing challenge in managing the speed and sophistication of change in fraud patterns amongst constantly evolving customer behaviours. This is magnified by the increase in transaction volumes, payments types and channels, in a world that is becoming always on, 24*7 and real-time. A new generation of Artificial Intelligence based solutions enable banks and financial institutions to harness internal and external data and apply advanced analytics to detect fraud and money laundering.

In this whitepaper, you will learn:

  • How AI improves sophisticated financial crime detection and prevention
  • What are the key points for operationalizing AI
  • What is explainable AI and its role in the human-machine collaboration
  • What are the benefits of a greater collaboration and information sharing of fraud intelligence
  • How regulators can help innovation

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The payments revolution

Conférence Bleckwen x Julhiet Sterwen

Paiements : révolution numérique et adaptation réglementaire

Le monde du paiement connait actuellement de nombreuses mutations. Digitalisation des échanges, arrivée de nouveaux entrants, développement du paiement instantané, Intelligence Artificielle, nouvelles réglementations… Aujourd’hui, le paiement se veut innovant, transparent, sûre, immédiat et parfaitement intégré dans nos expériences digitales.

Quels challenges les acteurs de la fonction Paiement rencontrent-ils dans la mise en œuvre de leurs projets ? Pour quelles opportunités ?

Bleckwen et Julhiet Sterwen vous invitent à partager les expériences de grands témoins :

  • Nicolas Trimbour – BNP Paribas
    Responsable de la lutte contre la Fraude et Data intelligence,
    Cash Management Competence Center
  • Pierre Bienvenu – Banque de France
    Directeur adjoint de l’Observatoire des moyens de paiements
  • Patrick Mollard – IbanFirst
    Chief Operation Officer
  • François de Pimodan Bleckwen
    Senior Business Developer

Les échanges seront animés par Jean-Philippe Poisson, partner Julhiet Sterwen.

Nous vous donnons rendez-vous le 7 novembre 2019 à La Platform58 (58 rue de la Victoire 75009 Paris)

Horaire :

18h30 Accueil

18h45 Début des échanges

20h00 Cocktail

Invitation gratuite – Nombre de places limité 

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Press Release: Bleckwen Raises $10m And Appoints David Christie As CEO

Bleckwen raises $10m and appoints David Christie as CEO

Backed by leading international investors, the company will focus on its global expansion plans and enhancing its award-winning AI-based fraud detection platform.

London, 26th June 2019: Bleckwen, a provider of real-time analytics software for fraud detection & prevention in payments, has come out of stealth to announce a $10 million first funding round. The funding will be used to support Bleckwen’s international expansion and the continued development of the company’s exciting software capabilities in AI-based fraud detection. The company’s expertise is strategically focused on the wider anti-money laundering (AML) and counter-terrorism financing (CTF) context. Bleckwen recently spun-off from Ercom, the French cybersecurity firm. The round was led by Ring Capital, a Paris-based venture capital firm and existing investors, including TempoCap, Bpifrance and Ineo, alongside senior management.

Built with banks, for banks, Bleckwen’s real-time, dynamic behavioural analytics & explainable AI-engine is well placed to detect the surging fraud threats in payments, such as  authorised push payment fraud or the “human hack” which is growing by circa 60% year-on-year, driven by the surge in real-time payment networks globally. The platform also protects banks from the emergent risks of open banking under PSD2, where banks will no longer have full control of the end-to-end user experience and security perimeter, presenting a completely new threat dimension.

Over the last year, the company has also strengthened its management team with the hire of David Christie, a 20-year veteran in financial services, previously the COO of Euronet’s money transfer business, which included the brands Ria, HiFX and XE. David is also Chairman of VitessePSP and investor in Shieldpay, bringing with him a wealth of experience implementing and operating both fraud and AML systems in payment businesses.

David is also joined by Matt Knowles, who was recently appointed Chairman of Bleckwen. Matt was previously CEO of HiFX, and together he and David successfully scaled HiFX into a world leading international payments company prior to its successful sale to Euronet.

David Christie, Bleckwen’s CEO, commented: “Nearly $4 trillion is stolen and laundered through banks annually – circa 3% of global GDP. Existing technologies are just not cutting it in the fight against this scourge of society. Something else needs to be done and at Bleckwen, we have made tremendous progress over the last two years as part of the Ercom Group, developing solutions to bring the fight to these criminals.”

“This fundraising is confirmation of our ‘scale-up readiness’ and the support from  Ring Capital and our existing investors is testament to our expertise in productising class-leading AI-based analytics in the fight against financial crime for banks. Using Bleckwen’s software, we are seeing false positive ratios drop by over 95%, the time taken to resolve alerts fall by over 50%, and a reduction in fraud loss ratios by over 60% – as compared with incumbent legacy-based rules systems.”

“Working very closely with our customers, which include a tier-1 global bank, we have developed a market-leading, payment-type agnostic, real-time capability to meet their fraud detection and prevention requirements at industrial scale. Bleckwen’s software can also dynamically adapt to ever-changing customer behaviours and profiles. We have also significantly strengthened our senior management team and operational infrastructure and will be opening offices in the UK and the US in 2019.”

 

Having co-founded and scaled an international payments company that processed $20 billion annually, I have extensive real-world experience of the challenges faced by both fintechs and banks in of the domain of fraud detection and AML. I have been deeply impressed by Bleckwen’s advanced use of machine learning technology to radically increase fraud detection over current solutions, but, as importantly, substantially reduce the volume of false positives (which build friction and cost into the customer journey). We see significant potential to commercialise this technology across banks, fintechs & other multi-national enterprises to help combat fraud and AML risk across all payment types.

Matt Knowles, TempoCap Partner and Bleckwen Chairman

 

Bleckwen has appeared to us as the unique combination of state-of-the-art AI technology, built by a leading French data team, together with top international management with a solid track record of scaling up Fintech companies worldwide. Ring knew Bleckwen before the spin-off and has contributed to design this deal in order to help Bleckwen grow and scale.

Nicolas Celier, co-founder of Ring capital

 

Bleckwen is uniquely positioned to help the fast-moving payments ecosystem improve clients’ protection and transaction efficiency, thanks to a leading-edge AI technology and experienced management. We are very happy to see David Christie and Matt Knowles join this adventure, as well as Ring Capital. We are confident that they will collectively thrive in driving the company on its new phase of growth.

Thierry Sommelet, Managing Director at Bpifrance Growth Capital – Head of Technology, Media, Telecom

 

Bleckwen was recently awarded Fintech of the year at the EBAday 2019, an event run by the Euro Banking Association – an expert-led forum for the European payments industry with nearlyx 200 member banks. Selected out of a category of 16 other finalists, the company received the prestigious award based on the innovative and dynamic nature of its market-leading AI-powered platform.

Founded in 2016 as part of Ercom, and spun out in January 2019, Bleckwen has been investing in state-of-the-art real time explainable AI-based systems for use in fraud detection. With 35 people based in Paris, France, the company has already won 2 major customers since the product was released, including a tier-1 global bank. Bleckwen will be looking to build on these successes in the years to come.

Ring Capital is a tech and digital fund positioned on the growth private equity segment. The fund has more than 165M€ to invest in the next 4 years years in digital scale-up through minority stakes of 1 to 15 million euros. The founders are Geoffroy Bragadir, a successful web entrepreneur (founder and ex-CEO d’Empruntis) and Nicolas Celier, former Partner of Alven Capital. They are backed by an outstanding operational team (CTO ex-Criteo, webmarketing and data experts, etc.) and a community of experienced entrepreneurs, CEOs and CTOs dedicated to the growth of companies in the portfolio. Ring Capital LPs are AG2R La Mondiale, Bpifrance, BRED, Danone, ProBTP, SWEN, Tikehau Capital and institutional and private investors.

TempoCap is a leading pan-European technology investor in fast-growing sizeable businesses. TempoCap offers primary capital for companies to accelerate growth as well as attractive and flexible liquidity solutions for sellers (entrepreneurs, venture capitalists, corporates). In addition to single asset investments, TempoCap advised funds acquire secondary direct investments by purchasing entire portfolios of investments from various type of investors including venture capital funds, corporates, banks or prominent business angels.

Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extra-financial services (training, consultancy) to help entrepreneurs meet their challenges (innovation, export…). For more information, please visit: www.bpifrance.fr and presse@bpifrance.fr – Follow us on Twitter: @Bpifrance – @BpifrancePresse