- Sygno will continue the fight against financial crime with automated machine learning (AutoML) based on the legitimate behaviour of clients.
- The new name supports Sygno’s international growth, and the ongoing convergence between Fraud and AML into a single client view.
Leusden, The Netherlands – Sygno, a global AutoML expert in financial crime detection, today announced it will change its brand name from Fraud Dynamics into Sygno.
Said Sjoerd Slot, CEO and Co-founder, Sygno:
“Under the current levels of regulatory pressure, with financial criminals always looking for loopholes to stay ahead, financial institutions and payment firms are increasingly moving to anomaly detection to uncover tomorrow’s risks in transactions. Our rebranding into Sygno helps deliver this message to a broader global audience and lets us do what we do best: solving critical compliance and security challenges in transaction monitoring.”
Said Dirk Mourik, Co-founder, Sygno:
“Our AutoML solution, based on anomaly detection, has proven to drastically reduce false positives and increase the detection of previously unknown financial crime. Through the usage of AutoML we enhance existing transaction monitoring systems and deploy machine learning in a scalable and regulator-proof way without tapping into scarce data science resources.”
With deep roots in AI/ML and regulatory compliance for banks and payment processors, Sygno obtained a profound understanding of the challenges that financial institutions face in fraud and anti-money laundering. As a result, Sygno’s technology plugs into existing environments and enhances them, instead of requiring complex migrations. Sygno’s solution thereby strengthens legacy systems and modern (cloud) architectures, all without the cumbersome projects associated with end-to-end systems.
In December 2020 Sygno secured an undisclosed amount of funding from venture capital firm TIIN Capital and welcomed renowned experts, investors and advisors. Joining the ranks are Richard Biss (ex-Thetaray), Fred Teeven (former Deputy Minister of Justice), Rene Troost (former RBS, ABN AMRO and the Dutch central bank), Victor van der Kwast (ex-ABN Amro), Alberto Constans (former Barclays and Banco Sabadell), and founders from TIIN Capital.