Sygno joins ING Labs to fight financial crime with automated machine learning
LEUSDEN/BRUSSELS, 28 March 2022 – Sygno, provider of Automated Machine Learning (AutoML) transaction monitoring models, has joined the most recent cohort of scale-ups that will enter the ING Labs 2022 Programme. During the 2022 programme Sygno will bring its technology into ING’s existing transaction monitoring environment and help the bank fight financial crime. Sygno and ING will enter a co-creation cycle, starting with models on automated alert handling.
Said Jonas Buyle, Director of Fraud and Cyber Security at ING Belgium
“By now there’s no one left in #Belgium that hasn’t already received a dodgy SMS or sneaky e-mail in an attempt for phishing. We’re about 11,5 million people in our country but in the end there are only a handful of #fraudsters that cause this societal problem whereas it affects many more. So I am really excited to try out with Sygno what we can learn from all of our good fellow citizens to catch the bad guys!”
Said Pieter-Jan Boiten, Head of ING Labs Brussels:
“With this year’s participating scale-ups, we focus more than ever on creating value and taking a leap forward in some of the most strategical topics for ING. Welcome Sygno to our ING Labs Brussels family.”
Said Sjoerd Slot, CEO and Co-founder, Sygno:
“Regulators and customers expect from banks to have efficient solutions in place to combat fraud and money laundering. It is an honour to be selected as cohort partner and we are looking forward to help ING in becoming a data driven bank with our AutoML model generation and expertise.”
Sygno develops custom AutoML models that tackle transaction monitoring risks while reducing the amount of false positives significantly. Sygno’s solution is based on anomaly detection and focuses on legitimate customer behavior instead of outdated criminal patterns. Sygno’s technology can be deployed in a scalable and regulator-proof way and does not require complex migrations.
About ING Labs
ING Labs combines ING’s internal knowledge and network with those of others to bring disruptive ideas to market. Located in Amsterdam, Brussels, London and Singapore, ING Labs is already collaborating with over 130 partners in areas such as blockchain, artificial intelligence, open banking and aggregation platforms. ING Labs in Brussels is a business implementation programme aimed to increase ING’s speed of innovation through the collaboration with mature start-up/scale up companies.