Team FinCrime Dynamics competes in the Open Global Open Finance Challenge

Team FinCrime Dynamics competed in the Global Open Finance Challenge among 126 other companies with new ideas in how to use the power of synthetic data for enhancing the experience of the bank’s customers related to financial fraud. The team was led by Dr. Edgar Lopez-Rojas (CTO & co-founder) and Daniel Turner-Szymkiewicz (CPO & co-founder).

Four leading banks from Canada, Brazil, Australia and the UK – CIBC, Itaú, NAB and NatWest - are collaborating to deliver the Open Finance Challenge that will contribute to an open finance ecosystem that is expected to transform the financial industry. In the wake of substantial digital transformation, Open Banking will allow customers more freedom, safety and convenience in a rapidly evolving digital economy. This challenge sets out a call for teams to use the APIs provided by the Banks to deliver ground-breaking prototypes that have the potential to transform banking to help their customers and the public at large.

The Challenge?

• $1.45 trillion yearly costs of lost turnover to society from financial crime.

• The control systems used by banks miss too much crime due to ineffective alerts.

• Banks are still receiving large fines and regulatory warnings due to weak financial crime controls.

• The rapid movement of consumers into the digital landscape has reduced the volume of human-initiated attacks by 29% but increased the volume of automated attack bots by 41%.

The Solution?

To give the power to the user in being aware of their own finances and how positive behaviour can help them avoid becoming a victim of financial crime or frustration from being misidentified for criminal activity.

Our Vision

As a company, we believe that this challenge was an excellent opportunity to convey our vision of making the global financial system safer through developing novel solutions with open banking. We have built a team that is passionate about fighting financial crime and bringing the most novel and innovative solutions to the market.

A massive thank you to the team for their hard work in turning this vision into a reality during this competition.

• Dr. Edgar Lopez-Rojas

• Daniel Turner-Szymkiewicz

• Juan Sebastian Cardenas

• David Plazas

• Dr. Miroslawa Alunowska Figueroa

• Benard Odhiambo Odhimbo

• Juliana Toro

The solution that we have developed during the scope of this challenge is just the tip of the iceberg in making the global financial system safer.