FinCrime Dynamics wins £100k grant from Innovate UK
The team at FincCrime Dynamics (formerly EalaX Ltd) led by Dr. Edgar Lopez Rojas is thrilled and grateful to announce that we have been among those chosen to receive a £100k grant from Innovate UK. The grant provides funding for the project FRAUDSIM which aims to develop further our innovation in the area of finCrime analytics.
With the current COVID-19 pandemic, crime has evolved to a new normal and so has the behaviour of non-fraudulent people. Evidence of this is the rise in digital ecommerce and the types of fraud where there is no presence of the card holder. These problems require new ways to rapidly adjust to this new normal.
The granted project is “FRAUDSIM: A fraud control optimisation tool for readjustment to the new normal” is a ground-breaking clean project that develops new technologies, secure our financial system, drive productivity and tackle trust in our society.
FRAUDSIM enables enhanced and rapid deployment of machine learning for financial crime analytics. Our solution creates digital synthetic twins of financial data especially enriched for improving machine learning fraud controls. FRAUDSIM captures the fraud dynamics and combines them into tailor-made scenarios that explore diverse threats that financial organisations are exposed.
Our simulator outputs augmented non-confidential financial synthetic data, resulting in trustable datasets ready-to-use for solution providers of advanced financial crime analytics. With FRAUDSIM, we will be able to rapidly develop, benchmark and compare advanced solutions based on machine learning across the industry.
“In these difficult times we have seen the best of British business innovation. The pandemic is not just a health emergency but one that impact society and the economy”
“Ealax [now called FinCrime Dynamics], along with every initiative Innovate UK has supported through this fund, is an important step forward in driving sustainable economic development. Each one is also helping to realise the ambitions of hard-working people”
For further information about the grants please visit:https://www.gov.uk/government/news/134-million-boost-to-help-uk-businesses-build-back-greener