FinCrime Dynamics, the financial crime prevention AI (Artificial Intelligence) company, has bolstered its board with the appointment of Joanne Dewar, a renowned fintech leader. Based in Cambridge, UK, the firm is currently preparing for growth and has flagged this new appointment as a strategic move in that direction.
FinCrime Dynamics is known for its flagship SaaS platform, Synthetizor. This service empowers Financial Institutions to generate financial crime simulations and custom synthetic data to train AI. It's a solution to the longstanding data problems faced in creating AI for rapidly evolving financial crimes. The primary objective is to train AI models that will proactively detect potential fraud events.
The firm boasted its success in detecting APP fraud, a growing issue driven by imminent PSR reimbursement regulation. APP fraud losses in 2022 were recorded at £485.2 million, showing the scale of the problem and the enormity of their success.
Commenting on her appointment, Joanne Dewar said, “APP fraud is an ideal use case for AI given it’s unpinned by rich criminal and victim behavioural patterns. Yet it remains a problem that AI has struggled to tackle due to the lack of intelligence and data to train models. FinCrime Dynamics has directly addressed this problem with proven results.”
Dewar further highlighted her past association with the team. Having mentored the FinCrime Dynamics team at the Creative Destruction Lab accelerator programme over the past year at Oxford Said Business School, she's witnessed their impressive progress. Looking forward to her board role, she expressed her eagerness in helping the firm shed light on their proven solution for fraud teams seeking to address their APP fraud exposure.
Stephen Quick, the CEO of FinCrime Dynamics noted the potential of AI to detect financial crime as "gigantic". However, he stressed that without the right data to train it, AI is largely ineffective. He said that their technology addresses this gap by creating proactive AI models based on the most recent trends and techniques in financial crime.
Quick further highlighted the invaluable contribution that Dewar is set to bring to the board, particularly due to her high-ranking network in the financial services sector and significant fintech commercial experience. “We’ve already felt her positive contribution and look forward to working with her to drive the continued growth of FinCrime Dynamics.”
Juxtaposing her appointment is Dewar's splendid career portfolio, including a pivotal role in evolving the fintech ecosystem as the former CEO of Global Processing Services (now Thredd). She has won plentiful awards, including the 2023 Payments Leader of the Year by EWPN, Businesswoman of the Year at the 2022 UK Tech Awards, and Director of the Year at the 2022 UK Fintech Awards. She is also a well-known champion of Disability Inclusion.
Lastly, Tony Craddock, Director General at The Payments Association acknowledged the company's achievements and commended its potential. He discussed how their company enables the identification and tracking of fraudsters more effectively and believes that FinCrime Dynamics is leading by example.