Resistant AI partners with Client Fabric Tech
The Client Fabric Tech ecosystem will be more effective in fighting financial crime thanks to the adoption of AI technology.
PRAGUE—Resistant AI, the fraud and financial crime prevention services provider dedicated to protecting and safeguarding automated financial services systems, has announced a partnership with Client Fabric Tech, the design-driven ecosystem for fighting financial crime and fueling commerce. Resistant AI’s award-winning enhancement technology will be a key component in the Client Fabric ecosystem.
Pallavi Rao, Co-Founder at Client Fabric Tech said, "As a private banker, I spent over 50% of my time brokering conversations between clients and the anti-financial crime teams to access the data needed. The process caused significant friction at both account opening and during the course of the relationship, so combining great tech like Resistant AI into a single ecosystem that includes decentralised identity, AI and skilled professionals with verifiable credentials will help us deliver assured outcomes i.e., access to financial services and products on demand and this is something we are truly excited about.”
Poor due diligence fuels financial crime, costs lives, and is bad for business. It is widely recognized that businesses are failing to provide an adequate response, with more than $4 trillion per year being lost to fraud alone globally.1 Regulated entities spend over $200 billion per year trying to address the problem.2 Client Fabric Tech is building an ecosystem that businesses can use to manage all of their due diligence requirements including ongoing due diligence via a single API. Resistant AI’s technology employs an ensemble of machine learning detectors in real time to identify anomalous transactions and user activities indicative of money laundering, stolen identities, account takeovers, and other financial crimes. These capabilities will be embedded as a core component of the Client Fabric Tech ecosystem using a modular approach to ensure clients have access to the best technology.
Martin Rehak, CEO and Founder of Resistant AI, said, “We are thrilled to be included in Client Fabric Tech’s financial crime ecosystem. The increasing sophistication of criminals, coupled with the march towards greater digitalization in finance, requires a new approach. By using techniques based on the most recent AI innovations, organizations can detect behaviors that are out of the ordinary when onboarding customers, performing ongoing due diligence, or examining transactions. This more flexible and more robust approach adapts as the nature of financial crime evolves and at the same time ensures that the effort involved to investigate suspicious events is minimized.”
About Client Fabric Tech
Founded in 2021, Client Fabric Tech is building an ecosystem powered by decentralised identity and AI and combining that with best in class partner technology, carefully selected, for every stage of the client life cycle. We are addressing, what we believe, are the 3 biggest challenges facing the fight against financial crime i.e., lack of access to data, lack of skilled professionals with the verifiable credentials critical to foster trust in data owners and businesses (who own the risk), training AI models, and an integrated technology capability to achieve effectiveness. We are an early pre-seed funded startup with a presence in Australia, India, and the UK. Visit clientfabric.com to learn more
About Resistant AI
Founded in 2019, Resistant AI uses AI and machine learning to provide identity forensic solutions that protect automated financial services from fraud and manipulation, including customer onboarding, AML and existing fraud detection systems. The Resistant AI founding team has a deep background in machine learning, artificial intelligence, and computer security with more than 15 years of experience applying AI in the computer security domain. Backed by GV (formerly Google Ventures), Index Ventures, Credo Ventures, Seedcamp, and several angel investors specializing in financial technology and security, Resistant AI is headquartered in Prague with offices in London and New York. Visit resistant.ai to learn more.
1. Revealing The True Cost of Financial Crime—2018 Survey Report, Refinitiv.