FinCrime Dynamics’ flagship SaaS platform Synthetizor, empowers Financial Institutions to generate financial crime simulations and custom synthetic data to train machine learning and effectively find a solution to the longstanding data problems faced in creating AI for rapidly evolving financial crimes. It trains their AI models to proactively detect potential fraud events, with proven results on APP fraud, where impending PSR reimbursement regulation is driving increased urgency on prevention measures. In 2022 according to statistics from UK Finance, APP fraud losses were £485.2 million.

Joanne Dewar commenting on her appointment says: “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.

“Having first mentored the team on the Creative Destruction Lab accelerator programme over the past year at Oxford Said Business School, and seen the impressive progress, I’m delighted to now build on the relationship by joining the board. I’m keen to help shed light on their proven solution for the many fraud teams urgently seeking to address their APP fraud exposure.”

Explaining the challenge addressed, FinCrime Dynamics CEO Stephen Quick: “The potential of AI to detect financial crime is gigantic but is largely ineffective without the right data to train it. There is a desperate need to have data to train AI against evolving threats. FinCrime Dynamics now makes it possible to build proactive threat AI models using our simulation intelligence around the most recent financial crime techniques and trends. We utilised exactly this approach to help develop AI detection models for APP fraud.

“Joanne brings an unrivalled degree of FinTech commercial experience to our Board as well as an incredibly senior network in the financial services sector. We’ve already felt her positive contribution and look forward to working with her to drive the continued growth of FinCrime Dynamics.”

Joanne played a pivotal role in the evolution of the fintech ecosystem as former CEO of Global Processing Services (GPS), now Thredd, and now as a mentor, speaker and judge, enjoys good visibility across the payments ecosystem. 

Joanne was named 2023 Payments Leader of the Year by EWPN, Businesswoman of the Year at the 2022 UK Tech Awards, Director of the Year at the 2022 UK Fintech Awards and is a champion of Disability Inclusion.

Tony Craddock, Director General at The Payments Association, added: “When we launched the Payments Manifesto last month, one of our stated objectives was to help the payments industry identify effective innovative tools that would identify and track fraudsters effectively and spot money mules more easily. Pay360 Fintech Pitch live winner FinCrime Dynamics, is a fantastic example of a company we are proud to be able to showcase.” 

At the Pay360 conference in London in March, COO Kellyann Ripnar, wowed the judges with a compelling presentation that likened their AI Synthesizor tool to a vaccine that we have all come to understand through COVID. We are pleased, through events such as our Financial Crime 360 conference tomorrow, to be able to have companies like FinCrime Dynamics join us.”