April 20, 2024

Frauds

Flagright’s Crusade Against Financial Crimes

Flagright, located in Berlin, was founded in 2021 to protect FinTechs against financial fraud with risk-based monitoring procedures, real-time case management, screening, and user verification technologies. Flagright’s CEO, Baran Ozkan, was in charge of financial fraud prevention. Over a period of 15 months, he evaluated various transaction monitoring services and determined that none of them met the company’s requirements.

Baran stated that they were concerned about spotting suspicious activity promptly to secure the rapid transactions. Throughout the examination phase, these suppliers misled them about how much they could achieve. Some were incapable, some had poor development experience, a few had poor UX, and some quoted stratospheric sums like a bank.

 

As a result, Baran stated that he validated the problem of FinTechs being neglected with anti-financial crime gear. He found that existing vendors were either antiquated or solely interested in catering to large banks. The Flagright CEO explained that this resulted in him quitting the job and following the challenge of Fintech with the anti-fin crime software for the next generation. Flagright supports a wide range of use cases, including transaction monitoring, client risk assessment, and sanctions screening.

To assist AML and fraud teams, the company has a centralized and robust API on a no-code platform. Baran added that Flagright infrastructure optimizes the efficiency and availability that computes complex algorithms and conducts accumulations using sub-second response times. This means that complex rules typically executed once a day can now be run in real-time, allowing for faster detection of suspicious behavior.

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