{"id":31910,"date":"2023-05-11T22:14:14","date_gmt":"2023-05-11T22:14:14","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/05\/11\/cable-wants-to-help-banks-cut-financial-crime-through-automated-assurance\/"},"modified":"2023-05-11T22:14:15","modified_gmt":"2023-05-11T22:14:15","slug":"cable-wants-to-help-banks-cut-financial-crime-through-automated-assurance","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/05\/11\/cable-wants-to-help-banks-cut-financial-crime-through-automated-assurance\/","title":{"rendered":"Cable wants to help banks cut financial crime through automated assurance"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/11\/cable-bank-financial-crime-fintech\/<\/a><\/br>
\nCable wants to help banks cut financial crime through automated assurance<\/br>
\n2023-05-11 22:14:14<\/br><\/p>\n

\n

People in the U.S. reported $8.8 billion of financial fraud in 2022 to the Federal Trade Commission<\/a>, and while the FTC received fewer reports, 2.4 million versus 2.9 million in 2021, the overall monetary figure is 30% higher than 2021. Bank transfer or payment fraud<\/a> amounted to $1.6 billion in 2022.<\/p>\n

When you expand this globally, Cable<\/a>\u2019s co-founder Natasha Vernier told TechCrunch that financial crime becomes a $4 trillion problem. And one Vernier, co-founder Katie Savitz and the Cable team have been working on since 2021.<\/p>\n

Vernier explained that banks and fintechs need to first have controls in place to mitigate risk. Controls can include Know Your Customer checks, sanctions, screenings and transaction monitoring \u2014 all of the offerings that vendors like Unit21<\/a> and Alloy<\/a> do.<\/p>\n

About a decade ago, banks were receiving fines by regulators for having \u201cinadequate financial crime controls,\u201d and while the number of those fines dropped off as monitoring vendors came in, some banks are still receiving fines for having \u201cineffective controls,\u201d Vernier said. That\u2019s because there is a second requirement that regulated financial institutions have to meet, which is to independently test if their controls actually work.<\/p>\n

\u201cSo far this has been done entirely manually,\u201d she said. \u201cBanks and fintechs manually sample a tiny percentage of accounts to try and see if those controls are working. That\u2019s what we\u2019ve automated, and we believe we\u2019re the first and only automated solution available at the moment.\u201d<\/p>\n

\"Cable<\/p>\n

Cable\u2019s financial crime controls assurance dashboard. Image Credits:<\/strong> Cable<\/p>\n<\/div>\n

This makes Cable\u2019s platform, which provides automated assurance and risk assessment, complementary to many of the financial crime vendors. It enables banks and fintechs to monitor all of their accounts \u2014 not just a fraction as before \u2014 to know, in real time, if they are compliant with regulations and if their failure controls are working as expected to combat breaches.<\/p>\n

Cable also gives banking-as-a-service organizations oversight on the fintech partners they work with \u2014 remember, most fintechs don\u2019t have banking licenses and therefore work with banks to offer financial services.<\/p>\n

In the past year, the company increased its revenue five times, and since 2021, attracted customers, including Axiom Bank, Quaint Oak Bank and Griffin on the banking side, and fintech and crypto companies, including Tide and Ramp.<\/p>\n

\u201cFintechs have to work with banks to, in essence, borrow their license,\u201d Vernier said. \u201cThat\u2019s where we\u2019re finding real traction and one of the areas that the OCC (Office of the Comptroller of the Currency) is particularly focused on right now: banks that are lending their license to fintechs. They need to understand the effectiveness of the controls at those fintechs, and our product is perfectly suited for that use case.\u201d<\/p>\n

Today, Cable announced an $11 million Series A, led by Stage 2 Capital and Jump Capital, with participation from existing investor CRV. The new investment gives the company just over $16 million in total funding.<\/p>\n

The capital enables the company to hire across product, engineering, data and go-to-market teams and also accelerate its product development. Vernier said that the company has only built out 1% of the products and features on its two-year roadmap.<\/p>\n

Meanwhile, Vernier said as the banking industry moves forward, it will continue to add more ways for consumers to deal with their finances rather than just traditional banks. And with that will be more scrutiny from regulators for improved oversight, which is why she said it is the \u201cperfect time for Cable to raise more money and accelerate.\u201d<\/p>\n

\u201cRegulators are particularly interested in effectiveness testing, but also, just the volatility in the banking industry right now, with COVID and if we are in a recession or not, there is increased financial crime,\u201d Vernier said. \u201cWe\u2019ve certainly seen, globally, an increase in fraud and other types of financial crime over the last few years. And, as real-time payments get rolled out in the U.S., we\u2019ll see more financial crime.\u201d<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/05\/11\/cable-bank-financial-crime-fintech\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/11\/cable-bank-financial-crime-fintech\/ Cable wants to help banks cut financial crime through automated assurance 2023-05-11 22:14:14 People in the U.S. reported $8.8 billion of financial fraud in 2022 to the Federal Trade Commission, and while the FTC received fewer reports, 2.4 million versus 2.9 million in 2021, the overall monetary figure is 30% higher than 2021. Bank […]<\/p>\n","protected":false},"author":1,"featured_media":31911,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-31910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nCable wants to help banks cut financial crime through automated assurance - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/05\/11\/cable-wants-to-help-banks-cut-financial-crime-through-automated-assurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cable wants to help banks cut financial crime through automated assurance - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/05\/11\/cable-bank-financial-crime-fintech\/ Cable wants to help banks cut financial crime through automated assurance 2023-05-11 22:14:14 People in the U.S. reported $8.8 billion of financial fraud in 2022 to the Federal Trade Commission, and while the FTC received fewer reports, 2.4 million versus 2.9 million in 2021, the overall monetary figure is 30% higher than 2021. 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