ThetaRay: Transformational Data Analytics

Mark Gazit, CEO
Cyber attacks, fraud, money laundering, ATM hacks and operational failures lead to financial organizations bleeding a massive amount of cash each year. Compounding the problem, the experts responsible for securing these firms from unknown threats are often overloaded with false alarms, which can produce ‘alert fatigue’ and result in genuine threats being overlooked.

To address this issue, renowned mathematicians Prof. Amir Averbuch of Tel Aviv University and Prof. Ronald Coifman of Yale laid the foundations of ThetaRay, joining forces with prominent security entrepreneur Mark Gazit as CEO. Their goals were to secure the data-reliant financial sector against sophisticated fraud and credit risks arising from the transition to online and digital banking, and to transform the way large organizations analyze and handle big data, without it slowing them down.

ThetaRay’s powerful THETA analytics platform is able to identify the first signs of threats in seconds, long before any damage can occur. Its proprietary algorithms allow it to analyze a tremendous amount of data from multiple sources, rapidly, and with very few errors. Furthermore, it is able to pinpoint not only previously unknown threats and risks, but also opportunities to generate new revenue channels.

“The THETA platform has an extremely high detection rate, which gets more accurate with each piece of data it receives,” says Mark Gazit, CEO of ThetaRay. “It also delivers industry-low error and false positive rates, helping fraud and risk departments avoid alert fatigue and receive accurate and insightful analysis.”

The THETA platform is data-agnostic, enabling it to analyze any data set without prior knowledge of business processes and without applying any man-made pre-defined rules. While competitive solutions can take months to implement, ThetaRay can be up and running in a matter of days.

The ThetaRay analytics platform has an extremely high detection rate with low false positives, and becomes more accurate with each piece of data it receives

Gazit shares an example of how ThetaRay is helping financial institutions mine their data and increase revenue by reducing fraud: “One of our clients, a large multinational bank that had transferred most of its lending business online, realized it was losing more money than expected, but couldn’t figure out why. When they engaged ThetaRay, our THETA platform found many different loan applications that looked very suspicious. Our algorithms analyzed the relationship between the parameters in every transaction, and within seconds identified fraudulent applications that the bank had missed. This allowed banking personnel to immediately take action and mitigate the risk.”

Because the THETA platform is data-agnostic, it can be applied to many other industries besides finance. For example, in the industrial sector, its predictive algorithms can detect anomalies in mission critical facilities, which is vital for safety, quality, and machine optimization. THETA’s automated data analytics provide a crucial protective layer against invasive cyber threats, allowing enterprises to focus their human resources on investigating complex anomalies.

2017 is expected to be a very exciting year for ThetaRay, with plans to expand its customer base by partnering with various tier 1 banks all over the world. Gazit adds, “Having a technology that is data-agnostic and universal opens up numerous opportunities, which we are eager to grab with both hands.”


New York City, NY

Mark Gazit, CEO and Prof. Amir Averbuch, CSO

ThetaRay is a leading provider of big data analytics solutions that enable financial services, critical infrastructure and industrial internet organizations to detect unknown operational and cyber threats, manage risk and discover revenue opportunities