Startup Shield has raised $ 15 million to detect fraud by bank employees and financial organizations

The startup company Shield, which is developing a platform for detecting manipulations and frauds in the capital market, has completed a $ 15 million round of funding led by Macquarie Capital and OurCrowd and with the participation of Mindset Ventures. This is the company’s first capital raising, which was established in 2018, and has grown organically so far through sales and revenues amounting to tens of millions of shekels."H.

Shield provides banks and financial organizations around the world with a platform for collecting, documenting and analyzing based on artificial intelligence of internal and external organizational interactions of traders and employees in accordance with the stringent regulatory requirements dealing with investor protection, capital market integrity and fraud prevention. Documentation and analysis include emails, chats, phone calls, Zoom, Microsoft Times and others to enable the company to detect fraudulent attempts ahead of time by influencing securities, executives, insider trading and more. The platform, which operates in the cloud, monitors over 3 million interactions daily that are performed by about 150,000 employees in dozens of organizations using a variety of tools including language processing, behavior analysis and content.

According to Sheeran Weizmann, co-founder and CEO"For Shield, financial companies around the world are responsible for the activities of their employees, if they have not supervised this activity in accordance with the strict regulatory conditions aimed at maintaining integrity, transparency and investor protection. Every year, companies, and especially banks, are fined huge sums of tens of billions of dollars due to irregularities. In the past, companies maintained the required monitoring by outdated and inefficient technological means using internal organizational tools, but the technological acceleration of recent years and the move to work from home have devoured the cards for them after employees moved to run a variety of tools, managing hundreds of millions of dollars from home kitchens. In their zoom or personal WhatsApp which are fertile ground for fraud and procedural violations. This situation has created a regulatory and operational challenge that has forced banks to turn to technology companies for help as a child.

Ophir Shabtai, co-founder and chief technology officer of the company, said that the platform could be used in the very near future for a wide range of other uses that will improve the internal conduct of organizations, including detecting racism, abusive language or harassment, identifying misconduct of employees such as non-investment recommendations. Suitable for customers, even if it is not done maliciously or for personal gain.

The Shield startup was founded by Shiran Weizmann and Ofir Shabtai, joined by Eran Noam, who serves as the company’s chief business officer. Shield employs 60 people at a development center in the Moshe Aviv Tower in Ramat Gan and in offices in London and New York. The investment will be used to recruit personnel in Israel and expand operations in the United States"In, Europe and the Far East.

Ofir Shabtai (right), Eran Noam and Shiran Weizman. Photo: Eric Sultan

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