Financial institution fraud-combating effort secures $14 million in funding, thanks to Heka's assistance.
**Heka: A Game-Changer in Combating Digital Fraud**
In the rapidly evolving digital world, where consumers and risk live online, traditional credit bureaus are no longer suitable, according to Idan Bar-Dov, Co-founder and CEO of Heka. Heka, an Israeli-American startup, was founded by Bar-Dov alongside Rafael Berber and Ishay Horowitz, and is staffed by intel analysts, data scientists, and domain experts in fraud, credit, and compliance.
Heka's AI-driven engine is designed to help financial institutions navigate this complex landscape, focusing on real-time identity intelligence. The engine, inspired by the tradecraft of the intelligence community, utilizes extensive web data to create comprehensive digital profiles of customers.
One of Heka's key features is real-time behavioural analysis. Unlike traditional methods that rely on static data or blacklists, Heka processes large volumes of publicly available web data. This allows for the creation of dynamic profiles that reveal alias usage, reputational risks, and behavioural anomalies. Heka's model uses an API-based approach, enabling financial institutions to access real-time intelligence without storing personal data, aligning with the demand for continuous, frictionless monitoring.
Heka's AI engine has demonstrated significant success in identifying synthetic identities and manipulated profiles. In a pilot deployment with a global payment processor, Heka's AI caught 65% of account takeover losses, significantly outperforming traditional tools.
For financial institutions, Heka offers enhanced fraud prevention, improved customer understanding, and strategic decision making. By analysing real-time web data, Heka helps institutions detect and mitigate synthetic fraud, which is increasingly prevalent due to AI-generated content and burner behaviours. Heka provides a more accurate understanding of customers beyond static records, allowing institutions to connect with real customers confidently. The structured outputs from Heka's AI enable informed decisions on credit and risk assessment, enhancing the overall resilience of financial services against evolving fraud tactics.
Heka's offering has already been integrated into the workflows of leading banks, payment processors, and pension funds. Ori Ashkenazi, Managing Partner at Windare Ventures, stated that Heka's AI is capable of working effectively in the real world, delivering usable signals for banks in their workflows. Kester Keating, Head of US Principal Investments at Barclays, expressed pride in supporting Heka's continued growth as they scale in the U.S.
Heka has secured funding from Windare Ventures, Barclays, and other institutional investors. The $14 million Series A round will accelerate Heka's expansion into the U.S. and deepen its presence across the UK and Europe. Idan Bar-Dov declared that Heka's mission is to be the primary source of truth in the new digital reality, providing always-on, accurate, and explainable data. Heka's AI engine is capable of understanding identity as a stream of behaviour, rather than a fixed file.
Consumer fraud losses reached $12.5 billion last year, marking a 38% year-over-year increase. Burner behaviour, synthetic profiles, and AI-generated content are driving this surge in consumer fraud. Heka's innovative approach to using real-time web intelligence to combat synthetic fraud and identity manipulation positions it as a critical tool for financial institutions seeking to strengthen their defences in the digital age.
Technology and artificial intelligence are integral components of Heka's AI-driven engine, which helps financial institutions navigate the complex landscape of digital fraud. This engine, designed to provide real-time identity intelligence, utilizes AI to analyze vast amounts of publicly available web data, revealing behavioral anomalies and creating dynamic profiles.
By harnessing the power of artificial intelligence, Heka's AI model offers improved capabilities in detecting and mitigating synthetic fraud, a growing concern due to AI-generated content and burner behaviors. The startup's mission, as declared by Co-founder and CEO Idan Bar-Dov, is to be the primary source of truth in the digital world, providing always-on, accurate, and explainable data.
