Award-Winning Israeli Technology Fights Human Trafficking and Money Laundering

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As human traffickers and scams seek refuge in technology, an award-winning Israeli company is tracking them down.

By United with Israel

ThetaRay, with over a billion users, mainly in the fintech and banking industry, is applying its technology to protect those whose lives are broken by human trafficking.

Currently, it’s estimated that 25 million people globally, both adults and children, are trapped in some form of human trafficking.

Criminals who fund terrorism or run illegal scams use money laundering to disguise funds and look legitimate.

The problem is compounded by the rise of digital currencies, which operate on the blockchain and are often under the radar of banks.

The increasing digital sophistication of human traffickers requires cutting-edge technology to root out.

According to its website, “ThetaRay uses proprietary and patented algorithms to efficiently detect anomalies in unlimited data sets and reliably pinpoint suspected cases” of money laundering and human trafficking.

Those who commit crimes online rely on fake identities to attract new victims and carry out their schemes.

In addition, cybercriminals keep their money hidden in cryptocurrency to avoid detection by financial authorities.

As with most crime, the dictum “follow the money” holds and that is how ThetaRay tracks criminal behavior.

AI and machine learning can “read” behavior that can provide clues for law enforcement.

Gal Bar, ThetaRay Transaction Monitoring Product Manager, explained, “Our solution can identify suspicious transaction patterns indicative of human trafficking. “However, the true power lies in our ability to contextualize and enrich these models with customer-specific data and risk typologies.”

The company works closely with financial institutions to update algorithms and analyze transaction data to pinpoint funds that may have been used for human trafficking and, by extension, to uncover the true identities of the holders.

ThetaRay and Santander earned a “Best Use of Data” Digital Transformation Award in 2024 for Human Trafficking and Modern Slavery Detection.