Themis Acquires Pasabi to Bolster AI Fight Against Soaring Fraud Threats
London-based financial crime intelligence firm Themis has acquired Pasabi, a fraud monitoring company, to bolster its fight against escalating fraud threats. The deal comes as fraud incidents soar and regulators express frustration with banks' shortcomings in prevention.
Pasabi's innovative 'agentic AI' technology, capable of detecting suspicious behavior patterns across platforms in real-time, will be integrated into Themis' platform. This expansion will enable Themis to combat fraud beyond its current focus on money laundering and due diligence.
Fraud now poses a significant threat, accounting for around 41% of all household crime incidents in England and Wales. Globally, losses are estimated at a staggering $5.4tn (£4.01tn) a year. Themis' chief executive, Dickon Johnstone, believes embedding Pasabi's AI will make it harder for criminals to hide and easier for businesses and consumers to protect themselves.
The acquisition also addresses industry concerns about organized fraud networks becoming increasingly sophisticated. McKinsey recently warned that agentic AI, like Pasabi's, could be the solution to the industry's compliance inefficiencies. Themis' challenge will be to scale responsibly, using AI in ways that protect people, not exploit them.
Themis' acquisition of Pasabi aims to accelerate the use of AI in combating global fraud threats. By integrating Pasabi's innovative technology, Themis expands its market presence and strengthens its competitive advantage. As fraud eclipses traditional financial crimes, this move positions Themis at the forefront of the fight against evolving fraud threats.
