Fraud Monitoring for Fintechs
Nigerian data science startup Voyance has launched Sigma, a fraud monitoring platform for fintech companies that aggregates data in order to block fraudsters. Sigma helps fintech companies to block known fraudsters from performing activities on their platform. Contributing companies in the Sigma alliance can submit known fraudster identifiers like BVN, phone number and more, which enables others in the alliance to lookup an identifier in the graph database. All data submitted to the graph database is anonymised. Voyance, which was launched in Lagos in late-2019, is a data science company that builds innovative solutions to help companies extract value from their data. It uses machine learning currently piloted by banks and fintechs. It is currently backed by a private angel investor and Magic.fund.
Meanwhile the EU Commission will commit nearly €49 million to boost innovation in cybersecurity and privacy systems, supporting 9 projects aimed at working on innovative cybersecurity and privacy solutions.Five of these projects concentrate on cybersecurity and privacy solutions for citizens and small and medium businesses (SMEs). The other 4 projects will work on improving critical security systems, such as healthcare infrastructures and multimodal transport systems.
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