Voyance introduces fraud monitoring platform to block fraudsters.

Data science company, Voyance has introduced a fraud monitoring platform named Sigma that accumulates data from fintech within Africa to block fraudsters.

Sigma is a fraud graph database platform that helps fintech companies to block known fraudsters who perform activities on their platform.

The fraud monitoring platform addresses the problem of fraudsters getting their way into companies resulting in an incredible amount of charge-backs and monetary losses.

According to reports by Voyance, 80 percent of fraudulent transactions are performed by the same fraudsters. Usually, a fraudster can use the same identifiers such as card, BVN, phone number, etc. for different companies since they are not aware of the status of that user as a fraudster.

Exploiting its experience in data science and building innovative solutions designed to allow companies to extract value from their data, Voyance created Sigma to be a historical database of fraudsters operated by an industry alliance.

All persons can join as a contributor or a consumer in the industry alliance.

Contributing companies in the sigma alliance can submit information of fraudsters such as BVN, phone number, IP address, and others to help individuals in the alliance to look up the identifiers in the graph database.

However, the data submitted to the graph database are withheld.

The purpose of this invention is to gather and share profiles of perpetrators to alert companies who can be badly affected by fraudsters

For instance, if a fintech which is part of Sigma alliance fills the graph database with the identifier of a fraudster on its platform, the database saves the data anonymously.

Thus, if the same fraudster tries to perform an activity with the same details with another fintech in the Sigma alliance, the fraudster will be blocked instantly. Again, new identifiers associated with the recent attempt of the flagged fraudster will be automatically backfilled into the database.

The services of Sigma will commence in Nigeria but hopes to expand to other African countries in the nearest future.

Voyance is a data science company based in Lagos, Nigeria.