Voyance is a data science company based in Lagos that builds innovative solutions designed to enable companies extract value from their data and today, we’re launching a fraud monitoring platform that aggregates data from fin-techs within Africa, starting with Nigeria, to block fraudsters.
What is Sigma
Sigma is a fraud graph database platform that helps fin-tech companies in blocking known fraudsters from performing activities on their platform.
Contributing companies in the sigma alliance can submit known fraudster identifiers like BVN, phone number and so much more which will enable others in the alliance to lookup an identifier in the graph database.
All data submitted to the graph database are anonymised.
How does sigma work?
Sigma is a database of historically fraudulent users operated by an industry alliance. The purpose of this is to collect and share profiles of bad actors.
Scenario
- Fin-tech (A) within the alliance backfills the graph database with a fraudulent user identifier e.g BVN, phone number, IP address etc .
- When the fraudster attempts to perform any activity with another fin-tech within the alliance, they are automatically blocked.
- New identifiers related to the flagged fraudster is automatically backfilled to the graph database which keeps it UTD.
Why did we build this?
At Voyance, we believe deeply in data. With vast experience in working with data science, we decided to build a data-driven fraud infrastructure product for the good of the ecosystem since there’s currently no way for companies to block known fraudsters from their platform which results in incredible amount of chargebacks and monetary losses for fin-tech companies.
Why is this important?
80% of fraudulent transactions are performed by same fraudsters. A fraudster can use the same identifiers (card, BVN, phone number ) fraudulently with different companies because these companies are usually not aware of the status of that user as a fraudster and that’s why, this is critical.
How to get involved
You can join the alliance as a contributor or a consumer.
Visit our website to learn more about Voyance
built with💙
Voyance Team
