Digital Platformer and Partisia Partner to build Privacy-Preserving Fintech Applications

The biggest endeavor in the collaboration is the work on the type of financial fraud detection that tackles traditional bank transactions. Financial fraud is an increasing problem that globally costs trillions for dollars and fuels organized crime from drug dealing to human trafficking. The fraudsters become more and more advanced and money moves around in patterns that become harder and harder to distinguish from normal behavior. 

Fortunately, most financial fraud passes through banks and other financial institutions, which leave digital traces originating from single transactions between a sender and a receiver. Most fraud detection today is conducted within a single bank with too little information to recognize fraud. Information has to be shared across not just the sender and the receiver but the large number of banks involved in the chain of transactions used to disguise fraud. 

The combination of privacy and transparency that comes with the Partisia Platform allows for transaction data to stay confidential while using the very same data to detect financial fraud, by connecting the dots between different banks, in a way that has not yet been possible.

By merging the expertise from both Digital Platformer and Partisia we’re developing a powerful and innovative tool that provides comprehensive insights into the various activities occurring in different banks. This includes analyzing behavioral patterns, transactions, account numbers and much more. In other words we’re providing the ability to not only detect fraud in real-time but we’re also predicting future fraudulent activities. 

The privacy tools ensure compliance with both data and antitrust regulation and transparency ensures accountability around the use of confidential computation. In combination these two sets of tools provide the foundation for a number of new novel ways to combat financial fraud.