The discussion around fraud and the ability to detect it in finance has gained significant importance, especially in recent years, as those committing fraud have become increasingly sophisticated.
Together in a close partnership, Partisia are joining forces with the Japanese company Digital Platformer. Both companies are market leaders within their fields, Digital Platformer a pioneer in Decentralised solutions for the financial sector and Partisia an innovative tech company and a pioneer within Multiparty Computation.
Our mutual goal is to create the next generation of financial fraud detection that brings in confidential data across banks and other financial institutions to prevent fraud in finance while ensuring that the data remains fully protected.
Changing the status quo in the way we detect fraud today
Across the globe, especially in the digital age, people struggle to navigate both control and privacy of sensitive data. Informed consent has become a significant concern over the past few decades. Consequently, laws such as GDPR and the upcoming AI Act are designed to protect individual users.
Although these laws are crucial and necessary, they complicate fraud detection since banks are constrained in sharing client information. When banks suspect fraud, they must contact public authorities, who then have to connect the dots using only the data they can gather independently.
Since fraud is often only partially detected by single banks, other banks may unknowingly accept fraudulent transactions. In fact, the lack of data sharing may cause many cases to go cold.
As a result, valuable insights and knowledge about behavioural patterns and red flags are often missing from their data library due to a lack of historical data.
This partnership aims to change that
By combining the expertise and know-how of both Digital Platformer and Partisia, we are developing a tool that perfectly balances privacy and transparency. Utilising multiparty computation technology, we are creating a platform that enables secure data sharing among different banks within a vast network while preserving confidential and personal data.
Both Partisia and Digital Platformer are excited about this partnership and the transformative potential it holds for the financial industry.
We believe this collaboration will not only drive innovation but also set new benchmarks for quality and service. We are confident that our combined expertise and resources will lead to groundbreaking solutions.
Interested to know more? Don’t hesitate to reach out and learn more about this collaboration.
For further information or inquiries, please find the contact information below.
Together, we are entering a journey towards a brighter, more innovative future.
