A nonprofit has launched the first open source platform to deliver anti-fraud capabilities to financial systems in Africa and parts of Asia and the Middle East. The Tazama open source project is a real-time financial transaction monitoring software that can be used to detect and block fraudulent transactions and protect consumer accounts. Large financial firms typically have these capabilities, however smaller financial institutions and government agencies in this region do not.
This program was founded by the Linus Foundation Charities and the Bill and Melinda Gates foundation. It has completed alpha pilot programs in Jordan and South Africa and plans to expand its deployments. It is also already working with the Central Bank of West African States and rural banks in the Philippines. The goal of the system is to be easy to use, affordable and will protect against certain types of fraud. Providing anti-fraud services is critical to increasing trust and raising citizens’ participation in a countries financial system, which is a large piece of economic development.
Read More: Anti-Fraud Project Boosts Security of African, Asian Financial Systems
