SAN FRANCISCO, Oct. 24, 2024 /PRNewswire/ — In a pioneering move to tackle financial fraud globally, Tazama, a project of the Linux Foundation, has teamed up with ArangoDB to provide its real-time fraud detection capabilities in digital payment systems. This collaboration brings together Tazama’s innovative approach to transaction monitoring with ArangoDB’s market-leading graph database technology.
State-of-the-Art Real-Time Fraud Detection for Instant Payments
Utilizing ArangoDB’s scalable, high-performance database architecture, Tazama processes thousands of transactions per second, detecting patterns and anomalies which could indicate fraud. “The speed and agility of ArangoDB’s data processing enable us to identify and react to potential fraud within milliseconds,” stated Greg McCormick, Executive Director – Tazama. This rapid response is crucial in preventing the completion of fraudulent transactions, reducing the impact on both victims and financial institutions.
Enhanced Scalability During Peak Loads
Tazama’s transaction volume peaks during events like Black Friday and regional festivals, where transaction loads can more than triple. ArangoDB’s dynamic scalability effortlessly handles such spikes, ensuring consistent performance. “ArangoDB’s seamless scalability supports our need to maintain operational continuity and service integrity during higher than normal transaction periods, which is vital for our users’ trust,” added Justus Ortlepp, Product Manager – Tazama.
Commitment to Financial Integrity
This collaboration not only enhances fraud detection capabilities but also underscores a shared commitment to advancing technological innovation that secures financial transactions. “Our technology enables Tazama to expand its capabilities in detecting and preventing fraud more effectively than ever before,” said Shekhar Iyer, CEO of ArangoDB. ArangoDB’s robust infrastructure provides Tazama with the tools necessary to expand its detection and prevention efforts more effectively than ever before.
“Our sponsorship of this groundbreaking initiative is driven by a commitment to empower technological innovation that safeguards financial integrity worldwide. By supporting Tazama’s use of ArangoDB, we aim to foster a more secure digital economy where fraud is swiftly identified and mitigated,” said Matt Bohan, Senior Program Officer, Inclusive Financial Systems.
About Tazama
Tazama is an open-source, highly adaptable transaction monitoring solution designed to detect and prevent fraud in real-time within digital payment systems. Supported by the Linux Foundation, it aims to safeguard transactions and enhance trust across digital financial platforms globally.
About ArangoDB
ArangoDB is a market-leading open-source, multi-model graph database renowned for its scalability, flexibility, and AI/ML capabilities. It is specially designed for high-stakes applications that require robust real-time data analysis and complex transaction management.
View original content:https://www.prnewswire.com/news-releases/tazama-and-arangodb-collaborate-to-set-a-new-benchmark-in-fraud-detection-safeguarding-billions-in-digital-transactions-302285171.html
SOURCE ArangoDB
