Connect with us

Hi, what are you looking for?


Fraud & Identity Theft

Linux Foundation Tackles Financial Fraud With Open Source Platform

The open source platform Tazama provides cost-effective monitoring of digital financial transactions to prevent fraud in real time.

The Linux Foundation last week announced the launch of an open source digital financial transaction monitoring platform.

The new platform, Tazama, is meant to provide powerful, scalable, and cost-effective monitoring of digital payments, to make advanced financial monitoring more broadly available, as well as fraud detection and AML Compliance.

The platform evaluates transactions before their completion to detect fraud, it submits specifically formatted messages to an API, and supports user customization of detection behavior using configuration files that are separate from the execution code.

Based on the set rules meant for single evaluation tasks, the platform can deliver clear assessments of transaction behaviors.

Launched with support from the Bill & Melinda Gates Foundation and hosted by Linux Foundation Charities, which will take care of its operation and function, the solution focuses on data sovereignty, privacy, and transparency, to align with governmental requirements worldwide.

Tazama, the Linux Foundation notes, also showcases how open source solutions can drive evolution in critical infrastructure such as national payment switches.

Organizations such as BankservAfrica, BCEAO, IPSL, and JoPACC are already exploring synergies with Tazama, including evaluating its adaptability, effectiveness, and scalability in real-world scenarios and ensuring that it meets the needs of digital financial services providers.

“Innovation in financial technology is critical and Tazama is at the forefront of that evolution. We are excited to see an open source solution that not only enhances financial security but also provides a platform for our community to actively contribute to a project with broad societal impacts,” Linux Foundation executive director Jim Zemlin said.

Advertisement. Scroll to continue reading.

Related: Tech Giants Form Post-Quantum Cryptography Alliance

Related: Linux Foundation Announces OpenPubkey Open Source Cryptographic Protocol

Related: OpenSSF Receives $5 Million for Open Source Software Security Project

Written By

Ionut Arghire is an international correspondent for SecurityWeek.


Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join the session as we discuss the challenges and best practices for cybersecurity leaders managing cloud identities.


SecurityWeek’s Ransomware Resilience and Recovery Summit helps businesses to plan, prepare, and recover from a ransomware incident.


People on the Move

Cody Barrow has been appointed the new CEO of threat intelligence company EclecticIQ.

Shay Mowlem has been named CMO of runtime and application security company Contrast Security.

Attack detection firm Vectra AI has appointed Jeff Reed to the newly created role of Chief Product Officer.

More People On The Move

Expert Insights

Related Content

Application Security

Virtualization technology giant VMware on Tuesday shipped urgent updates to fix a trio of security problems in multiple software products, including a virtual machine...

Application Security

Fortinet on Monday issued an emergency patch to cover a severe vulnerability in its FortiOS SSL-VPN product, warning that hackers have already exploited the...

Fraud & Identity Theft

Famed hacker Kevin Mitnick has died after a battle with pancreatic cancer.  At the time of his death, he was Chief Hacking Officer at...

Fraud & Identity Theft

A team of researchers has demonstrated a new attack method that affects iPhone owners who use Apple Pay and Visa payment cards. The vulnerabilities...


Deepfakes, left unchecked, are set to become the cybercriminals’ next big weapon


A threat actor tracked as ‘Scattered Spider’ is targeting telecommunications and business process outsourcing (BPO) companies in an effort to gain access to mobile...

Application Security

Password management firm LastPass says the hackers behind an August data breach stole a massive stash of customer data, including password vault data that...


While there are likely many different approaches, here are a few points that are important for enterprises to consider when evaluating bot solutions.