How a Main Line company helps banks crack down on human traffickers - Technical.ly Philly

Dev

Mar. 30, 2018 9:55 am

How a Main Line company helps banks crack down on human traffickers

Wayne, Pa.-based QuantaVerse taught an artificial intelligence network to track “bad guys.” It was featured in a documentary by The Economist.

The lines seen here represent suspicious transactions.

(Screenshot)

Inside a suburban office park off Route 202 in Wayne, Pa., a fintech company is using tech to help Asian authorities put the kibosh on human trafficking rings.

QuantaVerse, founded in 2014, combines data science with artificial intelligence in order to track and identify transactions by shady users: like money launderers, terrorist financiers or, as shown in a documentary released last week by The Economist, human traffickers.

“This is an email that we received from Liberty Asia,” says CIO Phil McLaughlin in the documentary. “They sent us info about bad guys that they have found.”

Founder and CEO Dave McLaughlin, a financial services industry expert and a Navy vet, explains the next step:

“And so now, the names of those individuals are in our database,” the founder said. “And anytime there’s a transaction in the future, regardless of where it comes from, we’re scanning against the database we’ve been collecting of people. If they ever do some transaction from financial services organizations we’re going to know it, if it’s a client of ours, and we’re going to see it and understand that those people are engaged in human trafficking.”

The company has raised about $2.7 million in seed in capital thus far.

Here’s the documentary, cued up to the segment with QuantaVerse. Catch the company again at 26:10.

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Medtech startup Proscia raises $8.3 million for hiring push

Geek out over artificial intelligence at PHLAI: Sept. 20

Clients and community come first for Vanguard employees

SPONSORED

Philly

Clients and community come first for Vanguard employees

Conshohocken, Pa

ShopRunner

Manager, Partner Success

Apply Now
Philadelphia

Perpay

E-commerce Software Engineer: Magento, PHP, Python

Apply Now
Chesterbrook, PA

Deacom

Entry Level Software Developer

Apply Now

NYC has an algorithm ethics task force, and Drexel prof Julia Stoyanovich is involved

The devs, they had their day

Head to this #PTW18 panel to finally understand why blockchain, IoT and VR matter

SPONSORED

Philly

UX, UArts and the importance of human-centered design

Chesterbrook, PA

Deacom

IT Specialist

Apply Now
Malvern, PA

Vanguard

Sr. Full Stack Developer-Client Experience Lab

Apply Now
Malvern, PA

Vanguard

Product Owner of Data Science Solutions

Apply Now

Sign-up for daily news updates from Technical.ly

Do NOT follow this link or you will be banned from the site!