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Kenya’s Safaricom announces new fraud intelligence solution for financial institutions

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Kenya Safaricom announces new fraud intelligence solution for financial institutions

On Tuesday, 25 June 2019, Kenya’s largest mobile communications company, Safaricom, launched a fraud intelligence solution for financial institutions in the country.

The service will help banks, micro-finance institutions and insurance firms to reduce fraud incidences targeting their customers by providing them with a tool that helps determine the authenticity of a financial transaction.

In addition to authentication, the solution will also provide financial firms with abilities to better design their lending propositions, enhance the registration and onboarding of new customers, and also in managing phone numbers linked to a customer’s accounts which may no longer be in use.

“Through the years, we have developed in-house capabilities that have helped us cut down on attempted fraud incidences targeting our customers by more than 75 percent,” said Sitoyo Lopokoiyit, Chief Financial Services Officer at Safaricom.

“Today, we are launching a solution that will provide these world-class capabilities to our enterprise customers in the financial sector, empowering them to make more informed decisions when interacting with their customers in the digital space,” he added during the launch in Nairobi.

The solution works across the three channels including USSD, internet banking and smartphone apps.

Such banking channels have been on the rise in the country corresponding with increasing internet and smartphone usage.

Once a customer attempts to log in through any of the channels, the institution will then run the customer’s phone number through the service to check if a customer’s number has been recently swapped.

Institutions can then factor in the result of the check to complement internal fraud rules and to make a decision whether to allow the transaction or if to further authenticate the customer through other methods.

Adoption of the solution is expected to benefit the country through increased usage of mobile and internet banking due to increased confidence both from the financial sector and customers.

Today, more than 3.5 million Kenyans use mobile and internet banking services in the country, on a monthly basis.

– APA

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