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Safaricom launches anti-fraud service for financial Sector   

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Safaricom has launched a fraud intelligence solution for financial institutions. The service is aimed at helping banks, micro-finance institutions and insurance companies to reduce fraud targeting customers by providing them with a tool that authenticates financial transactions.

According to Safaricom, the solution will also empower financial firms to better design their lending propositions, enhance the registration and onboarding of new customers and manage phone numbers linked to a customer’s accounts that 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 Mr Sitoyo Lopokoiyit, the Chief Financial Services Officer, Safaricom.

[ READ ALSO: Gambler sues Safaricom over data leakage ]

“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.”

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.

Financial institutions will access the service through an API provided as part of the Daraja M-PESA APIs. 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 against such parameters such as if a customer’s number has been recently swapped.

Today, more than 3.5 million Kenyans use mobile and internet banking services in the country every month.

Institutions can then factor in the result of the check to complement internal fraud rules and to make a decision on 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 every month.

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BT Correspondent
BT Correspondenthttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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