Safaricom has today unveiled its new plans for tackling fraud activities on its platforms. Kenya’s largest telco reported that through the implementation of their antifraud tools they have been able to cut fraudulent activities on their platforms by 75%.
“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,” Sitoyo Lopokoiyit, Safaricom’s Chief Financial Services Officer said.
The fraud intelligence solutions will majorly be applied by financial institutions in the country including banks, digital lenders, insurance firms and even micro-financers; majorly corporate clients of the company. The intelligence solution tools will help the financial institutions verify and authenticate transactions on their respective platforms and also help them make ‘informed decisions’ while dealing with customers on a digital platform.
The tools work across all the platforms customers interact with financial services including SSD, internet banking and even on smartphone apps. How the system works is that the financial institution will run the customers number through the system once he/she logins in via any of the methods above to check against any suspicious activities. Upon checking the institution can then go ahead to approve the transaction or perform a secondary check.