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Safaricom Launches New Anti-Fraud System for Financial Institutes

Tech Gist Africa by Tech Gist Africa
06/27/2019
in Africa, Africa News, News
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Safaricom Launches New Anti-Fraud System for Financial Institutes

Photocredit: business.co.ke

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Safaricom recently launched an anti-fraud system for financial institutions. The solution dubbed International Mobile Subscriber Identity (IMSI) helps curb fraudulent activities targeted at customers.

The resolve to provide this solution was prompted by Safaricom’s loss of Sh1 million to fraudulent activities of their customers who fell victims. Another influence was when banks and mobile agents were blamed for the fraudulent terror attack that happened in Nairobi in March 2019. According to Nicholas Mulila, Safaricom’s CSO, the solution will help agents access information to determine suspicious conducts before approving any customer’s transaction.


See also: afriQloud Launches in Ugandan, Plans to Expand to 14 African Countries


The IMSI solution helps financial institutions better design their lending propositions and register new customers. They can manage the contacts linked to customer’s accounts and check whether there is a SIM swap in their network. Agents will be able to determine how much customers can withdraw. In the case of suspicious activities, they have the right to terminate transactions. The solution will also allow agents to know their customers to ensure that funds are securely transferred. IMSI works via USSD, Internet banking, and mobile apps.

IMSI will be available for financial institutions through the Daraja M-PESA APIs platform. This way, the financial institutions can check for internal frauds and authenticate customers attempting to log in through any channel.

 

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Tech Gist Africa is a leading online technology and digital media outlet, dedicated to providing latest tech news, product launch, startup news across Africa and sharing simple social media and digital marketing tips for startups, entrepreneurs and business owners.

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