Mobile technology firm Myriad Connect has launched out of band authentication and SIM swap detection service to combat fraud in mobile financial services in the local market.
The launch comes in the wake of recent research which revealed that over 70 per cent of Kenyans have fallen victims of financial fraud, with one of the most prolific forms of financial service fraud being SIM swap fraud.
“Financial service transaction fraud in Kenya is costing banks billions and customers their life savings,” says Fabien Delanaud, GM of Myriad Connect. “While financial service transaction fraud is a global issue; Kenya has been a leader in the adoption of mobile and digital payments, which unfortunately brings with it a growing risk of fraud.”
Myriad Connect yesterday said it is launching the services in the Kenyan market to help address digital financial transaction fraud with out of band authentication and SIM Swap detection services that secure digital and mobile transactions and protect consumers and financial services providers alike.
“When a customer lets their operator know that their SIM card is damaged, lost or stolen, the current SIM is deactivated and a new one is issued. With SIM swap fraud criminal groups gather personal data and then pose as contract owners to secure a new SIM. Once activated by the fraudster, they are able to access bank accounts and other sensitive data authenticated through the SIM.
Combating digital transaction fraud demands an omni-channel fraud prevention strategy, says Delanaud, it provides ubiquitous authentication to any mobile device, regardless of data connectivity,” he said.
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