Safaricom Unveils Fraud Intelligence Solution

Telecommunications firm Safaricom on Tuesday launched International Mobile Subscriber Identity; a fraud intelligence solution that will assist financial service providers to protect their customers from fraud.

This is a tool that will enable digital lenders, insurance firms, banks, and micro-financiers to authenticate and verify mobile financial transactions conducted on their platforms.

“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, Safaricom’s Chief Financial Services Officer.

“Today, we are launching a solution that will provide these 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.”

With the rise in mobile money transactions, the latest trends in the industry highlight a corresponding increase in cyber-attacks on financial service providers as well as their customers.

The telco points out several benefits that will accrue to its corporate clients that the solution aims to help. They include enhancement of registration and onboarding of new clients, updating customer records and better designing of lending propositions.