Safaricom has announced that it has signed up six banks to its SIM-Swap-Check Anti-fraud solution.
The solution provides banks with an API (Application Programming Interface) to access information on when a customer’s SIM card was last replaced.
This information can assist the banks in determining the probability that a customer’s transaction is fraudulent, and they can take further measures accordingly.
The rapid growth of Kenya’s fintech sector has been accompanied by a rapidly evolving threat environment targeting both customers and fintech operators. It is, therefore, necessary for different players to partner around innovations that protect customers and their funds to safeguard the gains made. At Safaricom, we have developed SIM-Swap-Check and ATM Vicinity Check solutions that we have made available to banks to empower them to reduce fraudulent transactions.
Peter Ndegwa, CEO – Safaricom
The SIM-Swap-Check solution will assist banks in preventing fraudulent SIM swaps by providing them with a monthly quota of free checks.
The solution also includes a premium tier for additional checks beyond the free quota. This solution was created after analyzing fraud reports and focusing on tackling social engineering that results in fraudulent SIM swaps.
In addition to the SIM-Swap-Check solution, Safaricom is also providing banks with an ATM Vicinity Check solution at no cost. This solution ensures that an ATM withdrawal can only occur if the customer conducting the transaction is physically present at the same location as the ATM.
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