Myriad Connect eyeing partnerships to combat digital financial fraud

Myriad Connect is seeking partnerships with local financial institutions and mobile phone service operators with the aim of eliminating cases of digital financial fraud.

Business Development Director for Africa Willie Kanyeki says this will be aided by out of band authentication and SIM Swap detection services enabling consumers and service providers to monitor the transactions in real time.

Statistics indicate that active mobile money transfer subscriptions in Kenya currently stands at about 30 million.

Between October and December last year, mobile money had transactions worth 1.8 trillion shillings.

And while expansion of mobile money has been hailed as boosting financial inclusion, fraud has been a key concern for most consumers despite the mandatory SIM card registration.

Myriad Connect is relying on the Unstructured Supplementary Service Data, USSD, to conduct out of band authentication service that will notify customers any transactions in their bank account or mobile money wallets in real time.

This is expected to help reduce cases of digital financial fraud.

Similarly, a SIM swap detection service informs a user if there is need for replacement of a SIM card hence reducing the risk of fraud.

According to Myriad Connect, 57% of digital financial fraud in Kenya is through mobile money, 32% through online banking, 26% target online shopping, cheque fraud represents 21% of fraud and ATM card skimming is at 20%.

  

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