Safaricom has announced signing up six banks to its SIM-Swap-Check Anti-fraud solution that provides banks with an API (Application Programming Interface) through which they can query when a customer’s SIM card was last swapped.
The information then enables them to make a decision on the likelihood of a customer’s transaction being fraudulent and whether additional steps should be taken.
Safaricom CEO Peter Ndegwa has noted that 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,” he said.
Further, he noted that the telecommunication company has developed SIM-Swap-Check and ATM Vicinity Check solutions that we have made available to banks to empower them to reduce fraudulent transactions.
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The SIM-Swap-Check solution provides banks with a free monthly quota of checks and a premium tier for additional checks above the free quota.
Additionally, Safaricom says the solution was developed following an analysis of fraud reports to tackle social engineering by customers to conduct fraudulent SIM swaps.
Moreover, the SIM Swap Solution is also providing banks with an ATM Vicinity Check solution that ensures an ATM withdrawal can only be conducted if the transacting customer is in the same location as the ATM.
The ATM Vicinity Check solution is offered at no cost.
